Delhi VAT authority isn't empowered to pass an order until power thereof is delegated by Commissione

CST & VAT: Delhi VAT - Where Tax Authority passed an order under section 36A(8) on assessee, it was only Commissioner who could pass an order under section 36A(8) unless and until power of Commissioner had been delegated under section 68 to Tax Authority

Revised monetary limit for filing appeal would also apply to pending references in High Court

IT : Revised monetary limit of tax effect of Rs.20 lacs in CBDT's Circular No. 21/2015 shall apply to pending references in High Courts u/s 256 as they apply to pending appeals u/s 260A as the objective of the Circular would stand fulfilled on application to references u/s 256 pending in HCs where tax effect is less than Rs.20 lacs. Accordingly, since tax effect less than Rs.20lacs, instant reference application returned unanswered and question of law raised left open to be considered ina n appr

SC admits SLP to decide whether objective of ICAI is charitable in nature

IT: SLP granted against order of High Court wherein it was held that since dominant objective of ICAI was to regulate profession of Chartered Accountancy in India, it was a charitable institution and conduction of coaching classes and campus placements for a fee by it could not be held to be business, trade or commerce

AO couldn't fix cost of used asset if assessee had no income to reduce tax by claiming depreciation

IT : SLP dismissed against High Court's ruling that where at time of transfer of assets, assessee had no income to reduce its tax liabilities by way of such transfer, Assessing Officer was in error in invoking Explanation 3 to section 43 for determining actual cost in said deal

SEBI reduces Daily price limits and Near month position limits for agricultural commodity derivative

SEBI : Reduction in daily price limits & near month position limits for agricultural commodity derivatives and suspension of forward segment

SEBI enhances position limit for stock brokers in currency derivative contracts

SEBI : Revised position limits for currency derivatives contracts

Prior to May 1, 2006, body corporates weren't liable to ST under Consulting Engineer's services

Service Tax: Body corporates were not liable to service tax under Consulting Engineer's services during period prior to 1-5-2006, as only 'firms' were covered under scope of said service

LIBOR is the best rate to benchmark loan transaction with AE

IT/ILT: Where amount of loan or borrowing were recovered after stipulated credit period, such recovery of dues in international transaction with its associated enterprises was to be benchmarked by applying CUP method of international bank rates

Govt. again hikes excise duty on petrol and diesel by Rs.0.75 and Rs. 2 per litre respectively

EXCISE/NT : Section 5A of the Central Excise Act, 1944 - Amendment in Notification No.12/2012-C.E., dated 1-3-2012

Assessee couldn't suo-moto take credit of duty if it was paid during pending adjudication

Cenvat Credit: Where assessee has paid duty pending adjudication using credit balance, said payment is payment of 'duty' and not mere 'deposit'; therefore, said payment cannot be taken as suo motu credit, same has to be claimed as refund under section 11B

Govt. to issue second tranche of Sovereign gold bonds from Jan 18, 2016

IT : Sovereign Gold Bond Scheme, 2016

RBI notifies new Foreign Exchange Management (Export of Goods and Services) Regulations

FEMA/ILT/INDIAN ACTS & RULES : FEM (Export of Goods & Services) Regulations, 2015

SC admits SLP to decide whether Tribunal has jurisdiction to examine search authorizations

IT: SLP granted against High Court's ruling that Tribunal has power to look into a validity of a search for purpose of determining jurisdiction for making a block assessment

Cost of acquisition of an inherited property would be the cost of acquisition in hands of previous o

IT : Where assessee acquired tenancy rights on death of his father, cost of acquisition of such rights would be deemed to be cost for which assessee's father acquired it and if such cost could not be ascertained, cost of acquisition to assessee's father would be fair market value on date of acquisition

No VAT on offshore supply of gas even if there is a process for sweetening of gas within state: HC

CST & VAT: Central Sales Tax - Where assessee had produced natural gas at Panna-Mukta oil/gas fields and after measuring same at oil fields delivered it to one 'O' for transportation to buyer at Hazira (Gujarat) and thereupon 'O' transported said gas along with others gas through its pipeline, which passed through a processing plant at Hazira, and thereafter buyer took possession of gas as processed in processing plant from transporter 'O', sale of gas by assessee to buyer had taken place at oil

No wealth-tax on urban land if same is occupied by a under constructed building

IT : In terms of clause (ii) of Explanation 1(b) to section 2(ea)(v), benefit of exemption in respect of urban vacant land is available only when building is fully constructed with approval of appropriate authority and not when construction activity has merely started

CBDT notifies forms for accumulation of income by a trust

IT/ILT/INDIAN ACTS & RULES : Income-Tax (First Amendment) Rules, 2016 – Substitution Of Rule 17 & Form 10 And Insertion Of Form 9A

Co-operative society not to be held as co-operative bank if it failed to satisfy basic conditions of

IT: Where assessee, a co-operative society, did not satisfy all three basic conditions mentioned in section 5(ccv) of Banking Regulation Act, to become primary co-operative bank, it could not be held as a co-operative bank under section 80P(4) so as to deny deduction under section 80P

Govt. notifies norms on appointment of Chairperson and members of Investor Education and Protection

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Investor Education And Protection Fund (Appointment Of Chairperson And Members, Holding Of Meetings And Provisions For Offices And Officers) Rules, 2016

Now CBDT would issue refunds up to Rs. 5,000 without adjustment of outstanding tax liability

IT : Section 237 Of The Income-Tax Act, 1961 – Refunds – Issue Of Refunds Up To Rs.5,000/- And Refunds In Cases Where Outstanding Arrear Is Up To Rs.5,000/- In Non-Cass Cases For Assessment Years 2013-14 And 2014-15