| INCOME TAX ACT |
| SECTION 2(22) |
| DEEMED DIVIDEND |
Loans and advances to shareholders : SLP
dismissed against High Court's order wherein it was held that amount
advanced to assessee-partner by firm could not be taxed as deemed
dividend merely on ground that some amount lying in firm's account was
collected by firm on behalf of company of which assessee was a
MD-cum-shareholder - [2016] 65 taxmann.com 8 (SC)
|
| SECTION 5 |
| INCOME - ACCRUAL OF |
Interest on share application money : Interest earned on application money deposited in bank is taxable in year of allotment of shares - [2015] 64 taxmann.com 405 (SC)
|
| SECTION 10B |
| EXPORT ORIENTED UNDERTAKING |
Reconstruction of business : Where
Assessing Officer disallowed assessee's claim for deduction under
section 10B on plea that assessee was formed by reconstruction of
business of one 'F' and Commissioner (Appeals) allowed claim of
deduction holding that there was no transfer of old plant and machinery
by 'F' to assessee and manufacturing activity carried on by assessee was
by use of new plant and machinery, since said findings had not been
rebutted by revenue, order of Commissioner (Appeals) deserved to be
upheld - [2015] 64 taxmann.com 366 (Bangalore - Trib.)
|
Manufacture activity : Where
assessee imported standard gold into India and then converted it into
jewellery or ornaments and exported those ornaments, said activity
amounted to manufacture/production of articles or things for export
which qualified for deduction under section 10B - [2015] 64 taxmann.com 359 (Chandigarh - Trib.)
|
| SECTION 32 |
| DEPRECIATION - ALLOWANCE/RATE OF |
Reassessment : Where
while sending proposal for approval of reassessment, Assessing Officer
maintained that audit objection raised by audit party that assessee
being contractor, depreciation on dumper, lorries, etc. could not be
allowed at rate of 30 per cent but at 15 per cent, was not acceptable,
but he recorded said objection as reason to believe, re-assessment was
not valid - [2015] 64 taxmann.com 333 (Gujarat)
|
| SECTION 36(1)(iii) |
| INTEREST ON BORROWED CAPITAL |
Applicability of : Where
assessee advanced money to unrelated company 'V' for purchase of a
property and money was retained by company 'V' till legal notice was
sent, same could not be said to be an interest free loan or advance for
disallowing interest under section 36(1)(iii) - [2015] 64 taxmann.com 359 (Chandigarh - Trib.)
|
| SECTION 37(1) |
| BUSINESS EXPENDITURE - ALLOWABILITY OF |
Penalty : Where
in respect of contract for providing coverage of Commonwealth Games,
assessee had to pay certain amount to PrasarBharati as performance bank
guarantee on account of inadequate performance of said contract, it was
to be allowed as deduction under section 37(1) - [2016] 65 taxmann.com 10 (Delhi - Trib.)
|
| SECTION 50C |
| CAPITAL GAINS - SPECIAL PROVISION FOR FULL VALUE OF CONSIDERATION IN CERTAIN CASES |
Applicability of : Substitution
of 'full value of consideration received' with 'stamp value' in terms
of section 50C is applicable only in hands of seller of property who has
to compute capital gain under section 48 pursuant to transfer of a
capital asset - [2015] 64 taxmann.com 332 (Delhi - Trib.)
|
| SECTION 56 |
| INCOME FROM OTHER SOURCES - CHARGEABLE AS |
Gifts : Section
56(2)(vii) is applicable on cases in which individual or HUF receives
immovable property on or after 1-10-2009 and, therefore, where property
was purchased by assessee in financial year 2007-08, mandate of section
56(2)(vii) could not be applied retrospectively - [2015] 64 taxmann.com 332 (Delhi - Trib.)
|
| SECTION 69A |
| UNEXPLAINED MONEY |
Firm, in case of : Where
in support of capital introduced by partners of firm, assessee filed
additional evidence before Tribunal in shape of confirmations from both
partners and source of capital introduced by them with help of their
bank pass books, since said evidence was not available before
authorities below, matter was to be remanded back for disposal afresh - [2016] 65 taxmann.com 10 (Delhi - Trib.)
|
| SECTION 69B |
| UNDISCLOSED INVESTMENTS |
Immovable property : In
case of purchase of property by assessee, in absence of any positive
material on record, mere higher value of property estimated by DVO or
Registered valuer could not form basis for making addition under section
69B - [2015] 64 taxmann.com 332 (Delhi - Trib.)
|
| SECTION 73 |
| LOSSES - IN SPECULATION BUSINESS |
Raising of claim : Mere
fact that assessee has not disclosed speculative loss in specified
column of return would not give right to revenue authorities to disallow
claim of assessee of set off of brought forward loss -[2015] 64 taxmann.com 359 (Chandigarh - Trib.)
|
| SECTION 194A |
| DEDUCTION OF TAX AT SOURCE - INTEREST OTHER THAN INTEREST ON SECURITIES |
None
of the State or Central enactments make any distinction between a
co-operative society engaged in carrying on banking business and a
co-operative bank. Section 7(1) of the Banking Regulation Act,1949 which
obliges co-operative society carrying on the business of banking to use
the words "bank", "banker" or "banking" as part of its name clinches
the issue. Therefore, a co-operative bank will be covered under the
category "co-operative society engaged in carrying on banking business"
and will be exempt from deducting TDS u/s 194A only if interest paid
does not exceed the limit of Rs.10,000 during the financial year as
specified in section 194A. A co-operative bank cannot avail the general
unlimited exemption from TDS on interest u/s 194A available to
co-operative societies - [2016] 65 taxmann.com 1 (Madras)
|
| SECTION 253 |
| APPELLATE TRIBUNAL - APPEALS TO |
Scope of : In
case of order passed by DRP, right to file an appeal by department does
not extend to a point decided either way by Assessing Officer/TPO
himself, which remains intact even after direction given by DRP -[2016] 65 taxmann.com 10 (Delhi - Trib.)
|
| INTEREST-TAX ACT |
| SECTION 2(7) |
| INTEREST |
Delayed payment of bills of exchange : Interest
payable on default in payment of amounts due under a discounted bill of
exchange being a compensation amount received by bank for delayed
payment of bills of exchange, is not chargeable as interest under
Interest Tax Act - [2016] 65 taxmann.com 11 (SC)
|
| WEALTH-TAX ACT |
| SECTION 34AB |
| VALUER, REGISTERED - REGISTRATION OF VALUER |
To
get registration as a 'valuer of immovable property' under section 34AB
of Wealth-tax Act it is not necessary for applicant to gain experience
of ten years as consulting engineer or valuer under Wealth-tax Rules,
after acquisition of educational qualifications; experience gained prior
thereto can also be considered for that purpose -[2016] 65 taxmann.com 14 (Punjab & Haryana)
|
| COMPANIES ACT |
| SECTION 403 |
| OPPRESSION AND MISMANAGEMENT |
Where
son with a view to defraud his father collided with directors of
father's old company and claimed possession of company's properties, CLB
was justified in directing removal of directors of old company to
handover charge of company's properties and assets to its newly
appointed directors - [2016] 65 taxmann.com 9 (Bombay)
|
| SECURITIES CONTRACTS (REGULATION) ACT |
| SECTION 2(j) |
| STOCK EXCHANGE - PETITIONER WAS A STOCK EXCHANGE |
Where
in a money suit filed by respondent company, petitioner stock exchange
filed application seeking to summon record of business transactions of
respondent-company, application was to be dismissed as documents were
not relevant having regard to nature of suit - [2016] 65 taxmann.com 20 (SC)
|
| SERVICE TAX |
| SECTION 65(3) |
| TAXABLE SERVICES - ADVERTISING AGENCY'S SERVICES |
Where
assessee : (a) took certain prominent places in city on rental basis,
(b) installed infrastructure/boards thereon, (c) displayed advertisement
of clients in form of billboards thereon, and (d) collected rent for
such display, then, said rental could not be charged to service tax
under 'advertising agency's services' - [2016] 65 taxmann.com 3 (Mumbai - CESTAT)
|
| SECTION 65(12) |
| TAXABLE SERVICES - BANKING AND OTHER FINANCIAL SERVICES |
Mark-up
earned by credit card companies on foreign currency conversion in case
of cardholders visiting outside India, is not taxable under Banking and
Other Financial Services. Moreover, same is a service received, rendered
and consumed abroad and accordingly, outside scope of service tax in
India - [2016] 65 taxmann.com 6 (New Delhi - CESTAT)
|
| CENTRAL EXCISE ACT |
| SECTION 11B |
| LEVY AND COLLECTION OF DUTY - CLAIM FOR REFUND OF DUTY |
Where
assessee's refund claim filed within period of limitation was rejected
by both probable jurisdictional Commissionerates, such rejection was
unsustainable - [2015] 64 taxmann.com 383 (New Delhi - CESTAT)
|
| SECTION 35C |
| APPEALS - RECTIFICATION OF MISTAKES/REVIEW - APPELLATE TRIBUNAL |
Non-consideration
of issue of time-bar raised by assessee would amount to a mistake
apparent from record and same can be rectified by Tribunal and would not
amount to 're-appreciation of evidence' - [2015] 64 taxmann.com 397 (Gujarat)
|
| CENVAT CREDIT RULES |
| RULE 5 |
| CENVAT CREDIT - REFUND OF |
Where
assessee, a provider of rent-a-cab service and outdoor catering
service, claimed refund of cenvat credit against export of service,
payment received by assessee in Indian rupees through foreign bank was
receipt of payment in convertible foreign exchange and further above
services would qualify as input service - [2016] 65 taxmann.com 7 (Mumbai - CESTAT)
|
| STATUTES |
| CORPORATE LAWS |
Enemy Property (Amendment and Validation) Ordinance, 2016 - [NO.1 OF 2016], DATED 7-1-2016
|
Setting up of IFSC Banking Units (IBUS) – Permissible Activities - CIRCULAR DBR.IBD.BC.8536/23.13.004/2015
|
Non-Fund based Facility to Non-Constituent Borrowers of Bank - CIRCULAR DBR.DIR.BC.NO.70/13.03.00/2015
|
Prudential
Norms for Classification, Valuation and Operation of Investment
Portfolio by FIS – Amendment in Master Circular
DBR.No.FID.FIC.3/01.02.00/2015
Thanks & Regards,
Meetesh Shiroya
|
Monday 11 January 2016
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