| INCOME TAX ACT |
| SECTION 2(15) |
| CHARITABLE PURPOSE |
Object of general public utility/Trade promotion association : Where
assessee-association was formed with an object to promote leather
trade, in view of fact that assessee's receipt of rent from non-members
by allowing them to keep their stalls in trade fairs organised by
assessee was negligible in comparison to total trade receipts,
assessee's case could not be said to be covered under proviso to section
2(15) - [2015] 64 taxmann.com 406 (Kolkata - Trib.)
|
| SECTION 10(23C) |
| EDUCATIONAL INSTITUTIONS |
Profit motive : At
stage of registration, under section 10(23C) authority is only required
to examine nature, activity and genuineness of institution and mere
existence of some profit does not disqualify applicant if sole purpose
of its existence is not profit making but educational activities - [2016] 65 taxmann.com 30 (Allahabad)
|
| SECTION 44AD |
| CIVIL CONSTRUCTION BUSINESS |
Merely
because, assessee's income from civil construction work had been
accepted at six per cent of contract receipt in earlier year, it could
not be ground to claim that for relevant year also, assessee's income
was to be assessed at six per cent of contract receipt - [2016] 65 taxmann.com 19 (Patna - Trib.)
|
| SECTION 69 |
| UNEXPLAINED MONEY |
Seized books : Addition
to assessee's income merely on basis of papers seized from possession
of assessee's brother was unjustified when material sought to be relied
on was not corroborated - [2016] 65 taxmann.com 29 (Calcutta)
|
| SECTION 92C |
| TRANSFER PRICING - COMPUTATION OF ARM’S LENGTH PRICE |
Comparables and adjustments - Method of computation/RPM v. TNMM : Where
Tribunal held in earlier year in assessee's case that RPM was
appropriate method as assessee was distributor, but prima facie facts of
relevant year suggested that assessee was not merely a distributor,
matter should be reconsidered afresh -[2016] 65 taxmann.com 21 (Mumbai - Trib.)
|
| SERVICE TAX |
| SECTION 65(25b) |
| TAXABLE SERVICES - COMMERCIAL OR INDUSTRIAL CONSTRUCTION SERVICES |
Abatement
in respect of construction services cannot be denied where 'minor
credit' inadvertently taken by assessee has been reversed with interest
- [2016] 65 taxmann.com 27 (Ahmedabad - CESTAT)
|
| SECTION 80 |
| PENALTY - NOT TO BE IMPOSED IN CERTAIN CASES |
Where
internal auditor of company perpetrated fraud by booking 'service tax
due' as 'income'/'commission' in books of account and it was found that
directors of company were aware thereof, company was liable to evasion
penalty for consequent non-payment of service tax - [2016] 65 taxmann.com 25 (Mumbai - CESTAT)
|
Where
delayed payment was not due to any bona fide confusion occurring in
prevalent statue and related provisions were quite crystal clear,
penalty cannot be waived merely on ground of ignorance of law, as it is
not a reasonable cause under section 80 - [2016] 65 taxmann.com 23 (Ahmedabad - CESTAT)
|
| CST & VAT |
| SECTION 8 OF KERALA VALUE ADDED TAX ACT, 2003 |
| TAX INCIDENCE AND LEVY - COMPOUNDED TAX RATES |
Where
for assessment years 2005-06 and 2006-07, assessee applied for payment
of tax on compounded basis at lower rate under section 8(a)(i) and in
meanwhile section 8(a)(i) was amended on 28-8-2005 with effect from
1-4-2005 and assessee in order to satisfy conditions laid down in
amended section 8(a)(i) applied for cancellation of its central sales
registration for assessment year 2005-06 after 28-8-2005 and for
assessment year 2006-07 at commencement of said year, assessee was not
entitled to concessional rate of tax for assessment year 2005-06 but not
for assessment year 2006-07 - [2016] 65 taxmann.com 22 (Kerala)
|
| CENVAT CREDIT RULES |
| RULE 2(l) |
| CENVAT CREDIT - INPUT SERVICE - INSURANCE SERVICES |
Mediclaim
of employees is in nature of welfare measure and is voluntary and is
not taken in compliance with any statutory requirement; therefore, a
provider of advertising services cannot take input service credit of
mediclaim insurance premium - [2016] 65 taxmann.com 26 (Ahmedabad - CESTAT)
|
| STATUTES |
| CORPORATE LAWS |
Competition
Commission of India (Procedure in Regard to the Transaction of Business
Relating to Combinations) Amendment Regulations, 2016 – Amendment in
Regulations 5, 6, 9, 13, 14, Schedule I & Form I and Omission of
Regulation 31 - NOTIFICATION F.NO.CCI/CD/AMEND/COMB.REGL./2
|
Establishment of Local Office of SEBI at Jammu - NOTIFICATION NO.SEBI/LAD-NRO/GN/2015-16/028
|
Payment of Contribution by Employers by 15th of following Mont H – Removing of Grace Period of 5 Days -CIRCULAR NO.WSU/9(1)2013/SETTLEMENT, DATED 8-1-2016
|
Securities
Contracts (Regulation) (Stock Exchanges and Clearing Corporations)
(Amendment) Regulations, 2016 – Amendment in Regulation 2 - NOTIFICATION NO.SEBI/LAD-NRO/GN/2015-16/29, DATED 11-1-2016
Wish You Happy and Prosperous Utrayan and Lohri,
Meetesh Shiroya
|
Wednesday 13 January 2016
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