| INCOME TAX ACT |
| SECTION 69 |
| UNEXPLAINED INVESTMENTS |
Purchase of property : Where
Tribunal after a detailed examination of documents had arrived at
conclusion that assessee-firm failed to explain source of amount paid
for purchase of property, same was rightly held as unexplained
investment - [2015] 64 taxmann.com 368 (Karnataka)
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| SECTION 92C |
| TRANSFER PRICING - COMPUTATION OF ARM’S LENGTH PRICE |
Comparables and adjustments/Adjustments – General : Payment
making good foreign exchanges losses in hands of AE due to unexplained
delay in payment could not be considered as payment for management and
consultancy services - [2015] 64 taxmann.com 360 (Hyderabad - Trib.)
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Comparables and adjustments : Where
comparables had debtors, inventories and creditors, while assessee was
not having any debtors and was entirely funded by advance received from
AE against supplies, then in order to bring parity between results of
selected comparables and that of assessee, it was essential that
adjustment for working capital was made on results of such comparables
- [2015] 64 taxmann.com 370 (Bangalore - Trib.)
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| SECTION 158BA |
| BLOCK ASSESSMENT IN SEARCH CASES - ASSESSMENT OF UNDISCLOSED INCOME |
Two set of books of account : Where
document said to be maintained by assessee for invoking section
158BA(3) was very vague, without having details of dates and proof of
transaction with parties except parties names and amount, this document
would not be considered as 'other documents' maintained in normal course
to exclude relevant amount from block period - [2015] 64 taxmann.com 368 (Karnataka)
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| SECTION 206AA |
| DEDUCTION OF TAX AT SOURCE - REQUIREMENT TO FURNISH PERMANENT ACCOUNT NUMBER |
Correction of PAN entries : System
of processing TDS statements gives an option to assessee-deductor to
correct invalid/No PAN entries in TDS statement through a correction
statement without any restriction of correcting particular PAN with
regard to number of characters - [2016] 65 taxmann.com 2 (Ahmedabad - Trib.)
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| SECTION 221 |
| COLLECTION AND RECOVERY OF TAX - PENALTY PAYABLE WHEN TAX IN DEFAULT |
Defective notice : Where
notice for initiation of penalty proceedings against assessee had not
been issued under section 221 and penalty order had also not been passed
under section 221 but under section 140A(3), this mistake was not
covered under umbrella of provisions of section 292B - [2015] 64 taxmann.com 367 (Delhi - Trib.)
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| SECTIONS 234A |
| ADVANCE TAX - INTEREST, CHARGEABLE AS |
Rectification : Where
rectification order was passed in respect of short levy of interest
under sections 234A and 234B but she was never given opportunity to file
her objections, said order, being in violation of principles of natural
justice, was to be set aside - [2015] 64 taxmann.com 363 (Kerala)
| COMPANIES ACT |
| SECTION 433 |
| WINDING UP - CIRCUMSTANCES IN WHICH COMPANY MAY BE WOUND UP |
Where
company had raised a bonafide dispute in respect of debt alleging
failure of winding up petitioner, a travel agent, to secure visa for
company's Managing Director, no order for winding up could be passed
against company -[2015] 64 taxmann.com 287 (Andhra Pradesh)
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| CENTRAL EXCISE ACT |
| SECTION 35G |
| APPEALS - CONDONATION OF DELAY - HIGH COURT |
In
case of delay in filing of appeal by department, condonation of delay
application must be signed by department's officials and signing of said
application/affidavit by clerk of department's counsel is highly
condemnable - [2015] 64 taxmann.com 314 (Allahabad)
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| CENVAT CREDIT RULES |
| RULE 2(a) |
| CENVAT CREDIT - CAPITAL GOODS |
Where
applicant gas transporter will engage contractor to lay pipelines and
contractor will procure pipes and valves from manufacturer who will
issue invoice to contractor showing applicant as consignee and pipes
will be delivered directly at applicant's work-site, applicant can avail
cenvat credit on pipes and valves on basis of invoice issued by
contractor, if contractor is a registered dealer - [2015] 64 taxmann.com 282 (AAR - New Delhi)
| STATUTES |
| DIRECT TAX LAWS |
Section
197, read with sections 195, 206C, of the Income-tax Act, 1961 -
Deduction of Tax at Source – Certificate for deduction at lower rate –
Advisory for deductors - PRESS RELEASE, DATED 1-1-2016
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| CORPORATE LAWS |
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Procedure
for ensuring Compliance with Securities Contracts (Regulation) (Stock
Exchanges and Clearing Corporations) Regulations, 2012 (SECC
Regulations) by listed Stock Exchanges - CIRCULAR NO.MRD/DSA/01/2016, DATED 1-1-2016
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| INDIRECT TAX LAWS (ST.EX.CUS. & (CST & VAT)) |
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Thanks & Regards,
Meetesh Shiroya
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