Daily Updates and News

INCOME TAX ACT

SECTION 32

DEPRECIATION - ALLOWANCE/RATE OF

Plant : Expenditure incurred by assessee-AOP on acquiring trademarks, copyright and know-how of erstwhile firm would come within definition of 'plant' and, thus, assessee's claim for depreciation in respect of same was to be allowed - [2015] 62 taxmann.com 400 (SC)

SECTION 37(1)

BUSINESS EXPENDITURE - ALLOWABILITY OF

Legal expenses : Where erstwhile firm's business was purchased as going concern by assessee-AOP formed by some partners of erstwhile-firm, legal expenses subsequently incurred by AOP for defending business of going concern and for protecting its interests were to be allowed as deduction under section 37(1) - [2015] 62 taxmann.com 400 (SC)

SECTION 260A

HIGH COURT - APPEALS TO

Scope of : In absence of substantial question of law being framed, High Court can not upset final finding of fact arrived at by Tribunal - [2015] 62 taxmann.com 400 (SC)

COMPANIES ACT

SECTION 108

TRANSFER OF SHARES - NOT TO BE REGISTERED EXCEPT ON PRODUCTION OF INSTRUMENT OF TRANSFER

Where there was no evidence on record to establish that share transfer deed was executed by petitioner transferring his shares, shareholding of petitioner in company was to be restored - [2016] 66 taxmann.com 223 (CLB - New Delhi)

SECTION 284

DIRECTORS - REMOVAL OF

Where no special notice as per section 284(2) was given for holding EGM to remove petitioner as director of company, his removal was patently illegal - [2016] 66 taxmann.com 223 (CLB - New Delhi)

SECTION 399

OPPRESSION AND MISMANAGEMENT - RIGHT TO APPLY

Petition for rectification of register of member alleging illegal transfer of petitioner's share could not be challenged on ground of lack of required member of shareholding - [2016] 66 taxmann.com 223 (CLB - New Delhi)

SECTION 433

WINDING UP - CIRCUMSTANCES IN WHICH COMPANY MAY BE WOUND UP

Where there was no privity of contract between petitioner and respondent-company, and respondent had also not acknowledged its debt, it was not liable to make any payment to petitioner, hence petition for winding up respondent-company at instance of petitioner was not maintainable - [2016] 66 taxmann.com 222 (Gujarat)

CST & VAT

SECTION 11 OF GUJARAT VALUE ADDED TAX ACT, 2003

TAX INCIDENCE AND LEVY - TAX CREDIT

Where assessee purchased castor oil seeds for manufacture of castor oil and after crushing same obtained castor oil as well as deoiled cake (waste) and it used deoiled cake in furnace as a fuel in manufacture of castor oil, action of Assessing Authority in disallowing input tax credit for use of deoiled cake was not proper - [2016] 66 taxmann.com 236 (Gujarat)

STATUTES

INDIRECT TAX LAWS (ST./EX./CUS. & (CST & VAT))

Delhi VAT -Framing of central assessments - CIRCULAR NO.38 OF 2015-16 [NO.F.3(636)/POLICY/VAT/2016/1463-69], DATED 18-2-2016 Thanks & Regards, Meetesh Shiroya