Daily Updates and News

INCOME TAX ACT

SECTION 14A

EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME

Reassessment : Where assessee had disclosed all material facts relating to tax free dividend income at time of making assessment, initiation of reassessment proceedings merely on basis of change of opinion that assessee did not offer any expenditure for disallowance under section 14A in respect of said income, was not sustainable -[2016] 66 taxmann.com 168 (Delhi)

SECTION 153

INCOME ESCAPING ASSESSMENT - TIME LIMIT FOR COMPLETION OF REASSESSMENT

Extended period of limitation : Where in writ petition, High Court gave direction to reconsider matter with regard to auditing books of account under section 142(2A), time taken by Commissioner to decide matter in respect of auditing would stand excluded while computing period of limitation - [2016] 66 taxmann.com 138 (Allahabad)

COMPANIES ACT

SECTION 235

INVESTIGATION INTO AFFAIRS OF COMPANY

Where as per directions of Court a Special Investigating Team (SIT) was constituted comprising of officers of departments of Serious Fraud Investigation Office (SFIO) of Company Affairs under Ministry of Corporate Affairs, Government of India; Enforcement Directorate, Income-tax Department as well as Central Bureau of Investigation, SFIO segment of SIT would look into violations and would have supremacy over investigations under Companies Act and other constituents would look into violation of provisions of Laws/Acts governing them and they would be within their rights to initiate appropriate actions under their respective Acts - [2016] 66 taxmann.com 118 (Punjab & Haryana)

SECTION 391

COMPROMISE AND ARRANGEMENT

Where there was a representative union, duly recognized under Gujarat Industrial Relations Act, 1946, applicant committee of workers not being representative nor recognised union, would have no locus standi to appear as party respondent in company Petition - [2016] 66 taxmann.com 170 (Gujarat)

STATUTES

DIRECT TAX LAWS

Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - CBDT resolves disputes of RS.5000 crore under Mutual Agreement Procedure (MAP) of tax treaties - PRESS RELEASE, DATED 16-2-2016

CORPORATE LAWS

Review of Offer for Sale (OfS) of Shares through Stock Exchange Mechanism - CIRCULAR NO.CIR/MRD/DP/36/2016, DATED 15-2-2016

Notice inviting comments on the draft rules W.R.T. NCLT related provisions under the Companies Act, 2013 -PRESS RELEASE, DATED 28-1-2016

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

Service Tax and Central Excise (Furnishing of Annual Information Return) Rules, 2016 - NOTIFICATION NO.4/2016-ST, DATED 15-2-2016 Thanks & Regards, Meetesh Shiroya