Daily Updates and News

INCOME TAX ACT

SECTION 4

MUTUAL CONCERN

Club : Matter remanded where Tribunal while applying doctrine of mutuality in case of assessee-club had not recorded any definite finding of fact on basis of legal enunciations on issue - [2016] 67 taxmann.com 37 (Punjab & Haryana)

UNEXPLAINED INVESTMENT

Investment in property : Report of DVO determining cost of construction of assessee's project at higher figure than that declared by assessee could not be made sole basis to reopen assessment without verification of facts to support conclusion of DVO - [2016] 67 taxmann.com 39 (Gujarat)

SECTION 115JB

MINIMUM ALTERNATE TAX

Computation of book profits : Writ petition is not maintainable against order of DRP relating to computation of book profit for purpose of MAT; such order should be challenged in regular appeal - [2016] 67 taxmann.com 30 (Punjab & Haryana)

COMPETITION ACT

SECTION 19

INQUIRY INTO CERTAIN AGREEMENTS AND DOMINANT POSITION OF ENTERPRISE

Permission to expand scope of enquiry cannot be construed as initiation of investigation suo motu by Director General - [2016] 67 taxmann.com 40 (Madras)

CENTRAL EXCISE ACT

SECTION 11C

RECOVERY - POWER NOT TO RECOVER DUTY/TAX NOT LEVIED OR SHORT-LEVIED AS A RESULT OF GENERAL PRACTICE

Where, on a survey, government found that grant of retrospective exemption/non-recovery would benefit only two manufacturers and took a conscious decision not to issue such Notification, High Court could not exercise its writ jurisdiction to direct government to issue such Notification - [2016] 67 taxmann.com 35 (Delhi)

STATUTES

DIRECT TAX LAWS

Section 4 of the Income-tax Act, 1961 - Association of Person - Assessable as - Clarification Regarding Taxability of consortium members - CIRCULAR NO.7/2016 [F.NO.225/2/2016/ITA.II], DATED 7-3-2016

Section 245 of the Income-tax Act, 1961 - Set off of refunds against tax remaining payable - Revised timeline for verification of arrear of demand - OFFICE MEMORANDUM F.NO.312/109/2015-OT, DATED 7-3-2016

CORPORATE LAWS

Section 54 of the Competition Act, 2002 - Power to exempt - Exemption to vessels sharing agreements of liner Shipping Industry from provisions of Section 3 of said Act for a period of one year - NOTIFICATION NO.SO 646(E) [F.NO.5/20/2011-CS], DATED 2-3-2016

Frequently Asked Questions on SEBI (Share Based Employee Benefits) Regulations, 2014 - PRESS RELEASE, DATED 7-3-2016 Thanks & Regards, Meetesh Shiroya