Daily Updates and News

INCOME TAX ACT

SECTION 11

CHARITABLE OR RELIGIOUS TRUST - EXEMPTION OF INCOME FROM PROPERTY HELD UNDER

Depreciation : Section 11(6) inserted by Finance (No. 2) Act, 2014 denying depreciation while computing income of charitable trust, is prospective in nature and operates with effect from 1-4-2015 - [2016] 67 taxmann.com 160 (Karnataka)

SECTION 92C

TNMM method : Where TPO applied base of capital employed under TNMM method without segregation of capital employed in respect of AE and non-AE transactions, action of TPO was not justified - [2016] 67 taxmann.com 86 (Bombay)

Comparables & adjustments/Adjustments – General : Where assessee entered into both international as well as domestic transactions, Tribunal was justified in restricting adjustment only on international transactions -[2016] 67 taxmann.com 86 (Bombay)

SECTION 245D

SETTLEMENT COMMISSION - PROCEDURE ON APPLICATION UNDER SECTION 245C

Objection at initial stage : Adjudication is not required on Commissioner's report which is submitted in first instance objecting settlement application on ground that there was no full and true disclosure as Settlement Commission has to pass final order after obtaining further report of Commissioner and after being satisfied that there was full and true disclosure - [2016] 67 taxmann.com 77 (Karnataka)

SECTION 249

COMMISSIONER (APPEALS) - FORM OF APPEAL AND LIMITATION

Stay of demand : Where against order of Assessing Officer, assessee filed appeal before Commissioner (Appeals) along with application for stay of demand and submitted that it fell within illustration (a) contained in Para C of Instruction No. 1914, since assessee failed to show that it fell within ambit and scope of Instruction No. 1914, it could not take any benefit from said instruction - [2016] 67 taxmann.com 67 (Karnataka)

COMPETITION ACT

SECTION 4

PROHIBITION OF ABUSE OF DOMINANT POSITION

Where MRTP Commission without returning a finding that there was any unfair trade practice or any restrictive/monopolistic trade practice by DDA compensated respondent with higher rate of interest while refunding registration amount, Commission erred in its order and same was to be set aside - [2016] 67 taxmann.com 83 (SC)

SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985

SECTION 22

SUSPENSION OF LEGAL PROCEEDINGS, CONTRACT, ETC.

Registration of a reference is an important step under SICA as protection under section 22 is available upon such registration - [2016] 67 taxmann.com 84 (Bombay)

CENTRAL EXCISE ACT

SECTION 35G

HIGH COURT - APPEAL TO - MONETARY LIMIT FOR TAX APPEAL

Court can give retrospective effect to Government Policy that in cases of tax effect below Rs. 2 lakhs appeals should not be filed - [2016] 67 taxmann.com 74 (Madras)

STATUTES

DIRECT TAX LAWS

Section 199 of the Income-tax Act, 1961 - Deduction of Tax at Source - Credit for tax deducted - Non-Deposit of tax deducted at source by the deductor- Recovery of demand against deductee - assessee - OFFICE MEMORANDUM F.NO.275/29/2014-IT(B), DATED 11-3-2016

CORPORATE LAWS

Frequently Asked Questions on SEBI Circular No.CIR/MIRSD/29/2016, Dated 22-1-2016 on Know your client requirements - Clarification on voluntary adaptation of Aadhaar based E-KYC process - PRESS RELEASE, DATED 11-3-2016

Section 68 of the Companies Act, 2013 - Power of Company to purchase its own securities - Notified Debt to Capital and free reserves ratio for Government Companies which carry on Non-Banking Finance Institution Activities and housing Finance activities - ORDER [F.NO.01/04/2013 CL-V(PT-II)], DATED 10-3-2016

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

Valuation of imported set top boxes under Section 4 of Central Excise Act, 1944 - CIRCULAR NO.1020/8/2016-CX, DATED 11-3-2016

Thanks & Regards,

Meetesh Shiroya