Daily Updates and News

SECTION 148

INCOME TAX ACT

INCOME ESCAPING ASSESSMENT - ISSUE OF NOTICE FOR

Recording of reasons : In case of notice issued under section 148 in respect of transfer pricing issue, recording of reasons for issuing reopening notice had to be on basis of Assessing Officer's reasons and TPO's reasons on merits much after issue of reopening notice did not have any bearing on serving reasons recorded upon party i.e. assessee whose assessment was being sought to be reopened - [2016] 66 taxmann.com 335 (Bombay)

SECTION 271(1)(c)

PENALTY - FOR CONCEALMENT OF INCOME

Disallowance of claim, effect of : Where notice was issued under section 274 proposing to levy penalty under section 271(1)(b) whereas order was passed under section 271(1)(c), it clearly indicated that there was no application of mind by Assessing Officer while issuing notice and, thus, impugned penalty order was to be set aside - [2016] 66 taxmann.com 334 (Karnataka)

COMPANIES ACT

SECTION 77A

SHARES - POWER OF COMPANY TO PURCHASE ITS OWN SECURITIES

In law, petitioner is entitled to buy back its own shares by means of a scheme under section 391 read with sections 100 – 104 of the Companies Act, 1956 , scheme cannot be said to be a colourable device to evade income tax, it is a legally permissible procedure which petitioner is entitled to follow to buy back its shares -[2016] 67 taxmann.com 1 (Bombay)

SARDAR SAROVAR NARMADA NIGAM LIMITED (CONFERMENT OF POWER TO REDEEM BONDS) ACT

SECTION 1

CONSTITUTIONAL VALIDITY

Where Provisions of impugned Sardar Sarovar Narmada Nigam Limited (Conferment of Power to Redeem Bonds) Act, 2008 are irreconcilable with Central legislation occupying field, impugned Act is constitutionally invalid - [2016] 66 taxmann.com 297 (Gujarat)

CONSTITUTION OF INDIA

ARTICLE 226

WRIT PETITION - MAINTAINABILITY OF

Where assessee never filed any reply to notices and not even participated in adjudication hearings, then, no writ would be maintainable against ex parte adjudication order after expiry of time-limit for filing appeal to Commissioner (Appeals) - [2016] 66 taxmann.com 292 (Gujarat)

CENTRAL EXCISE ACT

SECTION 11A

RECOVERY OF DUTY NOT LEVIED OR NOT PAID OR SHORT LEVIED OR SHORT PAID OR ERRONEOUSLY REFUNDED

Matter remanded to Tribunal to determine whether advance sum received by assessee from certain customers against supply of goods had effect of depressing sale price resulting in short payment of duty - [2016] 66 taxmann.com 326 (SC)

STATUTES

DIRECT TAX LAWS

Promotion of payments through cards and digital means - OFFICE MEMORANDUM [F.NO.01/02/2015-CY.I], DATED 29-2-2016

CORPORATE LAWS

Notice Inviting Comments on Draft Rules With Reference to Revival and Rehabilitation of Sick Companies -PRESS RELEASE, DATED 2-3-2016

Clarifications on IRDAI (Registration of Insurance Marketing Firm) Regulations, 2015 - CIRCULAR NO.IRDA/INT/CIR/IMF/041/03/2016, DATED 2-3-2016

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

Delhi VAT Act. 2004 - Extension of last date of filing return in form CR-II - NOTIFICATION NO. F.3(628)POLICY/VAT/2016/1572-1584, DATED 1-3-2016

Delhi VAT Act, 2004 - Filing of returns through digital signatures - NOTIFICATION NO.F.3 (643)POLICY/VAT/2016/1585-1597, DATED 1-3-2016

Delhi VAT Rules, 2005 - Filing of reconciliation return in Form 9 for year 2014-15 - CIRCULAR NO.39 OF 2015-16, DATED 29-2-2016

Delhi VAT Act, 2004 - Extension of last date for filing Form DP-1 - NOTIFICATION NO.F.3(352)POLICY/VAT/2013/1559-1571, DATED 1-3-2016  Thanks & Regards, Meetesh Shiroya