Daily Updates

INCOME TAX ACT

SECTION 4

HINDU UNDIVIDED FAMILY - ASSESSABLE AS

AO could not tax income of HUF in hands of Karta just because PAN of Karta was mentioned in TDS certificate - [2016] 67 taxmann.com 7 (Karnataka)

SECTION 14A

EXPENDITURE INCURRED IN RELATION TO INCOME NOT INCLUDIBLE IN TOTAL INCOME

Tribunal faced strong criticism for not following the judgment of jurisdictional High Court given in the case of the petitioner itself for an earlier Assessment Year on identical issue of applicability of Section 14A of the Act to partially disallow interest expenditure when interest free funds available with the Petitioner are in excess of investments made in tax free securities - [2016] 67 taxmann.com 42 (Bombay)

SECTION 35D

PRELIMINARY EXPENSES

Share issue expenses : Where claim for share issue expenses under section 35D had been granted for previous years, such claim could not be disallowed subsequently without disturbing decision in initial year - [2016] 67 taxmann.com 6 (Gujarat)

SECTION 68

CASH CREDITS

Share application money : 'Where investor companies of assessees were regularly assessed to tax and they had confirmed that they had subscribed to share capital of assesses, in view of fact that Assessing Officer had not undertaken any particular investigation into affairs of said companies apart from issuance of notices under section 131 which were duly responded to, addition made under section 68 could not be sustained - [2016] 67 taxmann.com 5 (Delhi)

SARFAESI ACT

SECTION 18

APPEAL TO APPELLATE TRIBUNAL

Amount of deposit under 2nd proviso to section 18 would have to be determined on basis of amount of debt due by borrower to secured creditor on date when appeal is filed in DRAT; this would not only include amount mentioned in section 13(2) notice but also interest accrued thereon till date of filing of appeal under section 18 -[2016] 67 taxmann.com 9 (Bombay)

STATUTES

DIRECT TAX LAWS

Third tranche of Sovereign Gold Bond Scheme to remain open from 8-3-2016 to 14-3-2016 - PRESS RELEASES, DATED 3 & 4-3-2016

CORPORATE LAWS

Section 20 of the Competition Act, 2002 - Inquiry into combination by commission - Enhancement of value of assets and value of turnover for purposes of section 5 of said act - NOTIFICATION NO. SO 675(E) [F.NO.5/7/2013-CS], DATED 4-3-2016

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

Tamil Nadu Value Added Tax Rules, 2007 – Amendment in rules 4, 5, 6, 7, 8, 9, 10, 11, 12A, 14, 15, 16A, 17, 19; Substitution of rules 23, 25, Form A, Form B, Form I, Form I-1, Form JJ, Form K, Form KK, Form LL, Form M, Form MM, Form N, Form P, Form R, Form T, Form UU, Form W, Form WW, Form X, Form Y and Form Z and Omission of Form C, Form E, Form J, Form L and Form L1 - NOTIFICATION NO. G.O. (Ms) NO.18, DATED 29-1-2016     Thanks & Regards, Meetesh Shiroya