[aaykarbhavan] Fw: Pre-Print Highlights of CC from CLI, I T R Cases

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INCOME TAX REPORTS (ITR) HIGHLIGHTS

ISSUE DATED 10-6-2013 Volume 354 Part 3

SUPREME COURT	HIGH COURTS	ENGLISH CASES	CLB
SAT	DRAT	STATUTES	JOURNAL
NEWS-BRIEFS	AAR	TRIBUNAL

HIGH COURT JUDGMENTS

F Reassessment proceedings to withdraw set off unabsorbed depreciation not valid : General Motors India P. Ltd. v. Deputy CIT (Guj) p. 244

F Unabsorbed depreciation or part thereof not set off till assessment year 2002-03 : Carry forward and set off permitted till final set off : General Motors India P. Ltd. v. Deputy CIT (Guj) p. 244

F Composite order rejecting objections to notice of reassessment and reassessing income : Writ petition against order valid : General Motors India P. Ltd. v. Deputy CIT (Guj) p. 244

F Return to erstwhile AO accepted and tax paid : Revenue could not hold returns to be non est : Bipinkumar P. Khandheria v. Deputy CIT (Guj) p. 268

F Best judgment assessment justified where assessee not discharging onus : Bhairavnath Agrofin P. Ltd. v. CIT (Raj) p. 276

F Cash credits : Assessee need not prove either genuineness of transactions executed between creditors and sub-creditors or creditworthiness of sub-creditors : MOD Creations P. Ltd. v. ITO (Delhi) p. 282

F Cash credits : Assessing Officer to gather necessary information from sources to which information attributable : MOD Creations P. Ltd. v. ITO (Delhi) p. 282

F Cash credits : Assessee establishing identity of creditors and amount received by it by way of cheques : No ad hoc addition could be made : CIT v. Kinetic Capital Finance Ltd. (Delhi) p. 296

F Installation/commissioning and maintenance services to domestic customers not international transactions : CIT v. Stratex Net Works (India) P. Ltd. (Delhi) p. 304

F Commissioner (Appeals) deleting addition on account of undisclosed income and that order attaining finality : Direction to income-tax authorities to release gold to assessee : M. S. Chain v. Under Secretary, Government of India, Ministry of Finance, CBDT (Delhi) p. 310

F Double taxation avoidance agreements do not override provisions of agreements with other countries : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

F Double taxation avoidance agreements : Good faith interpretation : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

F "Alienation" cannot be ascribed meaning drawn from definition of "transfer" in Act : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

F Creation of wholly owned subsidiaries or joint ventures for investment : Investment itself legitimate and globally recognised business : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

F Assets of company in which shares transferred do not belong to shareholder : Value of controlling rights incapable of determination : Charging provision would not apply : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

F Tax on capital gains exclusively allocated to France : Failure to TDS : Deductor cannot be treated as in default : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

F AAR has no power to review its order : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

F Incidence of shareholding not itself an asset : Sanofi Pasteur Holding SA v. Department of Revenue (AP) p. 316

JOURNAL

F Finance Act, 2013 : Amendments-An appraisal-S. Rajaratnam, Retd. Member, I. T. A. T. p. 33


F Mobile telephony service distributors-Cash payments disallowance under section 40A(3)-Need for a clarification from Board to end litigation-Gopal Nathani, Chartered Accountant p. 62

F Recent Judicial Trends on Validity of Reassessment Proceedings-Manish K. Kaji, Advocate p. 38

F Tax subsidies : The American Experience-T. C. A. Ramanujam and T. C. A. Sangeetha, Advocates p. 57

F Whether a telecom tower is a plant or building ?-Gopal Nathani, Chartered Accountant p. 54

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COMPANY LAW INSTITUTE OF INDIA PVT. LTD. No. 2, Vaithyaram Street, T.Nagar, Chennai - 600017. Phone: (044) 24350752 - 55 Fax: (044) 24322015 info@cliofindia.com

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To: newsletter@cli.in
Sent: Tuesday, 4 June 13 1:52 AM
Subject: Pre-Print Highlights of CC from CLI

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www.cliofindia.com info@cliofindia.com COMPANY CASES (CC) HIGHLIGHTS ISSUE DATED 7-6-2013 Volume 178 Part 5 SUPREME COURT HIGH COURTS ENGLISH CASES CLB SAT DRAT STATUTES JOURNAL NEWS-BRIEFS SUPREME COURT JUDGMENTS F Payment out of foreign account to non-resident in name of entity controlled by Indian resident : Telestar Travels P. Ltd. v. Special Director of Enforcement p. 321 F Foreign exchange : Rules of procedure not applicable to adjudicating proceedings, delay in pronouncement of order after closure of arguments not by itself ground for setting aside order : Telestar Travels P. Ltd. v. Special Director of Enforcement p. 321 F Insurance : Terms of contract to be strictly construed : Export Credit Guarantee Corporation of India Ltd. v. Garg Sons International p. 341 F Power of CLB to permit compounding of offences either before or after institution of prosecution, prior permission of court not necessary : V. L. S. Finance Ltd. v. Union of India p. 348 F Interpretation of statutes : Where language clear and unambiguous, to be interpreted in ordinary sense and no addition or alteration of words or expressions permissible : V. L. S. Finance Ltd. v. Union of India p. 348 F Pure question of law not requiring facts to be adjudicated can be permitted to be raised before court for first time : V. L. S. Finance Ltd. v. Union of India p. 348 F Transactions in securities : Directors of listed companies obliged to approve accounts only if satisfied that true and fair view of profits and loss for relevant period given : N. Narayanan v. Adjudicating officer, SEBI p. 390 HIGH COURT JUDGMENTS F Powers of court in respect of modification of scheme of arrangement or compromise : Modification for proper working of scheme distinct from modification of scheme : Spentex Industries Ltd. v. Indo Rama Synthetics (India) Ltd. (Delhi) p. 358 F SEBI Guidelines apply in respect of unlisted companies also and Board has jurisdiction is such matters : Securities and Exchange Board of India v. Kunnakulam Paper Mills Ltd. (Ker) p. 371 F Where documents regarding change in name of foreign company and board of directors on account of merger filed at earliest point of time, no failure to comply with provision : Klen and Marshalls Manufacturers and Exporters Ltd. v. Union of India (Delhi) 409 STATUTES AND NOTIFICATIONS Circulars : RBI Circulars F Foreign investment in India by SEBI registered FIIs in Government Securities and Corporate Debt-RBI/2012-13/465, A. P. (DIR Series) Circular No. 94, dated 1st April, 2013 p. 113 SEBI Circulars F Amendment to SEBI ((Know Your Client) Registration Agency) Regulations, 2011 and relevant circulars-CIR/MIRSD/4/2013, dated 28th March, 2013 p. 121 F Arbitration Mechanism through Stock Exchanges-Introduction of Automatic Process and Common Pool of arbitrators-CIR/MRD/ICC/8/2013, dated 18th March, 2013 p. 115 F Corporate bonds and Government securities as collateral-CIR/MRD/DRMNP/9/2013, dated 20th March, 2013 p. 117 F Establishment of connectivity with both depositories NSDL and CDSL-Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement-CIR/MRD/DP/15/2013, dated 29th April, 2013 p. 123 F Redress of investor grievances through SEBI Complaints Redress System (SCORES)-CIR/OIAE/1/2013, dated 17th April, 2013 p. 122 F Usage of electronic payment modes for making cash payments to the investors-CIR/MRD/DP/10/2013, dated 21st March, 2013 p. 119 Regulations F Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2013 p. 125 NotifIcations Securities and Exchange Board of India Act, 1992 : F Notification under section 3(4) : Establishment of local office p. 128 Securities Contracts (Regulation) Act, 1956 : F Notification under section 4 : Renewal of recognition to stock exchanges p. 124 COMPANY LAW INSTITUTE OF INDIA PVT. LTD. No. 2, Vaithyaram Street, T.Nagar, Chennai - 600017. Phone: (044) 24350752 - 55 Fax: (044) 24322015 info@cliofindia.com To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "CCD" or "GSTR" or "ITR (Trib)", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, CCD : Consolidated Commercial Digest, GSTR : Goods and Service Tax Reports, ITR (Trib) : ITR'S Tribunal Tax Reports. Also send your feedback or comments to info@cliofindia.com

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