COMPANY CASES (CC) HIGHLIGHTS
F Contract between parties not reduced to writing cannot be concluded that no services was rendered or that there was dispute regarding dues, petition for winding up admitted : M. R. A. Associates India P. Ltd. v. Seven Seas Hospitality P. Ltd. (Delhi) p. 282
F Notice to Central Government of petitions u/ss. 397 and 398 mandatory : Form of notice, manner of its service and identity of server not mandatory but directory : Union of India v. Company Law Board, Mumbai Bench (Bom) p. 290
F CLB or court has powers to remove statutory auditor, approval of Central Government not necessary : Union of India v. Company Law Board, Mumbai Bench (Bom) p. 290
F Vicarious liability of independent directors regarding dishonour of cheque issued by company : Absence of foundation on which prosecution could build edifice amounts to abuse of process of court : Briji Gopal Daga v. State of Kerala (Ker) p. 320
F Where no material to show transfer of fund to indicate inter-mingling of dovetailing of finances of two companies, no case made out for lifting of corporate veil : Store One Retail India Ltd. v. Century 21 Infrastructure Ltd. (Delhi) p. 332
Circulars :
SEBI Circulars :
F Investment by Qualified Foreign Investors (QFIs) in "to be listed" Indian Corporate Debt Securities-CIR/IMD/FIIC/13/2013, dated August 13, 2013 p. 96
Rules :
F Patents (Amendment) Rules, 2013 p. 86
F Securities Contracts (Regulation) Amendment Rules, 2013 p. 85
Notifications :
F Companies Act, 1956 : Notification under section 25(6) : Exemption to electoral trust from section 293A(1)(b), (2) p. 82
F Reserve Bank of India Act, 1934 : Notification under section 42(6)(a) : Inclusion in Second Schedule p. 83
F Securities and Exchange Board of India Act, 1992 : Notification under section 3(4) : Establishment of local office p. 82
F Securities Contracts (Regulation) Act, 1956 : Notification under sections 16(1) and 28(2) : Prohibition of certain contract p. 83
F Buy-back of shares : A comparative analysis of Indian and UK laws-Pankaj Sevta and Shubhanshu Gupta p. 97
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On Saturday, 30 November 2013 5:09 PM, "info@cliofindia.com" <info@cliofindia.com> wrote:
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INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Remand for recomputation of investment allowance : No jurisdiction in AO to consider admissibility of investment allowance : CIT v. V. S. Dempo and Co. Ltd. (Bom) p. 523
F AO after detailed enquiry and considering assessee's disclosures allowing deduction : Revision not permissible : CIT v. Vodafone Essar South Ltd. (Delhi) p. 526
F Notice after four years : No failure by assessee to disclose material facts : Notice not valid : CIT v. Gujarat Mineral Development Corporation Ltd. (Guj) p. 532
F Communication received from Governmental agency under exchange of information in terms of DTAA that assessee received money not shown in its books : Prima facie ground for reassessment : Notice valid : Mitsui and Co. India P. Ltd. v. ITO (Delhi) p. 534
F Transfer of entire business : Assessee entitled to exemption under section 10A : CIT v. Heartland KG Information Ltd. (Mad) p. 1
F Withdrawal of circular clarifying that tax need not be deducted if non-resident did not have permanent establishment in India in October 2009 : Payment not to be disallowed : CIT v. Angelique International Ltd. (Delhi) p. 9
F Appropriate Authority ignoring court orders twice and giving same reasons which court found not good enough to sustain acquisition of property : Pre-emptive purchase not warranted : Satish Balan v. Union of India (Bom) p. 15
F Nature and complexity of accounts of assessee satisfied : Direction for special audit warranted : Hiranandani Foundation v. Joint Director of Income-tax (Exemption) (Bom) p. 29
F Income from delivery based transactions with investment motive : Short-term capital gains : CIT v. Om Prakash Suri (No. 1) (MP) p. 39
F Income from futures and options transactions and daily trading in shares with business motive : Business income : CIT v. Om Prakash Suri (No. 1) (MP) p. 39
Sum received by assessee upon sale of land not as loan or advance : Sum not taxable as deemed dividend : CIT v. Om Prakash Suri (No. 2) (MP) p. 41
F Determination of arm's length price after notice to assessee and hearing it : Assessee had alternate remedy : Handalco Industries Ltd. v. Additional CIT (Bom) p. 46
F Farmers selling their produce to traders against post-dated cheques : Taking cheques to assessee for discounting for cash : Not a case of assessee taking loan or deposit from agriculturists or repaying loan to agriculturists : CIT v. Dineshchandra Shantilal Shah (HUF) (Guj) p. 57
F Modvat credit on account of excess of excise duty and additional customs duty paid by assessee on purchase of raw material : Allowable : CIT v. Samtel India Ltd. (Delhi) p. 62
F Original assessment after scrutiny : No new material showing escapement of income from assessment : Notice not valid : CIT v. Fujistu Optel Ltd. (MP) p. 67
F Assessee acquiring cars after 1-4-2001 under scheme of amalgamation : Assessee entitled to depreciation : CIT v. Mira Exim Ltd. (Delhi) p. 70
F Consultants declaring professional fees in returns and paying tax thereon : Levy of interest not justified : CIT v. Apollo Hospitals International Ltd. (Guj) p. 78
F Retiring partner taking only money towards value of his share : No profits or gains payable by firm under section 45(4) : CIT v. Dynamic Enterprises [FB] (Karn) p. 83
F Claim made in course of scrutiny assessment to loss on account of loan to subsidiary company being written off : Not a case of concealment of income for levying penalty : CIT v. DCM Ltd. (Delhi) p. 101
F Additions based on reasons recorded prior to notice deleted and that order becoming final : Reassessment on grounds recorded after issue of notice not valid : CIT v. Living Media India Ltd. (Delhi) p. 106
F Reassessment : Grounds must be recorded before issue of notice : CIT v. Living Media India Ltd. (Delhi) p. 106
F Purchase by investment company to obtain right to manage vendor company : Shares held for more than thirty months before sale : Profits from sale of shares assessable as capital gains : Accra Investments P. Ltd. v. ITO (Bom) p. 116
F Addition relying on statement of a third person without opportunity to assessee : CIT v. P. C. Chemicals (Delhi) p. 129
F TPO has jurisdiction to consider transactions not reported by assessee and transactions not referred to him by AO where proceedings pending before him on 1-6-2011 : Vodafone India Service P. Ltd. v. Union of India (Bom) p. 133
F AO cannot deviate from order of TPO : Vodafone India Service P. Ltd. v. Union of India (Bom) p. 133
F International transaction : Arm's length price : More efficacious remedy by filing objections before DRP : Vodafone India Service P. Ltd. v. Union of India (Bom) p. 133
F High Court remitting assessee to avail of alternative remedy without prejudice its and contentions : Not a ground to refuse to entertain petition : Vodafone India Service P. Ltd. v. Union of India (Bom) p. 133
F TPO's order and AO's draft order merged in order of DRP : Orders passed in proceedings pursued by assessee without prejudice to its rights and pursuant to orders of court : Writ petition maintainable : Vodafone India Service P. Ltd. v. Union of India (Bom) p. 133
F From Our Reporter at the Supreme Court :
Block assessment :
Assessment of third party : Satisfaction of Assessing Officer . . . 1
Undisclosed income . . . 1
Undisclosed income : Statement made by assessee under section 132(4) : Evidentiary value . . . 2
Book profits :
Computation : Proportionate expenditure attributable to exempted income . . . 2
Business expenditure :
Expenditure from which incidental benefit arises to others . . . 2
Capital gains :
Transfer when took place . . . 2
Capital or revenue receipt :
Donations received towards corpus of trust . . . 3
Charitable purpose :
Exemption . . . 3
Exploration of mineral oil : Presumptive tax :
Mobilisation charges whether includible in gross revenues . . . 3
Export :
Special deduction : Sale of scrap whether includible in turnover . . . 4
Non-resident :
Liability to file return and applicability of transfer pricing provisions and minimum alternate tax provisions where no liability to tax arises . . . 4
Royalty : Payments for shrink wrap cassettes and CDs whether royalty . . . 4
Reassessment :
Whether failure to disclose material facts for assessment . . . 5
Return of income :
Footnote : Effect of . . . 5
F C. B. D. T. Circulars :
Circular No. 9 of 2013, dated 19th November, 2013-Clarification in respect of Circular No. 5 of 2010-F. No. 142/13/2010-S.O. (TPL) dated 3-6-2010-regarding . . . 7
F Notifications :
Income-tax Act, 1961 :
Notification under section 10(23C)(vi) :
Institution approved for purposes of section 10(23C)(vi) . . . 7
Notification under section 94A(1) :
Notified jurisdictional area . . . 8
Notification under section 117(1) and (2) :
Appointment of income-tax authority . . . 6
Notification under section 118 :
Subordinate officers specified . . . 5
F Securitisation trusts-Concept in the Income-tax Act, 1961, as introduced by the Finance Act, 2013-T. N. Pandey, Retd. Chairman, CBDT p. . . . 1
F Inclusion of deemed dividend in the Income-tax Act - A need-Dr. Satish Chandra, Justice, Allahabad High Court, Lucknow Bench, Lucknow p. . . . 13
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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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