INCOME TAX REPORTS (ITR) HIGHLIGHTS
F Interest-tax : Evidence that hirer was the real purchaser and assessee financed the transaction : Excess amount paid to financier chargeable as interest : CIT v. Commercial Motors Finance Ltd. (All) p. 405
F Duty of Tribunal to consider every fact and give a reasoned finding of fact : CIT v. Commercial Motors Finance Ltd. (All) p. 405
F Interest on delayed payments from customers : Income from industrial undertaking : CIT v. Jindal Polyester and Steel Ltd. (All) p. 393
F Accumulated losses of amalgamating co-operative societies cannot be carried forward to be set off against profits of amalgamated co-operative society : Rajasthan Rajya Sahakari Spinning and Ginning Mills Federation Ltd. v. Deputy CIT (29-4-14) p. 564
F Refund to deductor pursuant to order in appeal holding part of remittance not income : Refund to carry interest from date of payment of tax : Union of India v. Tata Chemicals Ltd.(26-2-14) p. 658
F High Court while dismissing writ petition against reassessment proceedings making observations against assessee-trust and directing fresh proceedings for cancellation of registration of trust : Observation and direction not justified : Fateh Chand Charitable Trust v. CIT (4-4-2014) p. 677
F Discretionary trust executed in U. K. for beneficiaries in India : Income not distributed to beneficiaries in relevant accounting years : Income from trust not assessable in hands of beneficiaries in India : CIT v. Estate of Late HMM Vikramsinghji of Gondal (16-4-14) p. 679
F Construction of building for business purpose on leasehold land : Possession of property continuing after expiry of lease period : Written down value and cost of construction as current repairs not allowable : Coastal Resorts (India) Ltd. v. Asst. CIT (20-3-14) (Ker) p. 482
F Tribunal following its earlier view and on facts in relation to same assessee : No substantial question of law : CIT v. Deepak Fertilizers and Petrochemicals Corporation Ltd. (1-4-14) (Bom) p. 484
F Loss due to devaluation of Indian rupee deductible : Oswal Agro Mills Ltd. v. CIT (7-2-14) (Delhi) p. 486
F Amount of bank guarantee not deductible : Oswal Agro Mills Ltd. v. CIT (7-2-14) (Delhi) p. 486
F Classification of assessees with export turnover of over ten crores of rupees and those with export turnover less than ten crores of rupees reasonable : Mentha and Allied Products Ltd. v. Union of India (All) p. 504
F Amendment made by Taxation Laws (Amendment) Act, 2005 : Special deduction not available in respect of profits on transfer of DEPB and DFRC : Mentha and Allied Products Ltd. v. Union of India (All) p. 504
F Instruction No. 3 of 2011, dated February 9, 2011, applicable to pending cases : CIT v. Sureshchandra Durgaprasad Khatod (HUF) (Guj) p. 556
F Instructions Nos. 5 of 2008 and 3 of 2011 not applicable to pending appeals : CIT v. Shambhubhai Mahadev Ahir (25-3-2014) [FB] (Guj) p. 572
F Incriminating material relating to assessee discovered during search of third person : Information forwarded to AO having jurisdiction over assessee : Notice under section 158BD valid : CIT v. Vinayak Plasto Chem. P. Ltd. (Raj) p. 596
F Seizure of project report : No evidence that work was done as per project : Addition of amount based on project report not justified : CIT v. Vinayak Plasto Chem. P. Ltd. (Raj) p. 596
F Notice to increase disallowance on the ground that payments made constituted fees for technical services not valid : NDT Systems v. ITO (Bom) p. 603
F Claim that income from offshore supply contracts was not assessable considered and accepted : Notice after four years to assess such income not valid : Atomstroyexport v. Deputy Director of Income-tax (International Taxation) (Bom) p. 612
F Assessment after considering documents impounded during income-tax income-tax survey : Notice based on same documents not valid : CIT v. Vardhman Industries (Raj) p. 625
F Assessee allotted office space on lease for thirty-three years with option of five consecutive renewals : Assessee owner of office space : Amount earned from sub-letting office space : Assessable as income from house property : Rayala Corporation P. Ltd. v. Asst. CIT (Mad) p. 630
F Material to form reasonable opinion that income was assessable as income from house property : Reassessment proceedings valid : Rayala Corporation P. Ltd. v. Asst. CIT (Mad) p. 630
F Validity of reopening of assessments-S. K. Tyagi, Advocate- . . . 46
| 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 |
GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Management of vehicle parking facilities at airport not taxable either as airport service prior to 6-1-2007 or as renting of immovable for period thereafter : Mahesh Sunny Enterprises P. Ltd. v. Commissioner of Service Tax (Delhi) P. 202
F Department cannot rely upon technicality of concession of law to collect tax : Mahesh Sunny Enterprises P. Ltd. v. Commissioner of Service Tax (Delhi) P. 202
F Territorial jurisdiction of Madras High Court cannot be extended over authorities functioning in Andhra Pradesh : Zeenath International Supplies v. Commissioner of Customs (Mad) P. 210
F Collection of tax pending investigation improper : Sanmar Foundaries Ltd. v. Commissioner of Central Excise and Customs (Mad) P. 225
F Prima facie case not sole criterion for waiver of pre-deposit, but financial hardship also to be considered : Indian School of Business v. Commissioner of Customs and Central Excise (AP) P. 234
F Postal endorsement "there is nobody in the factory" neither amounting to refusal by assessee nor could be read as factory closed, fresh steps for service of notice ought to have been taken : Pioneer Glass Industries v. Commissioner of Central Excise (All) P. 239
F Litigant not to suffer for bona fide error of his counsel : Pioneer Glass Industries v. Commissioner of Central Excise (P&H) P. 241
F Where assessee neither following procedure for claiming refund nor seeking relaxation of provision at any stage, rejection of refund claim justified : Hindustan Zinc Ltd. v. Union of India (Raj) P. 248
F Assessee liable to pay interest on differential duty paid on final assessment ; that duty was paid prior to formal finalisation not to make difference : CEAT Ltd. v.Commissioner of Central Excise (Trib.-Mum) P. 175
F Where seizure not anywhere near customs barrier, no circumstantial evidence of smuggling and goods not notified under section 123, initial burden on Department to prove that goods smuggled into India : Commissioner of Customs v. L. Rajkumar (Trib.-Chennai) P. 190
F Officer competent to investigate can take assistance of subordinate officers but cannot delegate substantive power of seizure and recording of statement : Commissioner of Customs v. L. Rajkumar (Trib.-Chennai) P. 190
F Where fire occurred due to negligence of assessee, assessee not entitled to remission of duty paid on inputs and finished goods destroyed in fire : Everest Organics Ltd. v. Commissioner of Central Excise, Customs and Service Tax (Trib.-Bang) P. 255
F Notifications :
Customs Act, 1962 : Notification under section 25(1) : Exemption to specific goods imported from Japan : Amendments P. 66, 67
| 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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| (New York, New York, May 20, 2014) – The International Ethics Standards Board for Accountants (IESBA, the Ethics Board) today released for public comment the Exposure Draft (ED), Proposed Changes to Certain Provisions of the Code Addressing Non-Assurance Services for Audit Clients. The proposed changes aim to enhance the independence provisions in the Code of Ethics for Professional Accountants (the Code) by:
"Independence is the bedrock of all audits. It is not only about independence in mind. It is also about independence in appearance, ensuring continued public trust in the work of the audit profession," said interim IESBA Chair Wui San Kwok. "The proposed changes further support this. Better guidance and clarification promote global consistency of application of the Code's provisions. And we eliminated a rule-exception—intended to be used only in rare situations—that could have been perceived to provide opportunities for misuse, misinterpretation, or abuse." The Ethics Board is also proposing enhancements to the corresponding non-assurance services provisions in Section 291—Other Assurance Engagements with respect to assurance clients. "In developing the proposals, the board took into account the results of a benchmarking survey of G-20 countries and a number of other jurisdictions with respect to certain types of non-assurance services," noted IESBA Technical Director Ken Siong. "The proposals are also responsive to recommendations from a working group established by the board that looked into the unique and challenging issues professional accountants in small- and medium-sized entities and practices face when complying with the Code, and to feedback from the regulatory community." How to Comment The Ethics Board invites all those with an interest in international ethics standards for the accountancy profession to respond to the Exposure Draft. To access the Exposure Draft and submit a comment, please visit the Ethics Board's website at www.ethicsboard.org. Comments are requested by August 18, 2014. The Ethics Board encourages national and regional professional accountancy organizations to share the ED with and encourage participation from their members and employees. About the IESBA The International Ethics Standards Board for Accountants (IESBA) is an independent standard-setting board that develops and issues, in the public interest, high-quality ethical standards and other pronouncements for professional accountants worldwide. Through its activities, the IESBA develops the Code of Ethics for Professional Accountants, which establishes ethical requirements for professional accountants. The structures and processes that support the operations of the IESBA are facilitated by IFAC. Please visit www.ethicsboard.org for more information. About IFAC IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce. | ||||
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On Tuesday, 20 May 2014 10:18 AM, "info@cliofindia.com" <info@cliofindia.com> wrote:
www.cliofindia.com info@cliofindia.com
ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Business expenditure : Reimbursement of charges paid to stock exchanges not fees for technical services : ITO v. Excel Mercantile P. Ltd. (Mumbai) p. 581
F International transactions : ALP : Interest for delay in reimbursement of expenses from associated enterprises to be restricted to period beyond agreed credit period : Tecnimont ICB Ltd. v. Dy. CIT (Mumbai) p. 583
F Payment for availing of service in course of service provided to parent company incurred in normal course of business is revenue in nature : Asst. CIT v. Intercontinental Hotels Group India P. Ltd. (Delhi) p. 598
F Where commission to non-resident agents for services rendered outside India is not chargeable to tax India and tax need not be deducted at source u/s. 195, expenditure allowable u/s. 40(a)(i) : Dy. CIT v. Good Leather Shoes P. Ltd. (Chennai) p. 608
F Business expenditure : Where no nexus shown between interest bearing loans and interest-free advances, interest cannot be disallowed : Dy. CIT v. Gujarat Narmda Valley Fertilizers Co. Ltd. (Ahd) p. 668
F Income : Where interest-free funds available with assessee in excess of investments, no addition can be made: Dy. CIT v. Gujarat Narmda Valley Fertilizers Co. Ltd. (Ahd) p. 668
F Assessment : Addition can be made only on proper enquiry : Sanjeev Kumar v. ITO (Chandigarh) p. 680
F International transactions : Companies owning intangible rights not comparable to companies not owning intangibles : Systech Integrators India P. Ltd. v. ITO (Bangalore) p. 697
F Telecommunication, foreign exchange and foreign travel expenses incurred in foreign currency to be excluded from export turnover and total turnover : Systech Integrators India P. Ltd. v. ITO (Bangalore) p. 697
F International transactions : ALP : TPO to determine ALP adopting residual profit split method as most appropriate method and allocating residual profits based on relative value of each enterprise's contribution : Global One India P. Ltd. v. Asst. CIT (Delhi) p. 722
F International transactions : TPO after detailed enquiry accepting profit split method as most appropriate for earlier years and not entitled to reject same method for following year : Global One India P. Ltd. v. Asst. CIT (Delhi) p. 722
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