COMPANY CASES (CC) HIGHLIGHTS
F Where arrangement between group companies for transfer of infrastructure assets, rights of IT Department to recover tax due from transferor or transferee company or any person under law not to be affected : Department of Income-tax v. Vodafone Essar Gujarat Ltd. p. 105
F Where role of director attributed in commission of offence of company not explained, complaint to be quashed : Pooja Ravinder Devidasani v. State of Maharashtra p. 106
F Where scheme of demerger dismissed by Division Bench, limitation to commence from date on which company furnished with certified copy of order of Division Bench : Laxmi Selvaraaj Tex. P. Ltd. v. Inspector General of Registration (Mad) p. 133
F BIFR's order and letter from Board to company sufficient to pass stay order for winding up : Kamlapur Sugar and Industries Ltd., In re (Cal) p. 139
F Where no details as to dates of meetings director remained absent without leave of board of directors, appointment of director, allotment of shares and vacation of office of director set aside : Rahul Gupta v. Sudhir Kumar Gupta p. 121
F Circulars :
RBI Circulars :
RBI/2014-15/578, DNBR (PD). CC. No. 033/03.10.001/2014-15, dated 30th April, 2015-Distribution of Mutual Fund products by NBFCs p. 79
RBI/2014-15/581, DNBR (PD). CC. No. 034/03.10.42/2014-15, dated 30th April, 2015-Know Your Customer (KYC) guidelines-accounts of proprietary concern p. 78
F Press Notes/Releases :
Press Note No. 4 (2015 Series)-Policy on foreign investment in the Pension Sector-Addition of paragraph 6.2.17.9 of "Consolidated FDI Policy Circular of 2014" p. 73
Press Note No. 5 (2015 Series)-Streamlining the procedure for grant of industrial licenses p. 75
F Regulations :
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2015 p. 77
Securities and Exchange Board of India (Delisting of Equity Shares) (Amendment) Regulations, 2015 p. 66
F Rules :
Company Secretaries (Procedure of Investigations of Professional and Other Misconduct and Conduct of Cases) Amendment Rules, 2015 p. 75
F Notifications :
Depositories Act, 1996 : Notification under section 22C : Designations of Special Court p. 76
Limited Liability Partnership Act, 2008 : Notification under section 67(1) : Application of section 458 to limited liability partnership p. 77
Securities Contracts (Regulation) Act, 1956 : Notification under section 26A : Designations of Special Court p. 76
Securities and Exchange Board of India Act, 1992 : Notification under section 26A : Designations of Special Court p. 76
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F Investment constituting share application money and investments in insurance companies and firms in which assessee not partner, does not fall within section 14A : Asst. CIT v. Ajit Ramakant Phatarpekar (Panaji) p. 449
F Where assessee making payments to non-resident prior to amendment to section 9(1), no liability on assessee to deduct tax at source u/s. 195 : Asst. CIT v. Ajit Ramakant Phatarpekar (Panaji) p. 449
F Section 172 not applicable to demurrage payments to non-resident : Asst. CIT v. Ajit Ramakant Phatarpekar (Panaji) p. 449
F Where books of account duly audited and accepted, no disallowance : Asst. CIT v. Ajit Ramakant Phatarpekar (Panaji) p. 449
F Remission or cessation of liability : Liability not legally enforceable does not mean cessation of liability : Asst. CIT v. Ajit Ramakant Phatarpekar (Panaji) p. 449
F Where assessee revising account instead of entire capital realised, accounts adopted in subsequent annual general meeting permissible : Asst. CIT v. Armcess Engineers P. Ltd. p. 482
F Business loss under books of account not to be restricted for eight years to work out entire brought forward loss : Asst. CIT v. Armcess Engineers P. Ltd. p. 482
F Exemption allowable on assessee fulfilling conditions u/s. 47(v) : Asst. CIT v. Armcess Engineers P. Ltd. p. 482
F No prohibition at law on gifts by company to another company : Gift neither taxable as income from other sources nor as capital gain or deemed dividend : Dy. CIT v. KDA Enterprises P. Ltd. (Mumbai) p. 657
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Meter readings of diesel generator sets or power consumption or confessional statement of director, not sufficient to prove clandestine manufacture and clearance : Portland Cement (I) Ltd. v. CCE (Trib.-Delhi) p. 175
F Circumstantial evidences as well as confessional statement indicating clear intention to remove excisable goods without payment of duty, order confiscating goods and imposing fine, proper : Portland Cement (I) Ltd. v. CCE (Trib.-Delhi) p. 175
F Suppression of material facts, invocation of extended period of limitation proper : Roopali Dyeing and Printing Works v. CCE (Trib.-Ahd) p. 185
F Notifications :
Customs Act, 1962 : Notification under section 14 : Exchange rate of foreign currency for import/export of goods with effect from March 19, 2015 p. 111
Exchange rate of foreign currency for import/export of goods with effect from March 20, 2015 p. 111
F Policy :
Foreign Trade Policy 2015-2020-(Contd.)
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To Unsubscribe : Reply back with "Unsubscribe" in subject followed by the key word "ITR" or "CC" or "VST" or "ITR (Trib)" or "GSTR", respectively or "All" if you do not want any Email. ITR : Income Tax Reports, CC : Company Cases, VST : VAT and Service Tax Cases, 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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