{"id":972,"date":"2015-12-30T12:20:07","date_gmt":"2015-12-30T06:50:07","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=972"},"modified":"2021-12-17T17:18:59","modified_gmt":"2021-12-17T11:48:59","slug":"corporate-and-professional-update-december-26-2015","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/","title":{"rendered":"corporate and professional update december 26, 2015"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d233b1ce710\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d233b1ce710\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_26_2015\" title=\"CORPORATE AND PROFESSIONAL UPDATE DECEMBER 26, 2015\">CORPORATE AND PROFESSIONAL UPDATE DECEMBER 26, 2015<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#INCOME_TAX_ACT\" title=\"INCOME TAX ACT\">INCOME TAX ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#SERVICE_TAX\" title=\"SERVICE TAX\">SERVICE TAX<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#CENTRAL_EXCISE_ACT\" title=\"CENTRAL EXCISE ACT\">CENTRAL EXCISE ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#CENTRAL_EXCISE_ACT-2\" title=\"CENTRAL EXCISE ACT\">CENTRAL EXCISE ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#CUSTOMS_TARIFF_ACT\" title=\"CUSTOMS TARIFF ACT\">CUSTOMS TARIFF ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#CENTRAL_EXCISE_RULES\" title=\"CENTRAL EXCISE RULES\">CENTRAL EXCISE RULES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#SEBI_ACT\" title=\"SEBI ACT\">SEBI ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#COMPETITION_ACT\" title=\"COMPETITION ACT\">COMPETITION ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#COMPETITION_ACT-2\" title=\"COMPETITION ACT\">COMPETITION ACT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#PML_ACT\" title=\"PML ACT\">PML ACT<\/a><ul class='ez-toc-list-level-4'><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#STATUTES\" title=\"STATUTES\">STATUTES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#DIRECT_TAX_LAWS\" title=\"DIRECT TAX LAWS\">DIRECT TAX LAWS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#CORPORATE_LAWS\" title=\"CORPORATE LAWS\">CORPORATE LAWS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#Read_our_articles_Top_Taxation_Relaxation_to_MSMS\" title=\"Read our articles: \u00a0Top Taxation Relaxation to MSMS\">Read our articles: \u00a0Top Taxation Relaxation to MSMS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/carajput.com\/blog\/corporate-and-professional-update-december-26-2015\/#Highlights_of_International_Taxation\" title=\"Highlights of International Taxation\">Highlights of International Taxation<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/2.png\" rel=\"attachment wp-att-1508\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1508\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/2-300x168.png\" alt=\"2\" width=\"984\" height=\"551\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/2-300x168.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/2-768x430.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/2.png 831w\" sizes=\"(max-width: 984px) 100vw, 984px\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"CORPORATE_AND_PROFESSIONAL_UPDATE_DECEMBER_26_2015\"><\/span>CORPORATE AND PROFESSIONAL UPDATE DECEMBER 26, 2015<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/implication-of-cash-transaction-under-income-tax-act\/\"><span style=\"color: #0000ff;\"><strong>INCOME TAX ACT<\/strong><\/span><\/a><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"INCOME_TAX_ACT\"><\/span><a href=\"https:\/\/carajput.com\/income-tax-services.php\"><span style=\"color: #808000;\"><strong>INCOME TAX ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 2(15)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>CHARITABLE PURPOSE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">The object of general public utility &#8211; Banking technology service:<\/span>\u00a0<\/strong>Where assessee-society was established by RBI to provide Banking Technology services and to carry out research which was charitable in nature; merely because it had generated surplus during the course of carrying on ancillary objects, it could not be denied exemption under section 11 &#8211; <span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0297 (Hyderabad \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>INCOME &#8211; CHARGEABLE AS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Compensation for closure of business: <\/strong><\/span>Where assessee-<a href=\"https:\/\/carajput.com\/blog\/tag\/public-limited-company\/\">company<\/a> was formed for carrying out bottling activities for Coca Cola Co. in a particular area, in view of fact that Coca Cola Co. subsequently decided to set up its own bottling plant, compensation paid by it to the assessee for closure of business was to be treated as capital receipt not liable to tax &#8211; <span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0338 (Mumbai \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 11<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>CHARITABLE OR RELIGIOUS TRUST &#8211; EXEMPTION OF INCOME FROM PROPERTY HELD UNDER<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Application of income: <\/strong><\/span>Once it is held that assessee-society is eligible for exemption under section 11, as a logical corollary, its income has to be computed on commercial principles &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0297 (Hyderabad \u2013 Trib)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 13<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>CHARITABLE OR RELIGIOUS TRUST &#8211; DENIAL OF EXEMPTION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Sub-Section (1)(c):<\/span>\u00a0<\/strong>Where assessee, an educational institution, entered into an agreement with managing trustee for purchase of his land and paid a certain amount to him in advance and subsequently said the agreement was canceled and managing trustee returned principal amount along with interest, it could not be said that money was diverted for the interest of managing trustee and hence there was no violation of section 13(1)(c) &#8211; <span style=\"color: #3366ff;\"><em>[2015] 64\u00a0<\/em><em>\u00a046 (Chennai \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 14A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>EXPENDITURE INCURRED IN RELATION TO EXEMPT INCOME<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Tax-free bonds: <\/strong><\/span>Where assessee claimed that interest-bearing borrowed funds were utilized entirely for purpose of business and investment in tax-free bonds had been made out of its own funds and Assessing Officer having noticed that assessee had kept all funds in one common pool partly disallowed interest paid on borrowed funds applying section 14A, disallowance of interest paid not justified &#8211; <span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0345 (Bombay)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 32<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>DEPRECIATION &#8211; ALLOWANCE\/RATE OF<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">In case of trust:<\/span>\u00a0<\/strong>Where assessee-trust was eligible for exemption under section 11, it was not entitled for depreciation under section 32 &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 64\u00a0<\/em><em>\u00a046 (Chennai \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">The hiring of vehicles:<\/span>\u00a0<\/strong>Where assessee-owner of vehicles, was engaged in the business of hiring and leasing of those vehicles to third parties, a higher rate of depreciation had to be allowed in respect of leased out vehicles &#8211;<span style=\"color: #3366ff;\">\u00a0<em>[2015] 63\u00a0<\/em><em>\u00a0338 (Mumbai \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 37(1)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>BUSINESS EXPENDITURE &#8211; ALLOWABILITY OF<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Research expen:<\/span>\u00a0<\/strong>Where assessee incurred expenditure for obtaining technical feasibility research reports, for further selling to its customers, said the expenditure was allowable as revenue expenditure as it was for the expansion of the business &#8211; <span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0344 (Delhi &#8211; Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Professional fee:<\/span>\u00a0<\/strong>Whether where assessee paid a certain amount to &#8216;R&#8217; towards professional fees in connection with the negotiation, drafting agreements and finally receiving compensation from Coca Cola Co., payment so made was to be allowed as business expenditure &#8211; <span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0338 (Mumbai \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 40(a)(ia)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>BUSINESS DISALLOWANCE &#8211; INTEREST ETC., PAID TO A RESIDENT WITHOUT DEDUCTION OF TAX AT SOURCE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Deposit of tax :<\/span>\u00a0<\/strong>Where assessee had deducted tax in last month of previous year and deposited same before due date of filing of return under section 139(1), Assessing Officer could not disallow said payment under section 40(a)(ia) &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 64\u00a0<\/em><em>\u00a047 (Mumbai \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 69<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>UNEXPLAINED INVESTMENTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Purchases :<\/span>\u00a0<\/strong>Where nothing was there on record to show that purchases and sale was made outside regular books of account by assessee, merely because assessee was prosecuted for keeping sugar beyond permissible limits, addition of value of excess sugar as undisclosed income was not justified &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 64\u00a0<\/em><em>\u00a043 (Punjab &amp; Haryana)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 80G<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>DEDUCTIONS &#8211; DONATIONS TO CERTAIN FUNDS, CHARITABLE INSTITUTIONS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Condition precedent :<\/span>\u00a0<\/strong>Filing of copy of registration under section 12AA along with application for grant of approval under section 80G is a condition precedent for consideration of request for grant of such approval &#8211;<span style=\"color: #3366ff;\"><em>[2015] 64\u00a0<\/em><em>\u00a033 (Lucknow &#8211; Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM\u2019S LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #993300;\">Comparables and adjustments :<\/span>\u00a0<\/strong>Where foreign AE gave Indian assesseelicence to manufacture and market insulin and transactions arranged between assessee with Indian third party to get insulin manufactured also involved AEs, provisions of section 92B would be attracted and said transaction would be an international transaction between assessee and AE requiring determination of ALP under section 92(1) &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 63<\/em><em>\u00a0351 (Bangalore \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Comparables and adjustments\/Comparable \u2013 Illustrations :\u00a0<\/strong><\/span>Huge turnover companies and companies in which extraordinary event of amalgamation had taken place could not be considered as comparables with assessee being a small company providing ITES &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0351 (Bangalore \u2013 Trib.)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 115JA<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>MINIMUM ALTERNATE TAX<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #993300;\"><strong>Computation of book profit :\u00a0<\/strong><\/span>Excess provision for depreciation provided for in earlier years and credited to profit and loss account consequent to change in method of depreciation, would qualify for adjustment under clause (i) of Explanation to section 115JA &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0329 (Madras)<\/em><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SERVICE_TAX\"><\/span><a href=\"https:\/\/carajput.com\/services-tax-registration.php\"><span style=\"color: #0000ff;\"><strong>SERVICE TAX<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 78<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PENALTY &#8211; FOR EVASION OF DUTY\/TAX<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">For computing reduced penalty of 25 per cent in section 78, &#8216;service tax assessed or determined under section 73(2)&#8217; is taken, which shall include both : (a) sums paid prior to issuance of notice and appropriated in adjudication order; as well as (b) further sums confirmed as payable in adjudication order &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>243 (Allahabad \u2013 CESTAT)<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-tax-registration.php\"><strong>SERVICE TAX<\/strong><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 65(19)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>TAXABLE SERVICES &#8211; BUSINESS AUXILIARY SERVICES<\/strong><\/p>\n<p style=\"text-align: justify;\">Commission earned by authorised agents of BSNL on sale of SIM cards\/vouchers of BSNL is not chargeable to service tax &#8211;\u00a0<span style=\"color: #3366ff;\"><strong><em>[2015]\u00a0 295 (Madras)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 65(25)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>TAXABLE SERVICES &#8211; CLEARING AND FORWARDING AGENT&#8217;S SERVICES<\/strong><\/p>\n<p style=\"text-align: justify;\">Merely supervising loading\/handling of coal and movement from collieries to client&#8217;s factories, without any role in clearance of coal from collieries, cannot amount to &#8216;Clearing and Forwarding Services&#8217;; hence, not liable to service tax &#8211;<span style=\"color: #3366ff;\"><strong>\u00a0<em>[2015](Bombay)<\/em><\/strong><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT\"><\/span><a href=\"https:\/\/carajput.com\/services-excise-consultancy.php\"><strong>CENTRAL EXCISE ACT<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 5A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>EXEMPTIONS &#8211; CENTRAL EXCISE &#8211; SSI\/THRESHOLD EXEMPTION<\/strong><\/p>\n<p style=\"text-align: justify;\">Clearances made with other&#8217;s brand : (i) are governed by normal provisions of Act, (ii) are liable to duty with benefit of Cenvat credit; and (iii) are outside scope of SSI-exemption notification; and, therefore, mere taking of Cenvat Credit thereon cannot lead to denial of SSI-exemption on unbranded clearances &#8211;\u00a0<span style=\"color: #3366ff;\"><strong><em>[2015] \u00a0(SC)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>CENVAT CREDIT RULES<\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>RULE 3<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>CENVAT CREDIT \u2013 GENERAL<\/strong><\/p>\n<p style=\"text-align: justify;\">Where DEBP scheme specifically barred taking of credit of CVD not paid in cash, assessee cannot take credit of CVD paid by debit to DEPB script &#8211;\u00a0<span style=\"color: #3366ff;\"><strong><em>[2015]\u00a0 300 (Madras)<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong>STATUTES<\/strong><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_ACT-2\"><\/span><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 3A<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CHARGE\/LEVY &#8211; EXCISE DUTY BASED ON PRODUCTION CAPACITY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Since section 3A does not itself provide for levying of interest, rules 96ZO, 96ZP and 96ZQ cannot do so and none of other provisions of Act can come to aid of revenue; hence, demand for interest was set aside on merits. &#8211;\u00a0<em>[2015] 63<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>310 (SC)<\/em><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CUSTOMS_TARIFF_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>CUSTOMS TARIFF ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 2<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CLASSIFICATION \u2013 VIRGINIAMYCIN<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Virginiamycin, a pure chemical, is classifiable as &#8216;Vitamin&#8217; and cannot be classified as &#8216;animal feed&#8217;, as same is not imported in premix condition &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>242 (SC)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CENTRAL_EXCISE_RULES\"><\/span><a href=\"https:\/\/carajput.com\/services-excise-registration.php\"><span style=\"color: #0000ff;\"><strong>CENTRAL EXCISE RULES<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>RULE 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>DUTY PAYABLE ON REMOVAL<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Without giving any reason, Commissioner could not deny extension of permission to store goods without payment of duty outside factory premises, when both Range Superintendent and Division Officer found case genuine <span style=\"color: #000000;\">&#8211;\u00a0<em>[2015] 64 \u00a059 (Mumbai &#8211; CESTAT)<\/em><\/span><\/p>\n<h2 style=\"text-align: justify;\"><span style=\"color: #000080;\"><strong><a href=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/23.png\" rel=\"attachment wp-att-1540\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-1540\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/23-300x177.png\" alt=\"23\" width=\"983\" height=\"580\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/23-300x177.png 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/23-768x454.png 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2015\/12\/23.png 884w\" sizes=\"(max-width: 983px) 100vw, 983px\" \/><\/a><\/strong><\/span><\/h2>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"SEBI_ACT\"><\/span><a href=\"https:\/\/carajput.com\/sebi-consulting.php\"><span style=\"color: #808000;\"><strong>SEBI ACT<\/strong><\/span><\/a><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 11<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>POWERS AND FUNCTIONS OF BOARD<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where in order to comply with direction of SEBI that a company getting trading membership of NSE could not carry on any other activity apart from broking, appellant &#8211; PGSL was incorporated for taking over membership card of PCMIL, transfer of membership from PCMIL to PGSL was due to compulsion of law and appellant would be entitled to benefit of fee continuity and, thus, would not be required to pay fresh registration fees &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 64<\/em><em>\u00a0141 (SC)<\/em><\/span><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPETITION_ACT\"><\/span><span style=\"color: #808000;\"><strong>COMPETITION ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 44<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>PENALTY FOR MAKING FALSE STATEMENT OR OMISSION TO FURNISH MATERIAL INFORMATION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where appellants invoked jurisdiction of Commission by asserting that R-2 insurance company was in a dominant position and it had abused its position by not removing their names as defaulter from Specific Approval List, but suppressed a crucial fact that they had already availed similar remedy by filing writ petition before High Court, they would not be entitled to claim any relief &#8211;<span style=\"color: #3366ff;\">\u00a0<em>[2015] 64\u00a0<\/em><em>\u00a029 (CAT &#8211; New Delhi)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>NEGOTIABLE INSTRUMENTS ACT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 138<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>DISHONOUR OF CHEQUE FOR INSUFFICIENCY ETC., OF FUNDS IN ACCOUNT<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Section 141 creates a legal fiction against defaulting company, so as to cover within its ambit all persons who have consented, connived or anyway attributed to commission of offence &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 64\u00a0<\/em><em>\u00a042 (Delhi)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-tax-registration.php\"><span style=\"color: #808000;\"><strong>SERVICE TAX<\/strong><\/span><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 65(25aa)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>TAXABLE SERVICES &#8211; CLUB OR ASSOCIATION&#8217;S SERVICES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Sections 65(25aa), 65(105)(zzze) and 66 are ultra vires and beyond legislative competence of Parliament, insofar as they seek to levy service tax on services provided by clubs\/associations to their members &#8211;<span style=\"color: #3366ff;\">\u00a0<em>[2015] 63<\/em><em>\u00a0154 (Gujarat)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-excise-registration.php\"><span style=\"color: #808000;\"><strong>CENTRAL EXCISE ACT<\/strong><\/span><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 4<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>VALUATION UNDER CENTRAL EXCISE &#8211; TRANSACTION VALUE &#8211; DESIGN CHARGES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee manufactured goods using design prepared by its sister concern and client paid separately to assessee and sister concern, charges for design prepared by sister concern were includible in value of goods manufactured &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0352 (Mumbai \u2013 CESTAT)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 37C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>SERVICE OF DECISIONS, ORDERS, SUMMONS, ETC.<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where Adjudicating Authority passed refund order on 3-4-2009 and dispatched same to assessee by speed post on 16-4-2009 and Commissioner (Appeals) in view of dispatch of order on 16-4-2009 assumed date of receipt by assessee on 18-4-2009, Commissioner (Appeals) was in error in holding that date of service on assessee was 18-4-2009 without proof of same available on record &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 64\u00a0<\/em><em>\u00a049 (Mumbai \u2013 CESTAT)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/carajput.com\/services-vat.php\"><span style=\"color: #808000;\"><strong>CST &amp; VAT<\/strong><\/span><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 8 OF CENTRAL SALES TAX ACT, 1956<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>RATE OF TAX &#8211; PARTIAL EXEMPTION FROM PAYMENT OF TAX<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where assessee in terms of notification dated 6-5-1986 was allowed partial exemption from tax payable in respect of inter-State sales for assessment years 1999-2000 to 2001-02, reopening of impugned assessments subsequently on plea that partial exemption was wrongly retained by assessee, as full central sales tax was collected from consumers, was illegal &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a0233 (Rajasthan)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>SECTION 34 OF DELHI VALUE ADDED TAX ACT, 2004<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>RETURNS, ASSESSMENT AND TAX ADMINISTRATION &#8211; ASSESSMENT AND RE-ASSESSMENT &#8211; LIMITATION ON<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where Assessing Authority issued on assessee notices of default assessment and penalty dated 1-4-2015 for assessment year 2008-09, impugned notices had been issued after expiry of period of six years as stipulated in section 34 from relevant year 2008-09 and were liable to be quashed &#8211;\u00a0<span style=\"color: #3366ff;\"><em>[2015] 63\u00a0<\/em><em>\u00a030 (Delhi)<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #808000;\"><strong>STATUTES<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>DIRECT TAX LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Clarification regarding defective notices issued to FII\/FPIs &#8211;\u00a0<span style=\"color: #3366ff;\"><em>PRESS RELEASE, DATED 10-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Section 90 of the Income-tax Act, 1961 &#8211; Double Taxation Agreement &#8211; Meeting between heads of Revenue Administration of India and Korea for suspension of collection of taxes during pendency of Mutual Agreement Procedure (MAP) &#8211;\u00a0<span style=\"color: #3366ff;\"><em>PRESS RELEASE, DATED 9-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">New Facility of Pre-Filing TDS Data while submitting online rectification &#8211;<span style=\"color: #3366ff;\">\u00a0<em>PRESS RELEASE, DATED 10-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Monthly Development Report for Commodity Derivative Exchanges &#8211;\u00a0<span style=\"color: #3366ff;\"><em>CIRCULAR NO.CDMRD\/DEA\/4\/2015, DATED 9-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">FEM (Manner of Receipt and Payment) (Amendment) Regulations, 2015 \u2013 Amendment in Regulation 5 &#8211;<span style=\"color: #3366ff;\"><em>NOTIFICATION [NO.FEMA.357\/2015-RB]\/GSR 935(E), DATED 7-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>INDIRECT TAX LAWS (ST.\/EX.\/CUS. &amp; (CST &amp; VAT)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Central Excise (Second Amendment) Rules, 2015 &#8211; Amendment in Rules 8, 12 and 17 &#8211;\u00a0<span style=\"color: #3366ff;\"><em>NOTIFICATION NO.25\/2015-C.E. (N.T.), DATED 9-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Service tax (Third Amendment) Rules, 2015 &#8211; Amendment in Rule 6 &#8211;\u00a0<span style=\"color: #3366ff;\"><em>NOTIFICATION NO.26\/2015-ST, DATED 9-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 9<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME &#8211; DEEMED TO ACCRUE OR ARISE IN INDIA<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Business income :<\/span>\u00a0<\/strong>In absence of any material on record as to whether non-resident agents appointed by assessee rendered services abroad and they had no business connection in India, question regarding assessee&#8217;s obligation of deduction of tax at source on payment of sales commission to them was to be disposed afresh &#8211;<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>253 (Chennai \u2013 Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 10(23C)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>EDUCATIONAL INSTITUTIONS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Sub-clause (iiiab):\u00a0<\/strong><\/span>Where assessee-society running educational institutions filed its return claiming exemption under section 10(23C)(iiiab) in view of fact that Government was substantially financing and interested in management of assessee, its claim for exemption was to be allowed &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>312 (Punjab &amp; Haryana)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #33cccc;\"><strong><span style=\"color: #ff6600;\">SECTION 68<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>CASH CREDITS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">In terms of section 68, assessee is liable to disclose only source(s) from where he has himself received credit and it is not burden of assessee to show source(s) of his creditor nor is it burden of assessee to prove creditworthiness of source(s) of said sub-creditors &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>329 (Delhi)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Donations :<\/span>\u00a0<\/strong>Where assessee claiming himself to be a Sewadar of Historic Dera, deposited donations received in name of Dera in his own bank account and, moreover, he failed to prove that any charitable activity in terms of section 2(15) was ever carried out by him, authorities below were justified in making addition to his income under section 68 in respect of donations in question &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>311 (Punjab &amp; Haryana)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 92C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING &#8211; COMPUTATION OF ARM&#8217;S LENGTH PRICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Bright line test (BLT) is not a valid method for either determining the existence of international transaction or for the determination of ALP of such transaction &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>328 (Delhi)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #800000;\"><strong>Comparables and adjustments\/Adjustments-Interest: <\/strong><\/span>ALP of an international loan transaction, which was designated in hard currency, is to be ascertained, the interest rate on rupee transactions in India is not relevant &#8211;<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>251 (Bangalore \u2013 Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Comparables and adjustments\/Adjustments-Interest:<\/span>\u00a0<\/strong>In case of interest on outstanding interest from loan transactions, that was designated in hard currency, rate of interest and terms applicable in a materially similar situation of delay in payment of interest to Exim Bank would apply mutatis mutandis for determining ALP &#8211;<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>251 (Bangalore \u2013 Trib.)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 92CA<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>TRANSFER PRICING &#8211; REFERENCE TO TPO<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where value of international transactions entered into between assessee and its AE exceeded Rs. 5 crores, Assessing Officer was required to refer matter to TPO for determining ALP &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>252 (Madras)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 151<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>INCOME ESCAPING ASSESSMENT &#8211; SANCTION FOR ISSUE OF NOTICE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Recording of satisfaction :<\/span>\u00a0<\/strong>SLP dismissed against High Court&#8217;s ruling that where Joint Commissioner recorded satisfaction in mechanical manner and without application of mind to accord sanction for issuing notice under section 148, reopening of assessment was invalid &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>313 (SC)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 153C<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SEARCH AND SEIZURE &#8211; ASSESSMENT OF INCOME OF ANY OTHER PERSON<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Applicability of :<\/span>\u00a0<\/strong>Even in cases where Assessing Officer of person searched and assessee who is sought to be assessed under section 153C is same, still Assessing Officer is required to record his satisfaction that assets\/documents seized belong to a person (assessee) other than searched person &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>309 (Delhi)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 269UC<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PURCHASE OF IMMOVABLE PROPERTY BY CENTRAL GOVERNMENT &#8211; RESTRICTIONS ON TRANSFER OF PROPERTY<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where immunity certificate issued by department under KVSS to vendor covered impugned transaction of sale of property, non-filing of form 37-I by vendor would not entitle department to launch prosecution under sections 269UC and 276AB against her &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>254 (Madras)<\/em><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 271(1)(c)<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PENALTY &#8211; FOR CONCEALMENT OF INCOME<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"color: #800000;\">Recording of satisfaction:<\/span>\u00a0<\/strong>Before levying penalty under section 271(1)(c), it is incumbent upon the Assessing Officer to state whether the penalty was being levied for concealment of income or for furnishing of inaccurate particulars of income &#8211; <em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>155 (Kolkata &#8211; Trib.)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"COMPETITION_ACT-2\"><\/span><span style=\"color: #0000ff;\"><strong>COMPETITION ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 3<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>PROHIBITION OF AGREEMENTS &#8211; ANTI-COMPETITIVE AGREEMENTS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where evidences showed that exhibition of Tamil and Malayalam films to Informant theatre were denied at behest of OP association representing film theatres in Kerala and OP held position of strength in film industry in Kerala, conduct of OP was anti-competitive and penalty was to be imposed on it &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>207 (CCI)<\/em><\/p>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"PML_ACT\"><\/span><span style=\"color: #0000ff;\"><strong>PML ACT<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: justify;\"><span style=\"color: #ff6600;\"><strong>SECTION 45<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #00ccff;\"><strong>SPECIAL COURTS &#8211; OFFENCES TO BE COGNIZABLE AND NON-BAILABLE<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Where applicant was arrested for schedule offence of fraudulent remittance of foreign currency and he failed to prove money received by him was not crime money, bail could not be granted to him during period of investigation &#8211;\u00a0<em>[2015] 64<\/em><em>\u00a0<\/em><em>\u00a0<\/em><em>249 (Gujarat)<\/em><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"STATUTES\"><\/span><span style=\"color: #0000ff;\"><strong>STATUTES<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"DIRECT_TAX_LAWS\"><\/span><span style=\"color: #ff6600;\"><strong>DIRECT TAX LAWS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Section 119 of the Income-tax Act, 1961 \u2013 Income-tax Authorities \u2013 Instructions to Subordinate Authorities \u2013 Facilitating Taxpayers&#8217; Electronic Interface with the Department<\/p>\n<p style=\"text-align: justify;\">Section 115JB of the Income-tax Act, 1961 \u2013 Minimum Alternate Tax (MAT) \u2013 Applicability of MAT on Foreign Companies for period prior To 1-4-2015 &#8211;<span style=\"color: #000000;\">\u00a0<\/span><em><span style=\"color: #000000;\">INSTRUCTION NO.18\/2015 [F.NO.153\/12\/2015-TPL], DATED 23-12-201<\/span>5<\/em><\/p>\n<h4 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"CORPORATE_LAWS\"><\/span><span style=\"color: #0000ff;\"><strong>CORPORATE LAWS<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p style=\"text-align: justify;\">Special D<span style=\"color: #000000;\">eposit Scheme, 1975 \u2013 Payment of Interest for Calendar Year 2015 &#8211;\u00a0<em>CIRCULAR DGBA.GAD.NO.2023\/15.01.001\/2015-16, DATED 23-12-2015<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Withdrawal of all old series of Banknotes issued prior to 2005<\/p>\n<p style=\"text-align: justify;\">Reporting of Compliance with Indian Ownership and Control<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>DIRECT TAX LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Prime Minister to launch Gold related Schemes on 5-11-2015 &#8211;\u00a0<span style=\"color: #3366ff;\"><strong><em>PRESS RELEASE, DATED 3-11-2015<\/em><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff9900;\"><strong>CORPORATE LAWS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">Gold Monetization Scheme, 2015 \u2013 Interest Rate &#8211;\u00a0<span style=\"color: #3366ff;\"><strong><em>CIRCULAR DBR.IBD.BC.53\/23.67.003\/2015-16<\/em>\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional\u00a0endeavors. For query or help, contact:\u00a0<a href=\"mailto:singh@carajput.com\">singh@carajput.com<\/a>\u00a0or call at 9555555480<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Read_our_articles_Top_Taxation_Relaxation_to_MSMS\"><\/span>Read our articles: \u00a0<a href=\"https:\/\/carajput.com\/blog\/relevant-parts-of-the-honorable-fm-press-conference\/\">Top Taxation Relaxation to MSMS<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4><span class=\"ez-toc-section\" id=\"Highlights_of_International_Taxation\"><\/span><a href=\"https:\/\/carajput.com\/blog\/international-taxation\/\">Highlights of International Taxation<\/a><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h4 style=\"text-align: justify;\"><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>CORPORATE AND PROFESSIONAL UPDATE DECEMBER 26, 2015 INCOME TAX ACT INCOME TAX ACT SECTION 2(15) CHARITABLE PURPOSE The object of general public utility &#8211; Banking technology service:\u00a0Where assessee-society was established by RBI to provide Banking Technology services and to carry out research which was charitable in nature; merely because it had generated surplus during the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9933],"tags":[9156],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/972"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=972"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/972\/revisions"}],"predecessor-version":[{"id":20081,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/972\/revisions\/20081"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=972"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=972"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=972"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}