➡ IMPORTANTS NEWS
1. Govt. enables online filing of form FC-TRS for transfer of shares between NRs and Residents via e-Biz portal
➡ INCOME TAX
1. Even if advance forfeited by supplier wasn't allowable as bad-debt, yet it could be considered as business loss. 60 taxmann.com 82 (Guwahati - Trib.)
2. 60 taxmann.com 206 (Bombay)Where assessee- joint venture company did not execute contract work on its own and same was done by one of its constituents, as there was no finding of receipt of any income by assessee on account of said contract, same would not be taxable in its hands.
➡ BANKING AND CORPORATES LAWS
1. SEBI proposes to allow Infra Investment Trusts to invest in two level SPVs and to reduce sponsor's commitment.
➡ CST AND VAT LAWS
1. August 22, 2015[2015] 60 taxmann.com 191 (Karnataka) CST & VAT: Karnataka VAT - Only condition for making further reassessment under section 39(2) in addition to earlier reassessment is when authority takes notice of further evidence
2. The purchaser need not to reversed input tax credit unless seller has claimed refund in case of incentive given or credit note issued ruled by Delhi high Court.
➡ SERVICE TAX AND EXCISE LAWS.
1. Govt. enables online filing of form FC-TRS for transfer of shares between NRs and Residents via e-Biz portal
➡ INCOME TAX
1. Even if advance forfeited by supplier wasn't allowable as bad-debt, yet it could be considered as business loss. 60 taxmann.com 82 (Guwahati - Trib.)
2. 60 taxmann.com 206 (Bombay)Where assessee- joint venture company did not execute contract work on its own and same was done by one of its constituents, as there was no finding of receipt of any income by assessee on account of said contract, same would not be taxable in its hands.
➡ BANKING AND CORPORATES LAWS
1. SEBI proposes to allow Infra Investment Trusts to invest in two level SPVs and to reduce sponsor's commitment.
➡ CST AND VAT LAWS
1. August 22, 2015[2015] 60 taxmann.com 191 (Karnataka) CST & VAT: Karnataka VAT - Only condition for making further reassessment under section 39(2) in addition to earlier reassessment is when authority takes notice of further evidence
2. The purchaser need not to reversed input tax credit unless seller has claimed refund in case of incentive given or credit note issued ruled by Delhi high Court.
➡ SERVICE TAX AND EXCISE LAWS.
1. Service Tax could not be levied to indivisible works contract prior to 1-6-2007.
2. 59 taxmann.com 460 (Bombay) Excise & Customs : Tribunal does not have power to dismiss appeal for default or for want of prosecution, without adjudication on merits; and if appeal has been so dismissed, Tribunal must restore same subject to reasonable conditions.
2. 59 taxmann.com 460 (Bombay) Excise & Customs : Tribunal does not have power to dismiss appeal for default or for want of prosecution, without adjudication on merits; and if appeal has been so dismissed, Tribunal must restore same subject to reasonable conditions.
- CA Kasliwal Ambar
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