Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Aug 23, 2010 at 9:58 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• Penalty cannot be imposed if there is a genuine reason for delay in filing Income Tax Return
• DLF questions CCI powers initiate proceedings against it before Competition Appellate Tribunal
• Now, depositors can opt for floating rate on fixed deposits
• Bankers worried over RBI proposal to cap foreign shareholding in banks at 50 per cent with a lock-in of 10 years
• Oil Min wants courts to decide on gas-tax holiday
• Swiss banks list out four conditions for sharing info
• Black money trail: CBDT signs pact with Financial Intelligence Unit (India) FIU
• Brief on Report of Takeover Regulations Advisory Committee on proposed Takeover Regulations
• Overview of Regulatory framework of Core Investment Companies
• FUTP Regulations – Regulation 3(b) does not import any concept of fraud at all
• Charges towards reimbursement of expenses cannot be included in income
• Mere receipt of money through banking channels not sufficient to prove genuineness of its receipt as a gift
• Credit for brought forward MAT is to be given from gross demand before charging interest u/s 234B
• The Court can condone the delay in spite of fact the delay is very enormous, if the Court is satisfied, with the reason stated in the affidavit
• A writ petition is not ordinarily maintainable to challenge order of the Tribunal (ATFE)
• Giving of reasons is an essential element of administration of justice
• Where employer bank has given loan to employees at rate of interest lower than SBI lending rate, value of concessional loan is taxable as perquisite
• It is not imperative for assessee-bank to close individual account of each of it's debtors in it's books for claiming deduction under section 36(1)(vii)
• For working out application of proviso to Section 112, there is nothing in section which would deprive assessee of indexation claimed on sale of shares where there was a resultant loss
• Expression "issue and transfer of securities and non-payment of dividend" in section 55A of Companies Act covers misstatement in prospectus
• There cannot be a further liability fastened on a proprietary concern in respect of credit entries which have already suffered tax in hands of a company with which said concern got merged
• Bar provided in section 80-IA(3) is to be considered only for first year of claim of deduction u/s 80-IA
• Section 244A r.w. Explanation thereto does not exclude payment of interest on refund of self assessment tax
• New bill for voting rights to NRIs introduced
• Government Panel recommends Customs duty cut on rubber imports
• Hydrocarbon companies asks the Government to remove uncertainties over tax and marketing regime before ninth round of bidding for oil and gas areas
• Comprehensive land acquisition bill soon: Govt
• Govt seeks public comments to amend trademark rules
• Sterlite evaded duty in copper export waste: Customs
• External Commercial Borrowings (ECB) — Liberalisation for Services Sector

Penalty cannot be imposed if there is a genuine reason for delay in filing Income Tax Return Posted: 22 Aug 2010 08:36 PM PDT In an order that will help companies and individuals who face penalty proceedings on account of the delay in filing returns, a Delhi bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that penalty cannot be levied if there is a genuine... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DLF questions CCI powers initiate proceedings against it before Competition Appellate Tribunal Posted: 22 Aug 2010 08:19 PM PDT DLF, the country's largest real estate developer, has approached the Competition Appellate Tribunal, questioning the Competition Commission of India's (CCI's) powers to initiate proceedings on an issue dating to 2006, much before CCI got its... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Now, depositors can opt for floating rate on fixed deposits Posted: 22 Aug 2010 08:15 PM PDT How about your fixed deposits being flexible? Soon this could be possible, as the country's biggest bank SBI is all set to offer floating interest rates on term deposits. The floating rate term deposit product will offer no guarantee on returns, as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bankers worried over RBI proposal to cap foreign shareholding in banks at 50 per cent with a lock-in of 10 years Posted: 22 Aug 2010 08:11 PM PDT A suggestion by the Reserve Bank of India (RBI) that foreign shareholding in new private sector banks be capped at 50 per cent with a lock-in of 10 years has led to some consternation among banks in which a majority share is held by overseas... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Oil Min wants courts to decide on gas-tax holiday Posted: 22 Aug 2010 08:00 PM PDT Stung by rejection of its demand for restoration of tax breaks on production of natural gas, the Oil Ministry has asked the Finance Ministry to let courts decide if 7-year tax holiday should apply only to oil and not on gas produced from the same... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Swiss banks list out four conditions for sharing info Posted: 22 Aug 2010 07:55 PM PDT Facing flak from India and others for acting as a safe haven to foreigners stowing away wealth, Swiss banks have said they will share account details of suspected money launderers if the request is supported by four specific details. The specific... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Black money trail: CBDT signs pact with Financial Intelligence Unit (India) FIU Posted: 22 Aug 2010 07:52 PM PDT Black money stashed abroad by Indians will now be traced more efficiently as Central Board of Direct Taxes (CBDT) and the Financial Intelligence Unit (India) have signed a pact to exchange information on tracking unaccounted funds, say official... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Brief on Report of Takeover Regulations Advisory Committee on proposed Takeover Regulations Posted: 22 Aug 2010 07:44 PM PDT SEBI has, on 19 July 2010, released the report of Takeover Regulations Advisory Committee (TRAC) constituted under the Chairmanship of Mr. C. Achuthan on the proposed changes to the existing SEBI (Substantial Acquisition of Shares and Takeovers)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Overview of Regulatory framework of Core Investment Companies Posted: 22 Aug 2010 07:39 PM PDT A case was made for giving relaxation to companies, which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and companies which do not carry on any other financial activity i.e. Core... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FUTP Regulations – Regulation 3(b) does not import any concept of fraud at all Posted: 22 Aug 2010 07:24 PM PDT This is one of those cases where the issuer company has misused its Initial Public Offer (IPO) to the detriment of the genuine investors including its employees by allotting 98.5% of the shares under the employee category to its seven chosen persons... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Charges towards reimbursement of expenses cannot be included in income Posted: 22 Aug 2010 07:19 PM PDT The question as to whether a reimbursement for expenses would form part of the taxable income is not res integra insofar as this Court is concerned. In CIT v. Siemens Aktiongesellschaft [2009] 177 Taxman 81 (Bom.), a Division Bench of this Court... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere receipt of money through banking channels not sufficient to prove genuineness of its receipt as a gift Posted: 22 Aug 2010 07:12 PM PDT Genuineness of the gift transactions cannot be determined without looking into the human probability aspects, surrounding circumstances such as relationship of the donor and donee and if assessee fails to establish any of these facts, the gift... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Credit for brought forward MAT is to be given from gross demand before charging interest u/s 234B Posted: 22 Aug 2010 06:58 PM PDT Credit for brought forward MAT is to be given from gross demand before charging interest u/s 234B. 2. Interest u/s 244A was allowable on the refundable taxes arrived at after giving credit of brought forward MAT from the gross demand. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Court can condone the delay in spite of fact the delay is very enormous, if the Court is satisfied, with the reason stated in the affidavit Posted: 22 Aug 2010 06:52 PM PDT "In exercising discretion under Section 5 of the Limitation Act, 1963, to condone delay for sufficient cause in not preferring an appeal or other application within the period prescribed, courts should adopt a pragmatic approach. A distinction must... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A writ petition is not ordinarily maintainable to challenge order of the Tribunal (ATFE) Posted: 22 Aug 2010 06:46 PM PDT A Writ Petition was filed challenging the order dated 17.7.2008 of the Appellate Tribunal for Foreign Exchange, Janpath, New Delhi, (hereinafter `the Tribunal'), on various grounds with which this Court is not concerned. By that order, the Tribunal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Giving of reasons is an essential element of administration of justice Posted: 22 Aug 2010 06:42 PM PDT The expanding horizon of the principles of natural justice provides for requirement to record reasons as it is now regarded as one of the principles of natural justice, and it was held in the above case that except in cases where the requirement to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Where employer bank has given loan to employees at rate of interest lower than SBI lending rate, value of concessional loan is taxable as perquisite Posted: 22 Aug 2010 06:37 PM PDT The Legislature, by inserting sub-clause (vi) to clause(2) of section 17 with effect from 1-4-2009, has prescribed fringe benefits or amenities which are treated to be perquisite. Rule 3(7) prescribes the amenity/benefit by way of valuation; it has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

It is not imperative for assessee-bank to close individual account of each of it's debtors in it's books for claiming deduction under section 36(1)(vii) Posted: 22 Aug 2010 06:34 PM PDT Where the assessee-bank has instituted recovery suits in Courts against it's debtors, if individual accounts are to be closed, then the Debtor/Defendant in each of those suits would rely upon the Bank statement and contend that no amount is due and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

For working out application of proviso to Section 112, there is nothing in section which would deprive assessee of indexation claimed on sale of shares where there was a resultant loss Posted: 22 Aug 2010 06:31 PM PDT What the proviso to Section 112 essentially requires is that where the tax payable in respect of income arising from a listed security, being a long term capital asset, exceeds 10% of the capital gains before indexation, then such excess beyond 10%... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Expression "issue and transfer of securities and non-payment of dividend" in section 55A of Companies Act covers misstatement in prospectus Posted: 22 Aug 2010 06:27 PM PDT The very purpose of having an independent regulatory authority like SEBI, and vesting it with statutory powers of inquiry, is to enable it to take prompt action in matters relating to issue and transfer of share; particularly, SEBI is expected to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

There cannot be a further liability fastened on a proprietary concern in respect of credit entries which have already suffered tax in hands of a company with which said concern got merged Posted: 22 Aug 2010 06:26 PM PDT Where the assessee-proprietory concern got merged with a company and the credit entries in the name of the company in the accounts of the assessee came to be assessed to tax at the hands of the company, there could not be a further liability... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bar provided in section 80-IA(3) is to be considered only for first year of claim of deduction u/s 80-IA Posted: 22 Aug 2010 06:16 PM PDT The eligibility for the claim of deduction u/s 80-IA by applying the restraints of Sec. 80-IA(3) cannot be considered for every year of the claim of deduction u/s 80-IA but can be considered only in the year of formation of the business. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 244A r.w. Explanation thereto does not exclude payment of interest on refund of self assessment tax Posted: 22 Aug 2010 06:09 PM PDT This appeal was admitted on the following substantial question of law: "Whether section 244(1)(b) read with explanation thereto excludes payment of interest on refund of self Assessment Tax?" 2. Since it is a pure question of law, the learned... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New bill for voting rights to NRIs introduced Posted: 22 Aug 2010 06:03 PM PDT The Representation of the People (Amendment) Bill 2010, which seeks to give voting rights to NRIs, was moved in the Rajya Sabha Saturday. Law and Justice Minister M. Veerappa Moily moved the bill after withdrawing its earlier version, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Panel recommends Customs duty cut on rubber imports Posted: 22 Aug 2010 06:00 PM PDT The Government-appointed panel to look into the problems of the rubber industry has recommended that the Customs duty on natural rubber imports be brought down to either Rs 20.46 for a kg or 20 per cent, whichever is lower. This comes as a major... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hydrocarbon companies asks the Government to remove uncertainties over tax and marketing regime before ninth round of bidding for oil and gas areas Posted: 22 Aug 2010 04:12 PM PDT Companies into hydrocarbon exploration and production business have asked the Government to remove uncertainties over tax and marketing regime before the ninth round of bidding for oil and gas areas is launched later this year. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Comprehensive land acquisition bill soon: Govt Posted: 21 Aug 2010 09:59 PM PDT The government is formulating a comprehensive land acquisition bill that will address concerns about process of acquiring land for purposes such as setting up SEZs and compensation to be paid. Replying to supplementaries during Question Hour,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt seeks public comments to amend trademark rules Posted: 21 Aug 2010 09:55 PM PDT With an aim at faster clearance of trademark cases in the country, the government has sought public comments on amending the relevant rules to make them more significant and user friendly. "The Comptroller General of Patent, Design and Trade Marks... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sterlite evaded duty in copper export waste: Customs Posted: 21 Aug 2010 09:47 PM PDT Customs department today charged Sterlite Industries with evasion of duty to the tune of several crores in export of copper waste. This is the second time in the last one month that Sterlite, the country's largest non ferrous and mining company,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

External Commercial Borrowings (ECB) — Liberalisation for Services Sector Posted: 21 Aug 2010 09:10 PM PDT Hitherto, Indian corporates in the services sectors viz., hotels, hospitals and software were allowed to avail ECB upto USD 100 million per financial year under the automatic route for permissible end-uses. ECB beyond USD 100 million was arguably... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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