Updates-Income Tax, GST & Company Law (06 June 2017)
Updates-Income Tax, GST & Company Law (06 June 2017)
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Spirituality
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Sruti-vipratipanna te
Yada sthasyati niscala
Samadhav acala buddhis
Tada yogam avapsyasi
Meaning: When your
mind is no longer disturbed by the
flowery language of the Vedas, and when it remains fixed in the trance of
self realization, then you will have attained the divine consciousness.
Sruti: of vedic revelation, vipratipanna: without being
influenced by the fruititive results, te: your, Yada: when, sthasyati: remains, niscala: unmoved, Samadhav: in transcendental
consciousness or Krishna consciousness,
acala: unflinching(persistent), buddhis: intelligence, Tada: at that time, yogam: self realization, avapsyasi: you will achieve.
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Income Tax
1.
HC upheld sec.
68 additions as assessee failed to prove creditworthiness of share applicants (Where assessee received share capital from various
contributors, in view of fact that those contributors were persons of
insignificant means and their creditworthiness to have made contributions had
not been established, impugned addition made by authoirties below in respect of
amount in question under section 68 was to be confirmed.) [2017] 81 taxmann.com 424 (Madras)
2.
SC dismissed SLP
as AO rightly transferred assessee's case to that city where cash belonging to
him was seized (Case was aptly
transferred to Meerut city as money of assessee was seized from property of her
in-laws located in Meerut city) [2017] 81 taxmann.com 426 (SC)
3.
ITAT slams AO
for treating sum withdrawn from NABARD as income if it was duly utilized for
purchase of computer (1.Where assessee-tea company made
deposit in NABARD account in accordance with scheme approved by Tea Board and,
thereafter, withdrew a sum from said account for purpose of purchasing computer
and its ancillaries, since provision of section 33AB provides assessee to
utilise money withdrawn from NABARD account for such purpose, said amount could
not be added to assessee's income 2. When assessee had income only from growing
and manufacturing of tea, cess expenses on production of green leaf was to be
allowed before apportionment of income between tea grown and tea manufactured
under rule 8(1) 3.Claimed depreciation on plant and machinery purchased from
amount withdrawn from NABARD account, same was to be allowed) [2017] 81 taxmann.com 425 (Kolkata - Trib.)
4.
Payment made for
package of designs and drawings couldn't be treated as royalty(Payment made towards an agreement for supply of
package of design and drawing to enable assessee to effectively render
engineering services, was not royalty) [2017] 81 taxmann.com 395 (Delhi - Trib.)
5.
HC allowed
filing of Form 10 by trust during re-assessment to consider its accumulation of
income(For excluding accumulated income of a charitable
trust from net of taxation under section 11, intimation in Form 10 could be
filed during reassessment proceedings) [2017] 81 taxmann.com 396 (Bombay)
6.
Payment made to
German entity for Standard Operating Procedure held as royalty(Where assessee paid certain amount to a German based
company for sharing of its standard operating procedures (SOPs) developed over
a period of time, it amounted to sharing of scientific experiences and thus
payment in question was taxable in India as royalty under article 13 of India
Germany DTAA) [2017] 82 taxmann.com 42
(Ahmedabad - Trib.)
7.
SC admits SLP if
benefit of accumulation of income was allowed to trust without specified
accumulation purpose(As long as objects of
trust were charitable in character and purpose or purposes mentioned in Form
No. 10 were for achieving objects of trust, merely because details were not
furnished, assessee could not be denied benefit of exemption under section
11(2)) [2017]
81 taxmann.com 372 (SC)
Goods and Service Tax (GST)
2.
Armed forces
canteen to get 50 per cent refund of Goods and Service Tax (Source
- http://economictimes.indiatimes.com [05-06-2016])
3.
GST: Jewellers
breathe easy with 3% tax on gold, 0.25% on rough diamond (Source
- http://www.business-standard.com [05-06-2017])
4.
Banks not yet
prepared for GST roll-out: Indian Banks' Association(Source
- http://www.business-standard.com [04-06-2017]
5.
GST to play
important role in GDP measurement Chief Statistician T C A Anant ( Source - http://www.business-standard.com [04-06-2017])
6.
GST rates fixed:
3% tax on gold, 5% on clothes costing less than Rs 1,000 (Source
- http://www.business-standard.com [04-06-2017])
7.
Khadi yarn,
Gandhi topi and national flag will be exempted from GST (Source
- http://www.ptinews.com [05-06-2017])
Company Law
1.
Pendency of
winding up plea couldn't be a bar under bankruptcy code for initiating
insolvency resolution process (Pendency of winding
up petition could not be a bar under Code for initiating corporate insolvency
resolution process) [2017] 81 taxmann.com
393 (NCLT- Chennai )
2.
Provisions of
Bombay Money Lenders Act wouldn't apply to winding up proceedings initiated
under Companies Act: HC
(Provisions of Bombay Money Lenders Act, 1946, will
not be attracted to winding up proceedings because winding up proceedings are
not filed for recovery of any amount of loan but is for seeking winding up of
respondent company under provisions of sections 433 and 434 of 1956 Act.) [2017] 81 taxmann.com
414 (Bombay)
3. Govt. announces amendment to prevention of
money laundering rules; mandates reporting of aadhar, pan to authorities (Refer
notification on link https://incometaxindia1.blogspot.in/2017/06/govt-announces-amendment-to
prevention_5.html)
4.
Court within
whose jurisdiction drawer's bank is situated will try case u/s 138 if cheque is
presented at drawee bank (Negotiable
Instruments Act: In case under section 138 if payee presents cheque through
account, Court will try case within whose local jurisdiction bank branch of
payee (collecting bank) is situated and if payee presents cheque through
counter of drawee bank for payment, Court will try case within whose local
jurisdiction bank branch of drawer (drawee bank) is situated) [2017] 81 taxmann.com
387 (Gujarat).
5.
Disposing of
property of company-in-liquidation after commencement of winding up was void:
HC(Where company-in-liquidation granted permission for
sub-lease of property of company after commencement of winding up and it could
not be proved that sub-lease was in interest of company-in-liquidation or that
same was bona fide and in ordinary course of business, it was void and could
not have been validated by Court by exercising powers under section 536(2)) [2017] 81 taxmann.com
369 (Bombay)
FEMA,FCRA
1. Frequently asked questions on Foreign
Investments in India (Updated 2017) (Refer link https://femanfcra.blogspot.in/2017/06/faqs-on-foreign-investments-in-india.html)
2. Introduction
of Legal Entity Identifier for Over-the-Counter (OTC) derivatives markets
(Refer RBI notification RBI/2016-17/314, FMRD.FMID No.14/11.01.007/2016-17
dated 01 June 2017)
Refer Link for
regulatory updates on Income tax, GST, Company Law, FEMA:
Bipul Kumar
Business Consultant
Mob.: 9560084833
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