"03 March 2020" Archive

BSE can exercise its Right of Lien over Security Deposits of member

Stock Exchange Bombay Vs Varughese P. Danial (Bombay High Court)

Stock Exchange Bombay Vs Varughese P. Danial (Bombay High Court) So far as the prohibitory orders were issued by the Income Tax Department in respect of security deposit of the defaulting card holder is concerned, any amount in excess after meeting it’s liabilities should be handed over to the Income Tax Department. This is so [&hel...

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Game where success depends upon substantial degree of skill are not gambling

Chandresh Sankhla Vs State of Rajasthan (Rajasthan High Court)

As per Section 12 of the Rajasthan Public Gambling Ordinance, 1949, the game involving 'mere skill' is exempted from the applicability of the Act/Ordinance and since 'Dream 11' game has been held to be a game of skill, no fault can be found by the answering respondents in the activity which is carried out by the private respondents....

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Depreciation allowed on License/registration fee paid to Indian Railways

ACIT Vs Central Warehousing Corpn. (ITAT Delhi)

We find that the claim of depreciation in respect of license/ registration fee paid by the assessee to the Indian Railways is an asset whereon depreciation u/s. 32(1) is allowable....

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Vivad Se Vishwas Scheme

Vivad se Vishwas can be availed by the appellant irrespective of whether the tax arrears have been paid either partly or fully or are outstanding....

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Posted Under: Corporate Law |

Right to collect parking fees is nothing but a consideration liable to Service Tax

MGF Event Management Vs CCE (CESTAT Delhi)

MGF Event Management Vs CCE (CESTAT Delhi) We cannot accept the appellant‘s plea that huge parking space area was given to the appellant without any agreement with respect to financial consideration or without an agreement with respect to contingent liabilities with respect to theft, injuries, fire or other liabilities. It is difficult ...

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FBT on providing Free Medicine Samples to Doctors by Pharma Companies

PCIT Vs Aristo Pharmaceuticals P Ltd (Bombay High Court)

Since there was no employer-employee relationship between the assessee on one hand and the doctors on the other hand to whom the free samples were provided, the expenditure incurred for the same cannot be construed as fringe benefits to be brought within the additional tax net by levy of fringe benefit tax....

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Co-authorization of permanently disabled child/children in PPO for Family Pension

Notification No. HRD/1(34)2014/7thCPC/Vol.II/Pt.I/402 (03/03/2020)

Permanently disabled child/children or sibling can be co-authorized in the PPO issued to the retiring Government servant if there is no other eligible prior claimant for family pension other than the spouse....

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No penalty/revival fee in RD/PPF/SSA Accounts till 30.06.2020

SB Order No. 14/2020 (31/03/2020)

The subscribers of RD/PPF/SSA Accounts may deposit the mandated due amount, if any of current F.Y. (2019-20) and April, 2020 (as the case may be) in their respective accounts till 30th June, 2020 and no penalty/revival fee shall be charged...

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No Section 194H TDS on discount to distributors of prepaid SIM cards

CIT (TDS) Vs Vodafone Cellular Ltd. (Bombay High Court)

CIT (TDS) Vs Vodafone Cellular Ltd. (Bombay High Court) Whether provisions of Section 194H of the Income Tax Act, 1961 will be applicable in case of discounts given by the assessee to the distributors on account of prepaid SIM cards. Section 194H of the Act deals with commission or brokerage. It says that any person, […]...

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No disallowance for payment to related parties without demonstrating that payment made was excessive and unreasonable

Motilal Laxmichand Sanghavi Vs ACIT (ITAT Mumbai)

Even though assessee had made payments to related parties, yet in view of fact that there was no material on record to demonstrate that payment made was excessive and unreasonable having regard to market rate, disallowance made under section 40A(2) by AO was to be deleted....

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