Service Tax : Despite doing away with the service-specific descriptions, there will be some descriptions where some differential treatment will ...
Income Tax : The Parliament has passed the the Competition (Amendment) Bill, 2009 which is to replace the Competition (Amendment) Ordinance, 20...
Income Tax : The government is likely to seek the Cabinet’s approval on amending the Competition Act 2002 to facilitate the winding up of the...
Income Tax : After a lull, the contentious provisions regarding mergers and acquisitions (M&A’s) of the amended Competition Act is back on th...
Income Tax : The Bombay High Court held that reassessment proceedings became time-barred because no reassessment order was passed within the li...
Service Tax : Profit arising from purchase and sale of cargo space by a freight forwarder on principal-to-principal basis was trading income and...
Service Tax : CESTAT Chandigarh held that the Air Travel Agents are not required to pay Service Tax on the Commission received by them from CDS/...
Company Law : The tribunal held that mere suspicion or possibility of fraud without supporting evidence cannot justify action under Section 66 o...
Company Law : Supreme Court held that section 66 of the Companies Act, 2013 doesn’t require mandatory obtaining or circulating of formal valua...
Service Tax : Notification No. 43/2009-Service Tax Whereas the Central Government is satisfied that a practice was generally prevalent regarding...
Service Tax : Notification No. 33/2009 - Service Tax Central Government hereby exempts the taxable service provided to any person in relation to...
Income Tax : That the said Association will submit to the prescribed authority by 30th June, each year, a copy of their audited annual accounts...
The Bombay High Court held that reassessment proceedings became time-barred because no reassessment order was passed within the limitation period prescribed under Section 153. The Court ruled that procedural remand directions did not extend limitation under Section 153(6).
Profit arising from purchase and sale of cargo space by a freight forwarder on principal-to-principal basis was trading income and not consideration for service, and therefore not liable to service tax under Business Support Service or otherwise.
CESTAT Chandigarh held that the Air Travel Agents are not required to pay Service Tax on the Commission received by them from CDS/CRS companies. Also held that Air Travel Agents need not include the commission on fuel surcharge in the basic fare for payment of Service Tax.
The tribunal held that mere suspicion or possibility of fraud without supporting evidence cannot justify action under Section 66 of the IBC. The ruling underscores the need for concrete proof in alleging fraudulent conduct.
Supreme Court held that section 66 of the Companies Act, 2013 doesn’t require mandatory obtaining or circulating of formal valuation report from an approved/registered valuer for reduction of share capital.
CESTAT Kolkata held that demand of service tax under Reverse Charge Mechanism [RCM] raised merely on the basis of figures appearing in Balance Sheet without classifying the category of service is not sustainable.
The ITAT held that interest earned by a co-operative credit society on bank deposits qualifies as business income. Such income is eligible for deduction under Section 80P(2)(a)(i).
NCLAT Delhi held that each and every commercial transaction which has resulted in loss may not be labelled as fraudulent or to have been done to deceive creditors. Accordingly, since ingredients of section 66(2) of IBC is lacking, the transaction cannot be labelled as fraudulent.
Payments made pursuant to allotment confer valuable property rights. Their relinquishment through an agreement to sell amounts to a statutory transfer, entitling the assessee to compute gains or losses under capital gains.
The issue was whether the NCLT could declare ownership of a trademark during CIRP. The Supreme Court held that title disputes not arising directly from insolvency fall outside Section 60(5) jurisdiction.
