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2016 (11) TMI 66 - ITAT MUMBAI The Tribunal allowed the assessee's appeals on multiple grounds, directing the AO to delete various disallowances and upholding the CIT(A)'s decision on brand building expenses. The Tribunal ruled in favor of the assessee on issues such as depreciation on courseware, disallowance of expenses on the Lucknow School Project, ESOP charges, and provision for rebate. Additionally, the Tribunal directed the AO to delete additions under Section 40(a)(ia) for hire charges, Section 14A for exempt income, and Section 68 for unexplained cash receipts.
Year End Review: Highlights of the Achievements of the Ministry of Finance The Ministry of Finance has implemented various initiatives in the fiscal year to enhance revenue collection, streamline taxation policies, and improve economic growth. Key achievements include a significant decline in inflation rates, with the Wholesale Price Index (WPI) dropping to -3.8% in October 2015. Measures to control inflation involved delisting certain food items from the APMC Act and adjusting import duties. The Reserve Bank of India (RBI) reduced the policy rate by 125 basis points to spur growth. Banking reforms included the establishment of Payment Banks and Small Finance Banks to boost financial inclusion. Additionally, the government launched the National Investment and Infrastructure Fund (NIIF) and promoted Public Private Partnerships (PPPs) for infrastructure development. The Ministry also focused on financial stability, tax-free bonds issuance, and international cooperation through initiatives like the BRICS New Development Bank and AIIB membership.
Consolidated FDI Policy The Consolidated FDI Policy Circular of 2015, effective from May 12, 2015, outlines the Indian government's framework to attract foreign direct investment (FDI) to enhance domestic capital, technology, and skills. The policy is designed to be transparent and predictable, with updates reflecting regulatory changes. It distinguishes FDI from portfolio investments, emphasizing a lasting interest in an enterprise. The document details definitions, general conditions, and entry routes for FDI, specifying the sectors open to foreign investment, the percentage caps, and the conditions applicable. It also includes procedural instructions for reporting and compliance, emphasizing adherence to FEMA regulations. The policy aims to streamline FDI processes while ensuring compliance with sectoral laws and conditions.
Master Circular on Foreign Investment in India The Master Circular on Foreign Investment in India, issued by the Reserve Bank of India, consolidates the regulatory framework for foreign investments under the Foreign Exchange Management Act, 1999. It outlines the guidelines for Foreign Direct Investment (FDI), including entry routes, eligibility, types of instruments, pricing, and prohibited sectors. The circular also covers investments in partnership firms or proprietary concerns, Portfolio Investment Scheme, and other foreign investments. Reporting requirements for various investment transactions are detailed, and the circular is set to be updated annually. This document serves as a comprehensive guide for authorized dealer banks and investors regarding foreign investment regulations in India.
Service Tax on Import of Service in India – Section 66A The article discusses the complexities surrounding the import of services in India under Section 66A of the Finance Act, 1994, and the associated rules. It highlights the obligation of the service recipient to pay service tax on imported services. The article explains that a business with permanent establishments in different countries is treated as separate entities for tax purposes. For instance, if an Indian company has a branch in the USA, it is not liable for service tax in India for services received by its U.S. branch. Conversely, an Indian company without a foreign office must pay service tax on services received from abroad.
2025 (2) TMI 379 - DELHI HIGH COURT The court upheld the validity of Section 132 of the Companies Act, 2013, and the NFRA Rules, dismissing challenges related to vicarious liability, retroactive operation, and Article 20(1) of the Constitution. However, it quashed the show cause notices and final orders due to procedural improprieties, specifically the lack of separation of functions within NFRA. The court permitted NFRA to commence new proceedings, ensuring adherence to principles of natural justice and fairness as outlined in the judgment.
2024 (8) TMI 92 - CESTAT CHENNAI The Tribunal allowed the appeals, setting aside the impugned orders and granting consequential relief. It found the denial of CENVAT credit unjustified without disputing the service tax paid by dealers, and technical deficiencies in invoices did not warrant credit denial. The extended period of limitation was correctly invoked, and penalties under Section 78 of the Finance Act, 1994, were justified due to the appellant's deliberate fraud.
2023 (8) TMI 471 - CESTAT CHENNAI The Tribunal dismissed the appeals, upholding the disallowance of CENVAT credit on invoices issued by automobile dealers for unauthorized services, denial of credit on unsigned computer-generated invoices, rejection of credit due to discrepancies in invoices, invocation of extended limitation period due to deliberate evasion, imposition of penalties for fraud, and validation of interest on delayed duty payment. The appellant failed to prove receipt of actual services as described in the invoices, leading to the denial of credit and affirmation of penalties and interest.
2022 (4) TMI 1184 - GUJARAT HIGH COURT The Court found the assessment order dated 07.04.2021 invalid due to non-compliance with Section 144B of the Income Tax Act and violation of natural justice principles. The Court quashed the assessment order and consequential demand notice, directing the Assessing Officer to follow the faceless assessment procedure under Section 144B, including issuing a draft assessment order and show cause notice. The petition was allowed, and the matter was remitted for proper compliance with procedural requirements.
RECENT DEVELOPMENTS IN GST The 44th GST Council meeting on June 12, 2021, focused on GST relief for goods and services related to COVID-19 treatment. Temporary exemptions and rate reductions were decided, effective until September 30, 2021. Key items like medical oxygen, testing kits, and ventilators saw reduced GST rates. Vaccines remain taxed at 5%, with the government covering costs for free vaccinations. Notifications and circulars were issued to implement these changes, impacting public ease in COVID management. Additional clarifications covered GST on educational services, construction, milling activities, and the applicability of QR codes on B2C invoices. New functionalities were also introduced on the GST portal.
2021 (1) TMI 802 - Supreme Court The judgment upheld the constitutional validity of amendments to the Insolvency and Bankruptcy Code (IBC), including provisions on initiating Corporate Insolvency Resolution Process (CIRP) and immunity under Section 32A. It emphasized the importance of adhering to time limits for CIRP completion and the rationale behind classifying creditors differently. The judgment also addressed the retrospective application of amendments, highlighting the need to balance stakeholders' interests for efficient insolvency resolution.
2021 (1) TMI 815 - NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH The Tribunal was divided on the legal issues regarding the validity of requisition notices, the timing of the Extraordinary General Meeting (EGM), and allegations of oppression and mismanagement. The Member (Technical) found the requisition notices valid, considered the three-month period as directory, and deemed the EGM and resolutions valid. In contrast, the Member (Judicial) deemed the requisition notices invalid, viewed the three-month period as mandatory, and declared the EGM and resolutions illegal. The matter was referred to the Hon'ble Acting President for further consideration by appointing a third member to provide an opinion and issue a final order based on the majority stance.
2019 (8) TMI 532 - Supreme Court The court upheld the constitutional validity of amendments to the Insolvency and Bankruptcy Code, 2016, classifying allottees of real estate projects as financial creditors. It deemed the classification rational and aimed at protecting home buyers' interests. The court interpreted Section 5(8)(f) broadly, including amounts raised from allottees as financial debt. It clarified that RERA and the Code offer concurrent remedies, with the Code prevailing in case of conflict. Procedural provisions ensuring allottees' representation in the CoC were upheld, allowing authorized representatives to vote on behalf of financial creditors.
Master Circular for Commodity Derivatives Market The Master Circular issued by the Securities and Exchange Board of India (SEBI) compiles directives for the commodity derivatives market. It covers governance, trading, risk management, warehousing norms, and investor protection. Exchanges must comply with SEBI regulations, maintain minimum net worth, and manage risk through margins and settlement guarantee funds. The circular mandates transparency in trading, with specific guidelines for algorithmic trading, position limits, and client code modifications. It also outlines the accreditation of warehouse service providers and the settlement of trades, emphasizing investor protection through funds and grievance redressal mechanisms. The document aims to ensure market integrity and protect stakeholders.
Consolidated FDI Policy The Consolidated FDI Policy Circular of 2017, effective from August 28, 2017, outlines India's guidelines for Foreign Direct Investment (FDI). The policy aims to attract foreign investment to supplement domestic capital, technology, and skills for economic growth. It establishes a transparent and predictable framework, updated annually to reflect regulatory changes. The policy distinguishes between direct investment, which involves a lasting interest in an enterprise, and portfolio investment. It specifies procedures for FDI, including the roles of the Reserve Bank of India and the Department of Industrial Policy and Promotion. The document also defines various terms related to FDI and outlines conditions for investment in different sectors.
The notification outlines the procedure for the registration and submission of the Statement of Financial Transactions (SFT) as mandated by Section 285BA of the Income-tax Act, 1961, and Rule 114E of the Income-tax Rules, 1962. It requires specified reporting entities to submit SFTs in Form No. 61A, detailing various financial transactions above certain thresholds. The process involves obtaining an ITDREIN, registering designated directors and principal officers, and submitting the SFT online with a digital signature. Specific transaction types and reporting formats are detailed, with guidelines for corrections and security measures. The notification also specifies the deadlines for submission and the aggregation rules for reporting.
Consolidated FDI Policy The Consolidated FDI Policy Circular of 2016, effective from June 7, 2016, aims to attract and promote foreign direct investment (FDI) in India to supplement domestic capital, technology, and skills for accelerated economic growth. The policy framework is transparent, predictable, and comprehensible, updated annually to reflect regulatory changes. It distinguishes FDI from portfolio investment by emphasizing a 'lasting interest' in enterprises. The circular supersedes previous guidelines and includes definitions and conditions for FDI in various sectors, entry routes, caps, and procedural instructions. It also outlines reporting requirements, remittance guidelines, and penalties for non-compliance.
2016 (1) TMI 466 - MADRAS HIGH COURT The High Court dismissed the review petitions, ruling that the appeals under Section 10F were not maintainable due to mixed questions of law and fact. The court upheld the CLB's decision to deny interim relief, emphasizing that the issues raised needed consideration in the main petition. The court found no error in its previous order and stressed the limited scope for interference in discretionary reliefs. The review petitions were dismissed without costs.
Report of the Task Force on Goods and Services Tax Thirteenth Finance Commission The report by the Task Force on Goods and Services Tax (GST) for the Thirteenth Finance Commission outlines the need to replace India's existing indirect tax system with a comprehensive GST. The proposed GST aims to eliminate tax distortions, foster cooperative federalism, and create a unified market. Key recommendations include a dual GST model with Central and State components, a uniform tax base, and a single tax rate for all goods and services. The report emphasizes the importance of a consumption-based tax system, full input tax credit, and minimal exemptions. It also suggests a phased approach for implementation, a compensation fund for states, and a constitutional amendment to facilitate GST adoption. The report argues that GST will enhance economic growth, improve tax compliance, and reduce poverty by lowering prices of essential goods.
Report of the Joint Committee on Business Processes for GST- Payment A Joint Committee was formed to refine GST payment processes, recommending electronic systems for efficiency and taxpayer satisfaction. The report suggests a uniform banking system for tax collection and remittance, emphasizing electronic payments through internet banking, credit/debit cards, and NEFT/RTGS. It proposes using a centralized GST portal for challan generation, aiming for paperless transactions and faster government remittances. The Reserve Bank of India (RBI) should act as an aggregator to streamline bank participation in GST receipts. The committee also highlights the need for a standard accounting system across states and the central government for effective GST implementation.
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