PROFESSIONAL UPDATES FOR 1st NOVEMBER 2015
PROFESSIONAL UPDATES
INCOME TAX ACT
SECTION 92C :TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE
Comparables & adjustments/Comparables – Illustrations : Where in transaction with AEs, assessee earn significantly higher margin than comparable companies and such higher margin compensates for credit period extended to AEs no further TP adjustment was required – [2015] (Delhi – Trib.)
SECTION 271(1)(c) : PENALTY – FOR CONCEALMENT OF INCOME
Non-compete fee : Where assessee was under bonafide belief that receipt from non-compete agreement was capital receipt and had credited same to capital account and Capital account was furnished along with return of income, penalty for furnishing inaccurate particulars was not justified – [2015] 62 236 (Ahmedabad – Trib.) (TM)
COMPANIES ACT
SECTION 397 : OPPRESSION AND MISMANAGEMENT
Where petitioner had filed petition under sections 397 & 398 against respondent for selling property of company to a third party, i.e., Magnum, at a very low price without giving notice to petitioner, petitioner was entitled to implead third party, i.e., Magnum as party to proceedings and Magnum was directed not to alienate subject property or create third party rights pending disposal of company petition – [2015] 62 229 (CLB – New Delhi)
SERVICE TAX
SECTION 5A : EXEMPTIONS – CENTRAL EXCISE – GENERAL
Where partial exemption is conditional upon payment of duty in cash without use of credit, said exemption has to be construed strictly and cannot, therefore, be extended to assessee paying concessional duty using credit balance – [2015] 62 202 (SC)
STATUTES
CORPORATE LAWS
Section 1 of the Delhi High Court (Amendment) Act, 2015 – Act – Enforcement of – Notified Date on which Provisions of said Act shall come into force – Notification No. So 2903(E) [F.No.L-19015/04/2012-Jus], Dated 26-10-2015
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact:info@caindelhiindia.com or call at 011-23343333
**********************************************************
If this article has helped you in any way, i would appreciate if you could share/like it or leave a comment. Thank you for visiting my blog.
Legal Disclaimer:
The information / articles & any relies to the comments on this blog are provided purely for informational and educational purposes only & are purely based on my understanding / knowledge. They do noy constitute legal advice or legal opinions. The information / articles and any replies to the comments are intended but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as a legal advice or an indication of future results. Therefore, i can not take any responsibility for the results or consequences of any attempt to use or adopt any of the information presented on this blog. You are advised not to act or rely on any information / articles contained without first seeking the advice of a practicing professional.