{"id":548,"date":"2015-11-21T15:02:06","date_gmt":"2015-11-21T15:02:06","guid":{"rendered":"http:\/\/caindelhiindia.com\/blog\/?p=548"},"modified":"2021-07-14T11:57:19","modified_gmt":"2021-07-14T11:57:19","slug":"548","status":"publish","type":"post","link":"https:\/\/www.caindelhiindia.com\/blog\/548\/","title":{"rendered":"TAX UPDATE NOV 19, 2015"},"content":{"rendered":"\n\n\n
\n

TAX UPDATES<\/strong><\/span><\/p>\n

SECTION 9<\/strong><\/span><\/p>\n

INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA<\/span><\/p>\n

Permanent Establishment<\/strong> :\u00a0In order to determine question as to whether assessee owing rig had PE in India, Tribunal rightly concluded that unless rig owned by assessee was actually used for a period of 120 days in India, it would not be sufficient to attract article 5(2)(j) of India [2015]\u00a0 123 (Uttarakhand)<\/p>\n

SECTION 10(10C)<\/strong><\/span><\/p>\n

VOLUNTARY RETIREMENT PAYMENTS<\/span><\/p>\n

Where jurisdictional Tribunal had allowed assessee’s claim for exemption under section 10(10C) by following its earlier order which had been accepted by revenue by not preferring an appeal there against, then it was not open to revenue to challenge Tribunal’s order without giving reasons for taking a different view –\u00a0[2015] 343 (Bombay)<\/p>\n

SECTION 92C<\/strong><\/span><\/p>\n

TRANSFER PRICING – COMPUTATION OF ARM\u2019S LENGTH PRICE<\/span><\/p>\n

Comparables and adjustments\/Comparables \u2013 Illustrations :\u00a0A company, performing diversified functions, like, consulting, application design, development, re-engineering and maintenance, system integration, package evaluation and implementation and business process management, etc., cannot be compared with a purely software development company –\u00a0[2015]\u00a0 303 (Delhi – Trib.)<\/p>\n

Comparables and adjustments\/Comparables \u2013 Illustrations :\u00a0Matter was remanded for fresh adjudication where a comparable was rejected on ground of absence of current year financial data but later such data was found available –\u00a0[2015]\u00a0 303 (Delhi – Trib.)<\/p>\n

BLOCK ASSESSMENT IN SEARCH CASES – PROCEDURE FOR<\/span><\/p>\n

In case of survey<\/strong> :\u00a0There being no search under section 132, block assessment invoking provisions of section 158BC would not arise –\u00a0[2015] . 10 (Madras)<\/p>\n

COMPANIES ACT<\/strong><\/span><\/p>\n

SECTION 108<\/strong><\/span><\/p>\n

TRANSFER OF SHARES – NOT TO BE REGISTERED EXCEPT ON PRODUCTION OF INSTRUMENT OF TRANSFER<\/span><\/p>\n

Mere fact that share certificates along with duly executed transfer deeds are not lodged with company or that such transfers are not registered in record of company does not detract from completeness of transfer as between transferor and transferee –\u00a0[2015] . 35 (Bombay)<\/p>\n

SECTION 536<\/strong><\/span><\/p>\n

WINDING UP – AVOIDANCE OF TRANSFERS, ETC., AFTER COMMENCEMENT OF<\/span><\/p>\n

Once original pledge by company-in-liquidation in favour of applicant was held to be valid, its subsequent enforcement could not be faulted on ground that it amounted to a fraudulent preference or invalid transfer during pendency of winding up –\u00a0[2015] .35 (Bombay)<\/p>\n

SERVICE TAX<\/strong><\/span><\/p>\n

SECTION 80<\/strong><\/span><\/p>\n

PENALTY – NOT TO BE IMPOSED IN CERTAIN CASES – SERVICE TAX<\/span><\/p>\n

Since taxability of business auxiliary service for which commission was paid to bank and insurance company and business support services for which handling charges was paid for RTO registration of vehicle, were subjudice in various forums, penalty could not be imposed for failure to deposit in government exchequer amount of service tax deducted; however, in respect of services of motor vehicle where assessee failed to deposit service tax, penalty was to be imposed –\u00a0[2015]\u00a0 348 (Mumbai – CESTAT)<\/p>\n

CENTRAL EXCISE TARIFF ACT<\/strong><\/span><\/p>\n

SECTION 2<\/strong><\/span><\/p>\n

CLASSIFICATION<\/span><\/p>\n

‘Base Frame’ is not an essential part of ‘Industrial Pump’, as industrial pump may be sold separately; therefore, base frame was not classifiable under heading 8413 but only under heading 8485 –\u00a0[2015] 62 taxmann 371 (Mumbai – CESTAT)<\/p>\n

CUSTOMS ACT<\/strong><\/span><\/p>\n

SECTION 129E<\/strong><\/span><\/p>\n

APPEALS – DEPOSIT, PENDING APPEAL, OF DUTY\/TAX DEMANDED OR PENALTY LEVIED<\/span><\/p>\n

Commissioner (Appeals) has power to extend due date for making pre-deposit and he does not become functus officio as regards extension till due date for making pre-deposit –\u00a0[2015]\u00a0 372 (Madras)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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\u00a0endeavors. For query or help, contact:info@caindelhiindia.com<\/a>\u00a0or call at\u00a0011-23343333<\/p>\n","protected":false},"excerpt":{"rendered":"

TAX UPDATES SECTION 9 INCOME – DEEMED TO ACCRUE OR ARISE IN INDIA Permanent Establishment :\u00a0In order to determine question as to whether assessee owing rig had PE in India, Tribunal rightly concluded that unless rig owned by assessee was actually used for a period of 120 days in India, it would not be sufficient …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[647,142,146],"tags":[567,568,569,571,570,572,179,180,214,181,194],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/548"}],"collection":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/comments?post=548"}],"version-history":[{"count":10,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/548\/revisions"}],"predecessor-version":[{"id":1299,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/posts\/548\/revisions\/1299"}],"wp:attachment":[{"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/media?parent=548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/categories?post=548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.caindelhiindia.com\/blog\/wp-json\/wp\/v2\/tags?post=548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}