Daily Archives: October 11, 2015

Business transactions between two entities can not be termed as deemed dividend

Where current account transactions between two group companies were business/commercial transactions, same could not be regarded as deemed dividend under section 2(22)(e) IN THE ITAT DELHI BENCH ‘C’ Ishwar Chand Jindal v. Assistant Commissioner of Income-tax I.C. SUDHIR, JUDICIAL MEMBER AND B.C. MEENA, ACCOUNTANT MEMBER IT APPEAL NOS. 4967 (DELHI) OF 2012 & 2002 (DELHI)… Read More »

SEBI search and seizure norms come into force from September 17 2015

SEBI (PROCEDURE FOR SEARCH AND SEIZURE) REPEAL REGULATIONS, 2015 – REPEAL OF SEBI (PROCEDURE FOR SEARCH AND SEIZURE) REGULATIONS, 2014 NOTIFICATION NO.SEBI/LAD-NRO/GN/2015-16/020, DATED 17-9-2015 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby makes… Read More »

judgment based had been reversed or modified by subsequent decision of a superior Court could not be a ground for exercise of power under section 154

  Facts  of the Case :- Assessing Officer allowed interest on interest on refund to assessee . Subsequently he recalled his order granting interest by resorting to proceedings under section 154, on basis of subsequent decision of Supreme Court . Whether fact that decision on a question of law on which judgment was based had… Read More »

Ready Mix Concrete (RMC) is not same as Concrete Mix : SC

(RMC) is not same as Concrete Mix (CM); hence, exemption under Notification No. 4/CE dated 1-3-1997 available on on-site manufacture of CM for use in construction, cannot be extended to RMC SUPREME COURT OF INDIA Larsen & Toubro Ltd. v. Commissioner of Central Excise A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 6930-6931… Read More »