Statutory Happenings Monday-July2009

Banking Laws Frauds - Classification and Reporting - DBS. FrMC. BC. No. 1/23.04.001/2009-10 July 01, 2009 Master Circular – Know Your Customer (KYC) norms / Anti-Money Laundering (AML) standards/Combating of Financing of Terrorism (CFT)/Obligation of banks under PMLA, 2002 - DBOD. AML. BC. No. 2/14 .01.001/2009-10 July 1, 2009 Corporate Laws Instructions for Filling of Form - 10 - Intimation of changes in particulars by Designated Partners Direct Tax Laws Taxability of second instalment of arrears from the implementation of the recommendations of the Sixth Pay Commission in the financial year 2008-09 - Instruction F.No. 173/163/2008/IT(A-1), dated 26-6-2009 Insurance Laws View More Details For http://www.taxmann.net/InsurenceLawsPages/InsurenceLaws. ... Redressal of Public Grievances (Amendment) Rules, 2009 - Substitution of rule 9 - Notification No. G.S.R. 510(E), dated 7-7-2009 Service Tax View More Details For- http://www.taxmann.net/STOnlineWeb/NewHomePage/Home.aspx ... Collection of Central Excise duties and service tax in Delhi - New Focal point branch of bank - Trade Notice No. 6/ST/2009, dated 1-5-2009 Mentor designated for Bhopal Zone for the operation and smooth functioning of Service Tax Return Preparer Scheme, 2009 - Trade Notice No. 2/2009, dated 14-5-2009 Sezs Guidelines regarding the transactions related to SEZs consequent upon amendment to Section 3 of the Indian Stamp Act 1899 through Section 57 of the SEZ Act, 2005 - Instruction No. 18 - Office Memorandum, dated 2-7-2009 Case Laws Corporate Laws From Sc/Hc Winding up - In normal circumstances transactions entered into after commencement of proceedings of winding up are void unless and otherwise declared as valid by Company Court - Star Chemicals (Bombay) Ltd. v. Vitta Mazda Ltd. - [2009] 93 SCL 71 (GUJ.) [C.P. NO. 126 OF 1990 C.A. NOS. 157, 191, 205, 292 TO 296, 342, 447, 454 OF 1999 AND 315 OF 2000] Investigation of Company’s affairs - Even though remedy available to a person in terms to section 237 to approach Court is concurrent, yet it is better for that person to approach Company Law Board first to seek very same relief - M. Rajendra Naidu v. Sterling Holiday Resorts (India) Ltd. - [2009] 93 SCL 11 (MAD.) [C.A. NOS. 1899, 1900, 2284 TO 2288, 2303 AND 2304 OF 2007 IN C.P. NO. 140 OF 2005] Direct Tax Laws View More Details For- http://www.taxmann.net/DirectTaxLaws/ From Itat An expenditure which is otherwise allowable, cannot be considered under section 35D of IT Act, 1961 - If the expenses are of revenue nature, then the same are to be allowed and section 35D will not be applicable - ACIT v Khoday India Ltd. [ITA No. 338/Bang/08] Allowability of expenses towards penalty and damages - The payment which is punitive, is not allowable and in case the payment is compensatory, then the payment to the extent the same is of compensatory nature is to be allowed - ACIT v Khoday India Ltd. [ITA No. 338/Bang/08] Disclosure of income in return filed after search is not sufficient to absolve assessee from penalty - Immunity from penalty under Explanation 5 to section 271(1)(c) of the Income-tax Act, 1961 cannot be extended if additional income is declared by filing the return - DCIT v. K. Natarajan [ITA Nos. 595 to 600/Bang/08] Income form house property - Income from house property can be assessed only on annual value of property consisting of any building or land appurtenant thereto of which assessee is owner - TCI Reality (P.) Ltd. v. Income-tax Officer - [2009] 31 SOT 59 (MUM.) [IT APPEAL NO. 651 (MUM.) OF 2008] From Sc/Hc View More Details For- http://www.taxmann.net/STOnlineWeb/Stonline_servicetax/stonlineServicetaxtest.aspx?pId=160601 Supreme Court on interpretation of section 80P(2)(e) of Income-tax Act, 1961 - Where the assessee-society was storing the controlled commodities in its godowns as part of its own trading stock, it was not entitled to claim deduction for the margin of profit between issue price and sale price of the controlled commodities under section 80P(2)(e) - Udaipur Sahkari Upbhokta Thok Bhandar Ltd. v. Commissioner of Income-tax [CIVIL APPEAL NO. 4399 OF 2009] Supreme Court on year of taxability of additional compensation and interest under section 45(5) of IT Act, 1961 in context of provisions of LA Act, 1894 - Section 45(5) read as a whole not only deals with re-working of the compensation but also with the change in the full value of the consideration (computation) and since the enhanced compensation /consideration (including interest under section 28 of the 1894 Act ) becomes payable/paid under 1894 Act at different stages, the receipt of such enhanced compensation/consideration is to be taxed in the year of receipt subject to adjustment, if any, under section 155(16) of the 1961 Act, later on ; hence, the year in which enhanced compensation is received is the year of taxability; consequently, even in cases where pending appeal, the Court/Tribunal/Authority before which appeal is pending, permits the claimant to withdraw against security or otherwise the enhanced compensation, the same is liable to be taxed under section 45(5) of the 1961 Act - CIT v. GHANSHYAM (HUF) [Civil Appeal No. 4401 of 2009]


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