News
Goods used in process of service are integral to execution of service contract
21 March 2017
The issue before the Division Bench of the Delhi High Court was whether chemicals/ solvents used in the process of cleaning amounts to transfer of property in goods between the contractor and the contractee and thus exigible to tax.
Voice Tab classifiable as telephone
21 March 2017
The issue for consideration was whether a Voice Tab named by the assessee as ‘HP Slate 6” Voice Tab’ is classifiable under CTH 8471 as an automatic data processing machine or under CTH 8517 as telephone for cellular network.
Franchise service - Whether right conferred is a representational right, to be established
21 March 2017
Delhi High Court has held that merely because by an agreement, a right is conferred on a party to sell or manufacture goods or provide services or undertake a process, it would not ipso facto bring the agreement within the ambit of a franchise.
‘Manufacture’ under Central Excise law
21 March 2017
Customs, Excise and Service Tax Appellate Tribunal (CESTAT) recently delivered few decisions on one of the oldest questions in Central Excise law – whether a process amounts to ‘manufacture’.
Development Authority is not “local authority” – Income not exempt
09 March 2017
In a recent judgment, Delhi High Court has held that bi-annual or annual payments, being capital payments for a limited/specific period towards acquisition of lease hold rights, are not subject to TDS.
Voluntary liquidation process - Draft Regulations issued
07 March 2017
On February 14, 2017, the Insolvency and Bankruptcy Board of India (IBBI) has published draft Regulations applicable to the voluntary liquidation of corporate persons under Part II of the Insolvency and Bankruptcy Code, 2016 (IBC).
Integrated Reporting by listed entities
07 March 2017
Currently, SEBI mandates the top 500 listed entities in India (based on market capitalization calculated as on March 31 of every financial year) to prepare a business responsibility report describing initiatives taken from an environmental, social and governance perspective (in accordance with Regulation 34(2)(f) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015).
Breach of promise of ‘assured returns’ when not Financial Debt
07 March 2017
A forward contract to sell product at the end of a specified period - such as a contract for sale/purchase of property will be treated as a contract for sale of specified goods.
Appeal to High Court in a Commercial dispute – Delhi HC clarifies on appealable orders
21 February 2017
A two-judge bench of the Hon’ble Delhi High Court, in HPL (I) Ltd. v. QRG Enterprises [FAO (OS) (COMM) No. 12/2017], has recently issued a ruling limiting the types of orders from which an appeal is permitted for a Commercial Dispute governed by the recently enacted Commercial Courts, Commercial Div
Filling gases in cylinders from tanker and mixing of gases is not manufacture
21 February 2017
Taking note of the CESTAT decision in the case of Ammonia Supply Company which has attained finality, and department’s Circular dated 8-10-1997, the Supreme Court of India has in the case of Vadilal Gases Ltd.