Sec. 10B requires assessee to prove his eligibility in initial year of production and not in every y

IT : In order to claim exemption under section 10B, assessee has to prove its eligibility in initial year of production only and not in every year of claim

Readjudication, if AO fails to follow Tribunal's direction to determine TDS rate on payment made to

IT/ILT : Readjudication where Tribunal directed Assessing Officer to decide TDS rate on payment to non-resident as per order of Commissioner (Appeals), but same was not complied with

Appeal to be restored if predeposits were delayed due to questioning by assessee of such requirement

ST : Where assessee questions very requirement of pre-deposit condition imposed by Tribunal and, after losing such battle, makes pre-deposit years after permissible period granted by Tribunal, assessee's appeal could be restored before Tribunal

Jobbing transaction during course of business isn’t speculative; its loss can be set off against oth

IT : Where assessee carried out jobbing transactions in regular course of his business, as a member of MCX, loss suffered in said transactions would fall under sub-clause (c) of section 43(5) which is eligible for set off against business income of relevant year

Loss incurred by FII from transaction in derivatives is a capital loss and not business loss

IT/ILT : In view of order passed in case of LG Asian Plus Ltd. v. Asstt. DIT (International Taxation) [2011] 11 taxmann.com 414/46 SOT 159 (Mum.), in case of assessee, a FII, loss incurred from transactions in derivatives was to be treated as capital loss and not as business loss

While raising demand for sec. 220 interest, CIT to consider circumstances which may reduce or waive

IT : Existence of circumstances which may justify reduction or waiving off interest liability under section 220(2A) is a question of fact and where this aspect had not been discussed by Commissioner while raising demand for interest, impugned order was to be set aside and, matter was to be remanded back for disposal afresh

No ad hoc disallowance under sec. 14A if no exp. were incurred by assessee to earn exempt income

IT : If no expenditure is incurred in relation to exempt income, no disallowance can be made under section 14A

HC directs ITAT to condone the delay as assessee repeatedly attempted to file appeal which caused su

IT : Where assessee had been pursuing one remedy or other by filing appeals as per legal advice tendered to him, such an event would constitute sufficient cause for condoning delay

CIT can’t exercise revisionary power if order isn’t found to be prejudicial to revenue

IT: Where condition of assessment order being prejudicial to interest of revenue was missing, Commissioner could not revise order by invoking section 263, merely on ground that Assessing Officer had not made proper enquiry

Penalty not to be imposed if credit reversed by assessee was admissible

ST : When there are decisions taking a view that services for maintenance of windmill are eligible for input service credit, no penalty could be levied even if assessee had reversed such credit and such reversal had attained finality

Concealment penalty upheld as return was not filed by assessee despite having taxable income

IT : Where no valid return of income was filed by assessee within time limit provided under section 139 or section 142(1) despite having taxable income, penalty under section 271(1)(c) was leviable

Interest paid on borrowings undertaken for expansion of existing plant is an allowable exp.

IT: Interest on amount borrowed for expansion of business for an existing plant is allowable under section 36(1)(iii)

Cenvat credit taken on goods used for private purposes needs to be reversed

ST/ECJ : In case of private use of goods in respect of which input credit was taken, department may seek reversal of credit

Explanation 3 to sec. 43(1) isn't applicable if transaction to buy asset is genuine and not among re

IT : Where seller of wind mills was not related to assessee and purchase price shown by assessee in relation to such wind mills was genuine, Explanation 3 to section 43(1) could not be invoked