Vehicle registration services rendered by motor car dealer to its buyers aren’t ‘Business Support Se

ST : Rendering of assistance by a motorcar dealer to its buyers in getting motor vehicle registration done cannot, prima facie, be regarded as 'Business Support Services'

LIBOR is acceptable for benchmarking of loans given by Indian Co. to their foreign AEs

IT : Since for purpose of determination of Arm's Length Price, tested party is always assessee and not its Associate Enterprise (AE), LIBOR is acceptable for benchmarking loans given by Indian company to its foreign AEs, instead of interest rates prevailing in India

No concealment penalty for unintentional mistakes and for shifting of income from one head to anothe

IT : Where assessee by mistake claimed interest received on Government of India Capital Index Bonds as interest received on tax free bonds, levy of penalty under section 271(1)(c) upon assessee was not justified

ITAT allowed sec. 54F benefit when assessee proved capital gain flown from a genuine transaction of

IT: Where purchase of shares as well as sales thereof by assessee is established, surplus therefrom would be capital gain, investment of which would be entitled to section 54F exemption

Receipts of commission and incentives from Airlines for booking of cargo space is liable to ST

ST : Utilising Cenvat credit in excess of limit fixed under rule 6 of CENVAT Credit Rules, 2004 would attract only interest liability; entire credit itself cannot be denied to assessee

Reassessment after sec. 143(1) intimation can’t be deemed as a change of opinion as intimation isn’t

IT : Since intimation under section 143(1) does not amount to assessment, question of change of opinion does not arise, and therefore, reopening of assessment based on sufficient material, forming reason to believe that income has escaped assessment, is valid

To facilitate payment of Government welfare scheme, CG notifies basic saving account under PO Saving

IT : Post office Savings Account (Amendment) Rules, 2013 - Substitution of Rule 4A & Omission of Rule 4B

RBI amends FEMA Regulations on transfer or issue of security by person resident outside India

FEMA/ILT : Fem (Transfer or Issue of Security by A Person Resident Outside India) (Sixth Amendment) Regulations, 2013 - Amendment in Schedule 1