TPO can check the ALP of transaction but can't do proprietary audit to question rationale behind an

IT/ILT : TPO has to examine whether price paid was at arm's length or not; transfer pricing rules do not authorize TPO to disallow any expenditure on ground that it was not a necessary or prudent expenditure

No penalty under sec. 271AAA if undisclosed income declared by assessee was accepted by AO

IT : Where assessee had disclosed certain amount during course of search and had paid tax thereon, filed return showing said income as business income and same had been accepted by Assessing Officer under head business income, penalty under section 271AAA was not leviable

Power of SEBI to issue direction under section 11B tantamounting to imposition of penalty

SEBI : SEBI is competent to issue a direction under section 11B which tantamounts to imposition of penalty

Exclusion of revaluation for computing net worth under collective investment scheme isn't arbitrary,

SEBI: Exclusion of funds created on revaluation for 'net worth' in terms of regulation 2(1)(s) of SEBI (CIS) Regulations is not arbitrary and ultra vires article 14 of Constitution of India

Penalty can’t be imposed if service tax isn’t leviable but is paid by assessee

ST : Where service itself was not liable to any service tax, no penalty can be levied on assessee even if assessee had paid service tax

No writ lies to HC even if tax authority exceeded its jurisdiction in treating assessee as defaulter

IT : Application of section 194B to payments made towards horse racing stake money

Interest on seized assets is allowable from the closure of all appeals till the date of its refund

IT : Interest is allowable to assessee on amount of cash seized for period commencing from closure of all appeals and issues till date of refund of cash seized

Doctrine of unjust enrichment isn’t applicable in case of self service

ST : Services rendered to self cannot be equated with services rendered to a client or customer; hence, doctrine of unjust enrichment enshrined in section 12B cannot be applied to self-services

No question of law arose if CIT(A) upheld assessee’s claim but remitted it for verifying certain det

IT : Where Commissioner (Appeals) had upheld assessee's claim for deduction of sales tax paid for earlier years and Tribunal in absence of any proof that in earlier years sales tax that remained unpaid was added to income of assessee remitted matter before Assessing Officer to verify necessary details, no question of law arose for consideration

Consideration provided in kind to be valued at cost to recipient of service

ST/ECJ : Consideration is a subjective value, since taxable amount is consideration actually received and not a value estimated according to objective criteria

Name including phrase 'Electoral Trust' can be used by Companies registering under Electoral Trust S

CL : Name Availability Guidelines, 2011 - Registration of Electoral Trusts as Companies Under Section 25 of The Companies Act, 1956

Interest to be paid despite assessee’s request for adjustment of refund against taxes as refund wasn

IT : Where assessee prayed for adjustment of its tax liability against refund due but its right to refund was not crystallized at time of assessment, charge of interest for delay in payment of tax was justified

INCOME TAX APPELLATE TRIBUNAL CHENNAI BENCHES CHENNAI CONSTITUTION FOR THE WEEK FROM 01/07/2013 TO 04/07/2013

[unable to retrieve full-text content]INCOME TAX APPELLATE TRIBUNAL CHENNAI BENCHES CHENNAI CONSTITUTION FOR THE WEEK FROM 01/07/2013 TO 04/07/2013 {ad} For more information...