HC not to entertain writ petition challenging a show cause notice if assessee hasn't filed replies t

IT : Assessee cannot challenge in writ petition Show Cause Notice issued under section 153C without exhausting remedy of filing replies to it . It is settled law that where an alternate remedy is available to aggrieved party, it must exhaust the same before approaching the Writ Court. If assessee approaches HC by filing writ petition without exhausting the alternate remedy of filing replies to SCN, HC ought not to entertain writ petition but direct assessee to file replies to SCN first

Abhinav Bindra strikes gold in I-T appeal as well; being an amateur sportsperson awards received by

IT : Awards, rewards, prizes received by amateur sportsperson are not "income" as per CBDT Circular No.447 and hence free from income-tax. These cannot be taxed by invoking the provisions of section 56(2)(v)/(vi)/(vii)

ADs can give guarantee for service import upto USD 1 lakh on behalf of Govt. undertaking and USD 5 l

FEMA/ILT : FEM (Guarantees) (Amendment) Regulations, 2013 - Amendment in Regulation 4

ADs can give guarantee for service import up to USD 1 lakh on behalf of Govt. undertaking and up to

FEMA/ILT : FEM (Guarantees) (Amendment) Regulations, 2013 - Amendment in Regulation 4

Cap on Indian currency for Indian residents going on foreign visits raised from Rs. 7,500 to Rs. 10,

FEMA/ILT : FEM (Export and Import of Currency) (Amendment) Regulations, 2013 - Amendment in Regulation 3

Cos with high operating margin due to extraordinary events to be excluded from comparables list

IT/ILT: Where high operating profit of company was reflected due to extraordinary event, such company cannot considered as comparable

Custom House Agent’s services in relation to export of goods are eligible as input services

ST : Service tax paid by CHA for export of goods is eligible to be availed as Cenvat credit by exporter

AO can’t reject books of account unless defects are found in books or method of accounting of assess

IT: Where Assessing Officer failed to point out any defect in method of accounting or any inherent defect in books of account maintained by assessee, section 145 could not be invoked for rejecting books of account

Reassessment to disallow bad debts held not justified

IT : Reassessment to disallow bad debts held not justified

Prior to 18-4-2006, royalty provided for technical know-how by foreign collaborators weren't liable

ST : Royalty for technical know-how provided by foreign collaborator/trade mark owner was not liable to service tax under reverse charge prior to introduction of section 66A from 18-4-2006

Notional variation in maintenance exp due to change in accounting system couldn't be adjusted to com

IT: Notional difference in maintenance expenditure on account of change in accounting procedure could not be adjusted in book profits, since same does not fall within adjustments as provided in Explanation 1 to section 115JB

Sub-agents may claim service tax exemption available to agents

ST/ECJ : Even if an insurance sub-broker/sub-agent does not have a direct relationship with parties to insurance or reinsurance contract, he may claim exemption available to insurance agents

MCA issues check list of docs and info to be submitted for filing of application relating to manager

CL : Check List for Filling of Applications of Managerial Personnel

Amended SAT provisions for salaries, pension, PF and travelling allowances of presiding officers and

SEBI : SAT (Salaries, Allowance and Other Terms and Conditions of The Presiding Officer and Other Memebrs) Amendment Rules, 2013 - Substituton of Rules 4, 5 & 6

CBDT revises allocation of work amongst various branches of its investigation division

IT : Revised Alloction of Subjects Amongst Five Branches of Investigation Division of CBDT

Assessee's failure to furnish complete details regarding donors leads to denial of trust's registrat

IT: Failure to furnish complete details regarding donors would result in denial of registration as a charitable trust