Services availed of prior to period of export isn’t eligible for refund

ST: Services availed prior to July 2008 could not be treated as used for goods exported from July to December 2008; hence, refund claim under Notification No. 41/2007-ST for July to December 2008 cannot cover services availed prior to July 2008

Assessee can’t ask to reopen and reargue whole matter in garb of rectification, says ITAT

IT: In garb of an application for rectification under section 254(2), assessee cannot be permitted to reopen and reargue whole matter as same is beyond scope of section 254(2)

Penalty imposed as reversal and self trade of shares were executed so as to cause rise in share pric

SEBI : Where in stock market reverse trade was executed including self trade of shares which was synchronized by price, time and quantity which caused rise in price of shares, penalty would be imposed

Entity doing outsourced work can't be compared with entity outsourcing its work; comparable rejected

IT/ILT : Where assessee was providing BPO services to AEs and employees cost was 62 per cent of total cost of services, whereas in company selected as comparable employee cost was less than 2 per cent which indicated that most of work was outsourced, company was to be excluded from list of comparables

Disbursement of cash to farmers through discounting of cheque doesn't violate sec. 269SS or sec. 269

IT : When it was not proved that by cheque discounting business assessee had taken any loan or deposit from agriculturists and/or he had repaid any loan to agriculturists, neither section 269SS nor section 269T were attracted

Paid v. Payable clash : Allahabad HC affirms view taken by Special Bench in Merilyn Shipping’s case

IT: For disallowing expenses from business and profession on ground that TDS has not been deducted, amount should be payable and not which has been paid by end of year

Matter remanded as comparability analysis lacks rationale; ITAT directs consideration of similar tra

IT/ILT: Where TPO compared price of bulk drugs and intermediates sold to non-AEs in other countries with its AE located in USA, matter needed readjudication

SEBI’s Circular unveils summary of new norms for listing without IPO

SEBI : Listing of Specified Securities of Small and Medium Enterprises on The Institutional Trading Platform in A SME Exchange Without Making an Initial Public Offer

Materials and consumables used in repair services includible in value of services; liable to ST

ST: In case of rebuilding of old worn out rollers, liners, types and old worn out components of cement plants, steel plants, thermal plants, coal mines etc., value of materials and consumed used in such work would form part of value liable to service tax

No undisclosed income if assessee complained against lesser value stated in sales deed than declared

IT: Where assessee had deposited sale consideration in his bank account and himself had filed complaint about deficiency in stamp duty in sale deed and witness to sale deed and bank manager had confirmed stand taken by assessee, sale consideration could not be treated as undisclosed income of assessee

Assessee can recognize revenue for onshore construction work following Percentage of completion meth

IT: Where assessee was engaged in onshore construction work, percentage of completion method adopted for recognizing revenue was valid

No deduction for purchases from affiliates in violation of Solvent, Raffinate and Slop order, 2000

IT: Where assessee got contract of import of furnace oil executed through its sister concern, subsequent purchases of very furnace oil, its storage and consequent sale being in complete breach of Solvent, Raffinate & Slop [Acquisition, Safe, Storage & Prevention of Use in Automobiles] Order, 2000, any payment made by assessee to sister concern could not be allowed as commission

Power of ITAT to rectify an apparent mistake can’t be misused to recall its entire order

IT: Power to rectify a mistake under section 254(2) cannot be used for recalling entire order

SC on Radia Tapes - Unscrupulous elements have used corrupt means to secure favours from Govt. offic

IT : The first report submitted by SC-constituted team on Nira Radia Tapes has pointed out some 17 matters of criminality or irregularity

No tax on advance received under development agreement without transferring possession of land

IT : There was no occasion for section 2(47) to apply where no possession of factory land was given by assessee under Joint Development Agreement and further, no construction activity had commenced during year under consideration

Co. not disclosing total transactions conducted at arm's length price can disclose these later on

CL: Where transactions were conducted at arm's length and accounts being maintained, merely because company did not refer totality of transactions would not preclude it from later disclosing entire range of its business and it could not be presumed that loans were made available in guise of trade advances alleging violation of section 295(1)(e)