No penalty on assessee for transferring amount from PLA to Cenvat credit account to be used for paym

Cenvat Credit : Where assessee transferred amount from Personal Ledger Account (PLA) to Cenvat Credit account for paying service tax, said practice was held as non-prejudicial to revenue

RBI allows more time to banks to use dollar swap window if firm commitments are made before November

FEMA/ILT : Overseas Foreign Currency Borrowings by Authorised Dealer Banks

Sum paid to assessee by NRI from his NRE account proves genuineness of deposit; no addition for unex

IT: When it was established that amount in question was paid by NRI to assessee from his NRE account, no addition could be made under section 68 on that account

Frequent share dealings not enough to tax profit therefrom as business receipts if shares were shown

IT: Allegation of revenue that assessee had indulged into high frequency transaction or borrowed funds had been applied for investment in shares itself could not be ground to treat transaction in shares as business income

SC: Cenvat credit allowable to assessee even if supplier hadn’t discharged its duty

ST: Requirement of taking "reasonable steps" does not mean that assessee is required to verify from department whether duty stands paid by supplier because that would be practically impossible and would lead to transactions getting delayed; therefore, assessee is entitled to credit even if supplier has not paid duty to department

Additional depreciation available on windmill even on non-usage of electricity in core business of a

IT: Use of electricity in manufacturing activity of core business of assessee is not a precondition for grant of additional depreciation and, therefore, additional depreciation on windmill cannot be denied for want of use of such electricity in manufacturing of core business of assessee