Transport subsidy aiming to reduce production cost eligible for sec. 80-IA relief, rules Guahati HC

IT: Transport subsidy is eligible for section 80-IA relief

AO can reject use of multiple year's data for TP study if this data has no influence on fixation of

IT/ILT: Where assessee was unable to point out that data of earlier years had influence on determination of transfer prices in relation to transactions being compared, use of multi-year data by assessee in its TP study was rightly rejected

Case in assessee's favour causes waiver of pre-deposit requirement even in absence of financial hard

Excise & Customs : Financial hardship is not sole criteria for dispensation of requirement of pre-deposit; if an assessee has a good prima facie case in appeal, pre-deposit should be dispensed with

CLB to be extremely cautious while rejecting oppression petition on technical grounds, directs HC

CL: CLB cannot reject petition under section 397/398 on highly technical ground

Revenue can’t ask manner of tax calculation or insists on lump-sum payments; CBEC clarifies on amnes

ST : Chapter VI of The Finance Act, 2013 - Service Tax Voluntary Compliance Encouragement Scheme - CBEC Clarifies That : (A) Assessees May Deposit First Tranche of 50% Up To 31-12-2013 in Instalments, (B) Declaration May Be Furnished For Part Period Out of Period Covered by Scheme; and (C) Department Cannot Ask For Manner of Calculation of Tax Dues, Except Checking Arithmetical Accuracy

Profit on sale of shares taxable as capital gains if such shares were deemed as investment in prior

IT : Where most of shares were from brought forward holding from preceding years which had been accepted as investment in earlier years and further assessee was maintaining separate account for investment as well as stock in trade of shares, sale proceeds of such shares were to be treated as capital gains and not business income

HC unfreezes Nokia’s assets; clears way for sale of Nokia’s mobile phone business to Microsoft

IT/ILT : Delhi HC allows transfer of assets (under provisional attachment) to Microsoft subject to foreign parent's liability to pay tax dues of Nokia India to the extent of dividend received from Nokia India even when tax disputes were pending and provisional attachment of assets was under challenge in writ petition

RBI bans residents of Hong Kong or Macau from opening branch offices in India

FEMA/ILT : FEM (Establishment in India of Branch or Office or Other Place of Business) (Amendment) Regulations, 2013 - Amendment in Regulation 4

Revenue can’t ask manner of tax calculation, insists on lump-sum payments; CBEC clarifies on amnesty

ST : Chapter VI of The Finance Act, 2013 - Service Tax Voluntary Compliance Encouragement Scheme - CBEC Clarifies That : (A) Assessees May Deposit First Tranche of 50% Up To 31-12-2013 in Instalments, (B) Declaration May Be Furnished For Part Period Out of Period Covered by Scheme; and (C) Department Cannot Ask For Manner of Calculation of Tax Dues, Except Checking Arithmetical Accuracy

CIT can't direct AO to apply different ways of income computation in respect of one of projects

IT: Where assessee had been consistently following project completion method in respect of his two projects, Commissioner was not justified in directing Assessing Officer to compute income of assessee from one project by applying percentage completion method

Assessee can't seek rectification for issues to be raised by him in cross-objections

Excise & Customs: When revenue files an appeal, assessee should file cross-objection and in absence of a cross-objection, Tribunal is not bound to consider issues that are not raised in revenue's appeal in rectification proceedings initiated by assessee.

Payment to unregistered co-owners proves fatal for registered owner; latter held taxable on entire c

IT: Where there was no materials to show that alleged co-owners had any title over property, payment made to them by assessee out of sale consideration of property could not be deducted in computing capital gains

IRDA releases master circular for insurers on preparation of financial statements and filing of retu

INSURANCE : Master Circular on Preparation of Financial Statements and Filing of Returns: Life Insurance Companies

Lease line and VSAT charges paid to stock exchange out of ambit of sec. 194J, Mumbai ITAT rules

IT : Assessee is not required to deduct tax at source under section 194J in respect of lease line charges and VSAT charges paid to stock exchange

Disputed tax liability isn't deductible in computing value for excise duty purposes

Excise & Customs : Only tax actually paid or payable is liable for deduction from assessable value; therefore, sales-tax liability disputed by assessee cannot be allowed as deduction unless it has been converted into actually tax liability

No denial of drawback if assessee was not guilty of delay in realization of export proceeds

Excise & Customs : Once sale proceeds are realized and realization certificate is issued, said aspect must be considered by concerned authority for grant of drawback, especially when assessee had already moved to RBI for extension of time of realization of proceeds in terms of FEMA Regulations