Reassessment to deny sec. 10B relief confirmed as assessee didn't repatriate export revenue in time

IT: Where assessee did not realize sale proceeds of exported goods within stipulated period, reopening of assessment on issue of section 10B deduction was valid

Cooling zone isn't includible in determining number of chambers to compute production capacity based

Excise & Customs : Cooling zone, which is neither installed in nor attached to stenter and did not aiding in process of heat setting or drying of fabrics but merely cooled fabrics which came out of stenter, cannot be counted as chamber for determining annual capacity of production for levy of excise duty

AO to give a chance to assessee to cross-examine witness prior to sec. 68 addition if he has letter

IT : Where assessee-trust claimed that amount in question was given as loan by a party but such party before Assessing Officer denied such transaction, assessee should not be denied an opportunity to cross examine said party

Govt. could object to share exchange ratio in proposed scheme even if scheme was approved in shareho

CL: In a proposed scheme of compromise and arrangement, Central Government can raise objection in relation to share exchange ratio even though in shareholders' meeting entire scheme has been approved unanimously

Parts and components of capital goods are eligible 'capital goods', irrespective of their tariff cla

Cenvat Credit: Parts and components of specified capital goods (falling under Chapters 82, 84, 85 and 90 as well as tariff headings 6804 and 6805) are eligible as capital goods even if such parts/components are not classifiable under Chapters 82, 84, 85 and 90 as well as tariff headings 6804 and 6805

Initiating re-assessment to verify certain known facts would be 'change of opinion'; re-assessment q

IT : Re-opening of assessment for purpose of "verifying" or "verification" will be necessarily an action based on a mere change of opinion

No denial of sec. 80-IB relief on DEPB discount in search proceedings if same was allowed in scrutin

IT: Where deduction under section 80-IB was allowed on DEPB premiums and discount in scrutiny assessment under section 143(3), same could not be disallowed in proceedings under section 153A

No reassessment to deal with an accommodation entry if AO has such info during assessment as well

IT : Where all information relating to alleged accommodation entry providers were available with Assessing Officer at time of assessment proceedings and Assessing Officer also applied his mind on such information, reassessment proceedings were not valid

Quotation price isn’t analogous to actual price paid; former can’t be used for benchmarking under CU

IT/ILT : Under CUP method, a quotation which hasn't fructified into a transaction cant be used for benchmarking

Services in relation to aircraft used for business visit of Managing director of co. are eligible fo

Cenvat Credit : Maintenance of aircraft owned by assessee and used by its Managing Director in course of its business activity is eligible for input service credit

ITAT allows sec. 11 relief to a trust investing in shares of Co-op. bank as collateral for raising o

IT: Where impugned shares in co-operative banks had been acquired by assessee-trust as a pre-condition for raising loans from co-operative banks to be used for furtherance of its objects, acquisition of shares cannot be considered as an 'investment' within meaning of section 13(1)(d) read with section 11(5) to disallow exemption under section 11

Demand can't be confirmed on basis of evidences not relied upon while issuing show cause notice

Excise & Customs : All materials which are relied for adjudication of demand/imposing of penalty must be supplied to assessee; demand confirmed on basis of material not relied upon at time of issuing show cause notice was set aside

Starting production before seeking registration as software park won't nullify sec. 10A claim

IT: Where mere fact that assessee initiated production in 1999 prior to its registration as STPI in 2002, would not disentitle it from claiming benefit under section 10A

Discount paid by telecom co's on sale of recharge coupons would constitute commission liable for sec

IT : Discount paid to distributor by cellular operator for selling mobile recharge coupons constitutes commission payment liable for TDS

Value of domestic clearance may differ from value of export clearances for excise purposes

Excise & Customs : Every assessment is a separate assessment; therefore, value of domestic clearances may differ from value of export clearances for excise purposes

Bid to buy at lower price isn't a crime; buying listed shares as per market mechanism isn't against

SEBI: Where appellant group placed bids, bought and sold in scrip of a company as per market mechanism, rules and regulations at par with other group which had been exonerated, appellant should not be held guilty of violating SEBI Act and Regulations