NBFCs abstained from making provision towards housing loans guaranteed by Credit Risk Trust, says RB

NBFCs/INDIAN ACTS & RULES : Non-Banking Financial (Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

Rollover of existing guarantees not to be reckoned as fresh financial commitments for ODI purposes:

FEMA/ILT : Overseas Direct Investments - Rollover of guarantees

No evasion penalty if impugned ST would be otherwise eligible for credit

ST : Where assessee was paying excise duty on final products manufactured by it and could avail Cenvat credit on amount of service tax not paid by him under reverse charge, revenue neutrality could be invoked to set aside penalty under section 78

Sec. 10B relief available on manufacturing of plants even if they were dismantled prior to export

IT : Where plants were supplied in various sub-assemblies and these assemblies and components were transported to Export Processing Zone and after performing certain operations same was dissembled prior to export, deduction under section 10B to be granted to concerned assessee

Assessee can't challenge beneficial provision which is prospective, seeking to provide retro-effect

CST & VAT : Legislature may decide whether a law should be prospective or retrospective; VAT amendment providing for optional and alternative method of assessment of VAT on medicines cannot be challenged on ground of not being retrospective

Limitation period for assessment will start on pronouncement of vacation order and not from its rece

IT: Limitation period for completing assessment would start from date when High Court vacated interim order and not from date when Assessing Officer received such vacation order

'Feed supplement' is 'poultry feed' and is exempt from Haryana GST

CST & VAT : Sale of feed supplements such as proteins, salts and minerals, vitamins, antibiotics and coccidiostats would also constitute sale of "poultry feed" because each of feed supplements can individually be given to poultry; accordingly, sale of feed supplements would also be exempt from Haryana GST

An object to organize 'Maharaja Agrasen Jayanti' especially for Agarwal community isn't charitable i

IT : Where assessee in preceding year of making registration application had mainly organized Shree Maharaja Agrasen Jyanti meant for Agarwal community only, objects of assessee were meant for benefit of a particular community and, therefore, it was not eligible for registration

Copies of original docs to be relied upon in prosecution proceedings initiated due to evasion of exc

Central Excise : In view of sections 36A and 36B of Central Excise Act, 1944, prosecution side cannot only file copy of documents as mentioned under section 36B but, prove such copies as original; there is no need to file or show original documents before trial Court

An erroneous and unacceptable claim of set-off of losses can't be a reason to slap concealment penal

IT : Where Assessing Officer did not reject assessee's claim of set off of brought forward loss specifically by passing an assessment order, similar claim raised by assessee in subsequent assessment year would not amount to furnishing of inaccurate particulars of income so as to pass a penalty order under section 271(1)(c)

Commission disallowed on assessee's failure to prove actual rendition of services by recipient of su

IT: Where assessee in support of commission expenses, failed to prove that it had infact availed of certain services from recipients of commission, authorities below were justified in rejecting assessee's claim in respect of said expenses