Revenue couldn't demand stay on Tribunal order, which was acted upon, even if it caused loss to reve

CST & VAT : Where Tribunal judgment under Gujarat VAT Act was in favour of assessee on merits, such judgment could not be stayed, especially when it had been acted upon; but, department was permitted to reassess VAT in eventuality of Tribunal judgment being reversed by HC

‘Toll roads’ and ‘bridges’ to be deemed as buildings for depreciation purposes, rules HC

IT : Toll roads and bridges can be considered as building for purpose of granting depreciation

Application seeking extension of time for making pre-deposit is to be rejected if not supported by r

Excise & Customs : Where, in application seeking extension of time for making pre-deposit, assessee did not offer any explanation at all for delay or for seeking further time in deposit, said application was liable to be rejected

AO to serve sec. 143(2) notice if it rejects return filed by assessee pursuant to notice of block as

IT : A notice under section 143(2) is necessary, where for any reason AO repudiates return filed by assessee in response to notice under section 158 BC relating to block assessment

Printing and lamination of duty paid films to be deemed as 'manufacture' for Central Excise

Excise & Customs : Printing bare or metalized duty-paid polyester film purchased from market and laminating such printed films in two layers or three layers with help of adhesive or another chemical, amounts to manufacture under section 2(f) of Central Excise Act, 1944

RBI lists out permissible capital account transactions in foreign currency for residents

FEMA/ILT : Clarifications on Provisions Under Section 6(4) of Foreign Exchange Management Act, 1999

RBI allows payments of Utility bills, taxes and EMIs of loans in India under cross border inward rem

FEMA/ILT : Memorandum of Instructions for Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-Resident Exchange Houses

NRIs allowed to operate resident bank accounts as joint holders with residents on “Either or Survivo

FEMA/ILT : Liberalization of Resident Bank Account Maintained by Residents in India Joint Holder

TRO had to unfreeze assessee’s property as it had no tax due pursuant to orders of appellate authori

IT : Where entire tax liability of assessee had become nil pursuant to order of Tribunal and said order had been given effect to by Assistant Commissioner, TRO has to release assessee's property from attachment

Comparables in respect of which partial data is available to be excluded for ALP determination

IT/ILT : Companies having high profit/loss cannot be comparables

Outward transportation from factory to customer's premises isn't eligible for credit

Cenvat Credit : Services used for purpose of delivering goods at destination of customer were neither covered by definition of input service prior to 1-4-2008, nor is same covered on or after 1-4-2008; expenses incurred after place of removal are not eligible for credit

HC dismissed winding up petition as claim of petitioner was already settled in company petition

CL: Winding up petition against respondent-company would not be maintainable when amount due to respondent was already settled in another company petition

SEBI permits utilization of sum disgorged from wrongful gain to restitute eligible investors

SEBI/INDIAN ACTS & RULES : SEBI (Investor Protection and Education Fund) (Amendment) Regulations, 2014 – Amendment in Regulations 4 & 5

SEBI amends CIS norms; deemed CIS entitles one for registration, bar on cash payments for subscripti

SEBI/INDIAN ACTS & RULES : SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014 – Amendment in Regulations 2 & 11; Insertion of Regulations 4A and 74A & Substitution of A Specified Term

RBI devises pricing norms for FDI instruments with optionality clause

FEMA/ILT : FDI - Pricing Guidelines For Fdi Instruments With Optionality Clauses

Revenue couldn't cast doubt on legality of freight charges merely due to unreliable statements of tr

IT : Where assessee engaged in transportation of goods, through trucks owned by other truck owners, claimed deduction of freight charges payable, in absence of any material on record throwing doubt on genuineness of amount claimed, Assessing Officer was not justified in rejecting said claim merely on basis of statements of some truck owners which were subsequently not found creditworthy

No need for obtaining NOC from Entertainment Tax Office prior to holding of entertainment event

CST/VAT : In absence of any provision requiring NOC/prior approval from Entertainment tax office prior to holding of entertainment event by way of fashion shows, etc., such a requirement cannot be insisted upon; if department is dissatisfied or in case of dispute, assessment mechanism can be put into motion

Deemed transfer under income-tax on handing over of possession of property in part performance of ag

IT : Under Income-tax Act, when possession of property is handed over to purchaser towards part performance of sale agreement, there is a transfer

Order rejecting application for ST amnesty scheme is appealable; circular holding contrary is invali

Service Tax : After incorporation of Service Tax Voluntary Compliance Encouragement Scheme into Finance Act, all other provisions of Act apply to proceedings under scheme; accordingly, an order rejecting assessee's application under section 106(2) of Finance Act, 2013 is an appealable order and CBCE circular holding to contrary was incorrect

No tax on receipt of booking amount by builder as in his case profit would arise only on transfer of

IT : Assessee being a developer of project, profit in its case would arise only on transfer of title of property and, therefore, receipt of any advance or booking amount could not be treated as trading receipt of year under consideration

HC admits writ against order even after dismissal of appeal by Commissioner (Appeal) due to time con

Service Tax : Even after assessee's appeal against adjudication order had been dismissed by Commissioner (Appeals) as time-barred, High Court exercised its writ jurisdiction under Article 226 of Constitution and granted ad interim stay

Filing of sec. 264 revision petition doesn't deprive assessee from filing an appeal before CIT(A)

IT : Filing of a revision petition under section 264 can not be a bar for filing of an appeal before appropriate authority

Assessee's defence focusing on cause of dispute to be considered first before ordering pre-deposit :

Cenvat Credit : Where assessee strongly relies upon a judgment in his favour, which is his basic defence going to root of dispute, Tribunal must consider applicability of such judgment prior to making order of pre-deposit under Excise section 35F

CIT can't make sec. 263 revision merely due to his dissatisfaction with manner of assessment

IT: Where Assessing Officer had made necessary enquiry about bank transactions and after being satisfied from assessee's explanation that such transactions were genuine, he passed order under section 143(3), a mere disagreement or dissatisfaction of Commissioner over manner of assessment could not be a basis for revision of order under section 263

Assessee's request to cross-examine the witness was to be disposed off first prior to adjudication

Service Tax : Where assessee seeks cross-examination of witnesses, adjudicating authority must first dispose of such request by way of separate order and then, proceed with adjudication