No concealment penalty to punish an addition under normal provisions of I-T Act if assessee was liab

IT : When taxable income is computed under section 115JB, no penalty can be imposed under section 271(1)(c) for additions made under normal provisions

Time spent in pursuing matter before wrong forum excludible to compute time-limit for filing revisio

Excise & Customs : Section 14 of Limitation Act, 1963 is applicable to revision proceedings before Central Government under Customs/Excise laws and, therefore, time spent in pursuing remedy before wrong forum, bona fide, by assessee would be excludible in computing time-limit for filing revision application

No depreciation on sale and lease back of assets as loan transaction disguised as lease transaction

IT: Where assessee claimed depreciation on boiler leased out to sister concern of seller, in view of fact that boiler was attached to land and was still functioning in seller's factory, revenue authorities rightly held that it was a case of mere loan transaction and, thus, assessee's claim was to be rejected

HC orders confiscation of Foreign currency attempted to be illegally smuggled in violation of FEMA

Excise & Customs: Where foreign exchange is attempted to be illegally exported without declaration and contrary to prohibitions imposed under Foreign Exchange Management Act, 1999 and regulations made thereunder, said currency is liable to be confiscated under section 113(d) of Customs Act, 1962

Commission paid to sub-brokers rightly disallowed by revenue as they weren’t rendering any services

IT : In view of finding of fact recorded by revenue authorities that no services were rendered by sub-brokers to assessee, and no amount was paid to them either during year or even later, commission claimed to have been paid to sub-brokers was not allowable

Order of adjudicating authority to levy ST Penalty after considering period of strike not to be inte

Service Tax : Where adjudicating authority has exercised discretion to levy penalty under sections 76 and 77 of Finance Act, 1994 in reasonable manner and not levied penalty for period when there was strike/unrest, such order cannot be altered by Tribunal

Business receipts of trust over fixed limit would merely bans IT relief, yet its registration couldn

IT: Where gross receipts of assessee, a charitable institution, from its business activities exceeds limit of Rs. 10 lakhs, assessee will not be entitled for exemption or other admissible tax benefits for relevant year only but it does not result in cancellation of its registration as charitable institution

Appeal dismissed by Commissioner (A) to be restored on payment of pre-deposit by assessee: HC

Excise & Customs : Cause of justice demands a consideration of appeal on merits rather than to shunt assessee out for some part of delay attributable to it and some part of technicalities that may otherwise operate; hence, appeal dismissed by Commissioner (Appeals) for want of pre-deposit was directed to be restored on assessee pre-depositing entire demand

Pendency of similar misconduct plea in SC won’t delay other proceedings; HC dismissed PWC’s stay req

IT: Where during pendency of proceedings before Disciplinary Committee in respect of irregularities committed by petitioner, a Chartered Accountant, while conducting audit of bank, provisions of Chartered Accountant Act, 1949 relating to misconduct and penalties were amended, mere fact that in a similar case issue of applicability of amended or unamended provisions was pending adjudication before Supreme Court, it could not be a ground to adjourn disciplinary proceedings sine die

One who violates norms of SEBI to be penalized even if turnover of scrip is miniscule, says SAT

SEBI: One who has violated provisions of SEBI Act and regulations made thereunder must suffer even if turnover in scrip in which violation are found is miniscule compared to total turnover of that person