LO promoting sales of foreign-co. is taxable; incentivising sales force is sales promotional deed, h

IT/ILT: Liaison Office of a foreign company is taxable when such foreign company is registered with ROC; LO was engaged in promoting sales of assessee which was established when its employees were remunerated with sales incentives on achieving the sales target. Whether income of LO attributable to these activities would be taxable in India - Held, Yes - Whether the amount received by the LO over and above the expenses incurred by it were to be treated as its income taxable in India - Held, Yes

Assessee can exclude comparables chosen by him for cogent reasons as TP provisions aim at determinin

IT/ILT : Assessee not estopped from asking for exclusion of comparables chosen by him provided he gives cogent reasons

ITAT ought to have discussed factual matrix of the case before expressing its opinion; HC remands ma

IT: Where Tribunal reversed factual order, being a final fact finding authority it should have discussed factual matrix to express its opinion on merit

Services rendered by foreign co. outside India not taxable in India; ITAT ignores retro-amendment to

IT/ILT: Irrespective of insertion of Explanations 5 & 6, with retro effect from 1-6-1976, where entire services of providing technical design and drawings were rendered by foreign company to Indian assessee outside India, same would not be chargeable to tax in India

RBI releases new guidelines for banks for Merchanting Trade Transactions

FEMA/ILT : Merchanting Trade Transactions

Prosecution against director automatically set aside if demand against company is set aside

Excise & Customs : Where criminal complaint is filed against owner/director of a company on basis of adjudication order against company and if such adjudication order has been set aside on merits, criminal proceedings against owner/director stand automatically set aside

HC lends a helping hand to visually impaired students, directs ICAI to allow multiple scribes to the

Chartered Accountants Act : High Court directed ICAI to allow multiple scribes to visually impaired candidates for writing their exams

Government employee liable to refund sum obtained by him inadvertently and not necessarily due to fr

IT : Where some amount has been paid to an employee in excess to what he was entitled or payable to him, said amount can be recovered from him after giving an opportunity of being heard and, mere fact that said payment was not due to any fraud or misrepresentation on part of employee would make no difference

Negligence in filing appeal not condonable, filing of appeal was a knee jerk reaction of assessee, s

IT :Where competent authority rejected assessee's application for grant of registration under section 12AA in absence of books of account and other details furnished by assessee and against impugned order assessee filed appeal before Tribunal late by 1804 days and sought condonation of delay, since assessee was not only negligent in filing appeal before Tribunal but also in pursuing its application before competent authority, there was no reasonable cause for delay

HC slams department for directing service recipient to pay ST without issue of notice; sets aside sa

Service Tax : Where adjudicating authority directed service recipient to pay service tax (with interest and penalty) to service provider without issuing a notice to service recipient, such direction was liable to be set aside being violative of principles of natural justice

Docs showing tentative consideration couldn’t be treated as proof of investment; HC deletes sec. 69

IT: No addition could be made under section 69 on basis of seized documents indicating purchase of property by assessee, when such documents were not conclusive proof of on money transactions

Bagasse and Press Mud are waste products and not manufactured products; Rule 6 of CCR not inapplicab

Excise & Customs : Bagasse and Press Mud are waste products and not manufactured 'final product'; therefore, no payment under Rule 6 of CENVAT Credit rules, 2004 is required thereon

HC allows review petition as some of the questions of law raised by assessee weren’t dealt with by r

IT: Where some questions of law raised by assessee, on which, its appeal was admitted had not been addressed in judgment, review petition was to be allowed

CCI approves of combination of two advertising groups with Co. as it didn’t impact competition adver

Competition Act : Approval of proposed combination by Commission in which two advertising groups proposed to merge with a company and its subsidiary

Failure to spot clerical errors in filing of return isn't a valid excuse to seek waiver of penalty

CST & VAT : Though errors of omission/commission are clerical errors and they may not be deliberate, but, when they are huge, they must be picked up at time when tax return is signed and submitted; failure in that behalf would attract penalty, as such errors do not constitute 'reasonable excuse'

Interest on ECB financed by foreign banks won’t attract TDS as it was tax free due to CBDT’s approva

IT/ILT: Interest on external commercial borrowings (ECB) loan being exempted by CBDT under section 10(15)(iv)(c), no TDS liability would arise