Investment allowance can’t be denied if assessee uses composite technology to manufacture two produc

IT : Where technology developed by research institute was a composite one, both for manufacture of TSIA as well as for its utilization in manufacturing caustic soda, assessee, who produced caustic soda by using TSIA manufactured by third party, was also eligible for higher investment allowance under section 32A(2B)

Sec. 13 not violated if firm owned by trustee won tender floated by trust or when trustee got busine

IT: Where firm of managing trust won construction bids on competitive basis and sum was advanced to said firm, neither section 13(2)(c), nor section 13(1)(d) was violated

HC set aside CESTAT’s order for pre-deposit as it didn’t consider Commissioner (A) judgment in favou

Excise & Custom : Where CESTAT had directed pre-deposit without considering judgment of Commissioner (Appeals) in favour of assessee on merits, matter was remanded back to Tribunal to consider matter afresh in light of judgment of Commissioner (Appeals)

Penalty order void as AO slapped penalty on deceased assessee instead of his legal heir

IT : Where Assessing Officer passed penalty order under section 158BFA(2) in name of deceased assessee and son of deceased was never impleaded as a legal heir of his father, said penalty order was null and void

ITAT restores case as CIT(A) passed ex-parte order in case of TDS default on royalty payments

IT/ILT: Where Assessing Officer treated payments made to foreign companies for purchase of software as payment of royalty in terms of section 9(1)(vi) and held assessee as assessee-in-default on account of non-deduction of tax on said payments, in view of fact that effective opportunity of hearing was not granted to assessee and order of Commissioner (Appeals) was passed ex-parte, issue was restored to Commissioner (Appeals) for de novo consideration

Appeal can’t be kept pending merely because a judgment relied upon is pending before larger bench of

Excise & Customs : Merely because a reference is pending before larger bench, judgments referred to, do not cease to be binding and, therefore, appeals must be disposed of accordingly; appeals cannot be kept pending in suspended animation

CLB denied to hold investigation as shareholder failed to establish its allegation through fabricate

CL: Where a shareholder failed to give proof or evidence regarding non-compliance of statutory requirements by company, order for investigation could not be entertained

RBI tweaks norms on restructuring of advances by NBFCs on line of norms specified for banks

NBFCs : Review of Guidelines on Restructuring of Advances by NBFCs

RBI allows securitization cos. to acquire financial assets of other securitization co.

NBFCs/SARFAESI : Conversion of Debt into Shares, Consent Level of Security Enforcement Actions and Permission to Acquire Debt From Other SC/RCS

No appeal lies to High Court against a finding of fact

Excise & Customs : Question whether assessee had actually received inputs and used them in manufacture of final product was a pure finding of fact and did not involve any substantial question of law; hence, no appeal could be filed before High Court

DVAT-Entries in Sixth Schedule reorganized

GST : VAT/CST: Refund of Tax for Embassies Officials, International and Public Organizations - Entries in Sixth Schedule to Delhi Vat Act have been Recognized

Processing of burnt oil to obtain pure oil therefrom tantamounts to deemed manufacture

Central Excise : Procuring waste/burnt oil from service stations and processing (dehydration, distillation, clay polishing and filtration etc.,) of such oil, thereby, removing impurities and selling same as base oil, lubricating oil and transformer oil etc. to consumers amounts to deemed manufacture under Note 4 to Chapter 27

Court should not reject sec. 391 scheme if it isn’t contrary to any law or is against public interes

CL: Unless scheme under section 391 was shown to be contrary to any law or shocks conscience of court or was patently unfair to members or creditors or any class of them or was against public interest or against public policy, same should not be rejected

Valuation method devised under Wealth-tax Act can’t be used to fix value of undisclosed investment u

IT: Provisions of Wealth-tax Act, 1957, and Schedule III thereto can not be imported into provisions of section 69B because enquiry under Wealth-tax Act is towards estimating market value of property which is different from actual price paid for property

Central Excise Rule providing for interest rate in excess of rate specified in Excise Act is ultra v

Excise & Customs : Rule cannot provide for rate of interest in excess of that provided in section/Act itself; Rule 8(3) of Central Excise Rules providing for interest at rate exceeding that provided in erstwhile section 11AB of Central Excise Act was held ultra vires

Revenue can’t doubt genuine transaction unless it is shown as a colourable device to reduce tax, rul

IT : Where none of grounds assigned by Tribunal to show genuineness of transaction, was even commented upon by revenue, transaction could not be suspected as colourable

Tribunal couldn’t dismiss revenue’s appeal without allowing it to correct defects in memo of appeal,

IT : Where memo of revenue's appeal was defective, Tribunal should have allowed revenue to correct defect instead of dismissing appeal as duplicate

Sum paid for data transmission via satellite is 'royalty' in view of amended sec. 9; case remanded t

IT/ILT : In view of Explanations 5 and 6 to section 9(1)(vi) which were inserted retrospectively by Finance Act, 2012, receipts earned from providing data transmission services through satellites is to be considered as royalty

Order prohibiting CHA from transacting business mandates post-decisional hearing instead of pre-hear

Excise & Customs : In case of order prohibiting CHA from transacting business, there is no requirement of grant of pre-hearing but since such order entails severe adverse consequences, assessee will be entitled to post-decisional hearing

Amended sec. 36(1)(vii) doesn’t authorize revenue to scrutinize reasons for writing of debt, says HC

IT: After amendment in section 36(1)(vii) with effect from 1-4-1989 reasons for which amount was written off as irrecoverable is not subject to scrutiny

Different bidders quoting almost identical prices tantamount to unlawful price determination and bid

Competition Act: Opposite party bidders by quoting identical rates had indirectly determined prices/rates in rate contracts finalized by informant and indulged in bid rigging in contravention of provisions of section 3