IRDA focuses on persistency of policies; devises standardized method for working out persistency rat

INSURANCE : Report on persistency rate and renewal rate

Loss from revaluation of defective stock isn’t provision for unascertained liability; no adjustment

IT: While computing book profits under section 115JA no adjustment can be made on account of defective stock on ground that it was 'provision for unascertained liability'

RBI exempts NBFCs from restrictive norms on money received by them for issue of Prepaid Payment Inst

NBFCs : Prepaid Payment Instruments issued by Non-Banking Institutions

Opportunity of being heard before transfer of case isn’t absolute right of assessee; can be bypassed

IT: Though section 127 talks about giving assessee a reasonable opportunity of being heard in matter of transfer of jurisdiction, but this is not an absolute right of assessee in all cases

No collection of CST at higher rate if rate of tax on intra-state sales of same goods was reduced un

CST & VAT : Where rate of tax on intra-state sale of Hydraulic Excavators was reduced by way of an unconditional exemption to 2 per cent, inter-state sale of such goods without C-Form cannot be charged to a higher rate viz. 4 per cent and would be liable to tax at 2 per cent

Once scheme of amalgamation is approved, plea for investigation in affairs of company is liable to b

CL: Prayer for investigation in affairs of transferor company after its merger with transferee company is liable to be rejected

Loss from revaluation of defective stock isn’t provision for unascertained liability; not adjustment

IT: While computing book profits under section 115JA no adjustment can be made on account of defective stock on ground that it was 'provision for unascertained liability'

Petition for oppression and mismanagement rejected as shareholder failed to prove minimum shareholdi

CL: On failure to adduce evidence regarding shareholding in company to extent of 10 per cent, petition for oppression and mismanagement was to be dismissed

No surcharge leviable on unconditional rate of tax prescribed under sec. 8(5) of CST Act

CST & VAT : If a general and unconditional rate of tax on inter-state sales is prescribed under section 8(5) of Central Sales Tax Act, 1956, no additional sales-tax/surcharge can be levied over and above such rate

Cost of gas fire equipment excluded from plant and machinery to compute limit of investment for sec.

IT: Where it was apparent from records that assessee's investment in plant and machinery after excluding cost of gas fire equipment falling in category of 'gas producer plant', did not exceed Rs. one crore, it was to be treated as small scale industry and, therefore, its claim for deduction under section 80-IB was to be allowed

No assessments in haste, AO to supply copy of seized docs to assessee before assessment, rules HC

IT : Where pursuant to search proceedings, assessee filed an application seeking copy of impounded documents so as to file revised return of income and Assessing Officer passed assessment order on basis of original return without supplying said copies, order so passed by Assessing Officer was not sustianable

No exclusion of comparables due to turnover unless assessee proves that turnover influenced operatin

IT/ILT : Where assessee claimed that comparables selected by TPO were not good on ground of turnover, assessee was to demonstrate that turnover factor influenced operating profits of said comparables

HC levied penalty under Rajasthan VAT Act due to overwriting in Form ST-18A proving that form was re

VAT & CST : Overwritings and cuttings in columns of declaration form ST-18A as regards material particulars leads to conclusion that such form was re-used and, therefore, penalty under Rajasthan VAT law is leviable

Non-availability of PAN of deductee treated as sufficient cause for delay in issuing Form 16A; penal

IT : Where assessee was prevented by sufficient cause in not issuing Form 16A within prescribed time to persons from whom tax was deducted as PANs of deductees were not available with him, penalty order passed under section 272A(2)(g) in respect of default committed under section 203 was to be set aside

Petition for oppression and mismanagement as rejected as shareholder failed to prove holding of min

CL: On failure to adduce evidence regarding shareholding in company to extent of 10 per cent, petition for oppression and mismanagement was to be dismissed