Amrita Vishwa Vidhyapeetham University, Kochi approved by CG for deduction under sec. 35(1)(ii)

IT : Section 35(1)(ii) of The Income-Tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations /Institutions - Amrita Vishwa Vidhyapeetham University, Kochi

Condition imposed for exemption under State law can't be applied to deny similar benefit under CST l

CST & VAT : Rajasthan Sales Tax (RST) Act and CST Act are separate and distinct enactments covering different spheres, and, therefore, condition imposed by a notification issued under RST Act cannot be applied to deny benefit on a transaction for which tax rebate is claimed by assessee within four corners of CST Act

Loss from sale of depreciable asset would always be short-term capital gain or loss if block ceases

IT : Where assessee incurred loss on sale of car and claimed same as business loss, since assessee had claimed depreciation on its block of assets under section 32(1)(ii) and said car formed part of block of assets and said block had ceased to exit on sale of car, loss was short-term capital loss in terms of section 50

Delhi HC dismissed winding up plea of HDFC on its failure to establish service of notice on responde

CL : Winding up petition against company was to be dismissed on failure of petitioner-HDFC to establish that notice for winding up was deemed to have been served on company

Profits from sale of shares is business income, as single pool of funds and books kept for business

IT: Where assessee was an investor for past several years and during previous year he sold certain shares and claimed gain arising on sale of shares as short-term capital gain, since assessee was maintaining same set of books of account for both its business transactions and purported investment activity out of same common pool of funds, share transactions represented only business transactions

IRDA changes manner of working out license renewal fees of insurance companies

INSURANCE/INDIAN ACTS & RULES : IRDA (Registration of Indian Insurance Companies) (Fifth Amendment) Regulations, 2013 - Amendment in Regulation 20

Appeal dismissed by SC due to default in pre-deposit requirement couldn't be restored after a prolon

Excise & Customs : Where pre-deposit order of Tribunal was approved by High Court and further, confirmed by Supreme Court, appeal dismissed in default of compliance with such order cannot be restored after expiry of 6 years from order of Supreme Court

AO doesn't have power to deny sec. 54F exemption while processing return under sec. 143(1)

IT : Where Assessing Officer processed under section 143(1)(a) return of income filed by assessee and denied her claim for exemption under section 54F, Assessing Officer had overstepped his authority to deny claim of assessee beyond jurisdiction of section 143(1)(a)

Deregulated interest rates on NRE deposit extended till February 28, 2014

BANKING : Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits

RBI ask banks to offer high interest rates on FCNR deposit until February 28, 2013

BANKING : Interest Rates on FCNR (B) Deposits

IRDA cuts license renewal fee for Third Party Administrators to Rs. 15,000

INSURANCE/INDIAN ACTS & RULES : IRDA (Third Party Administrators-Health Services) (Second Amendment) Regulations, 2013 - Amendment In Regulation 11

Applicability of standard proposal form for life insurance put on hold

INSURANCE : Clarifications on Implementation of Standard Proposal Form for Life Insurance

CIT couldn’t exercise revisionary power if AO had admitted disallowances offered by assessee under s

IT: Where Commissioner had not recorded satisfaction as to whether disallowance of interest offered by assessee under section 14A that was allowed by Assessing Officer was erroneous, revision could not be initiated

Rejecting stay appeal against garnishee order was unjustified if it violated directions laid down in

IT : Where garnishee order attaching accounts of petitioner was passed while appeal was filed before Commissioner (Appeals) and application for stay was decided without applying principles already laid by High Court in another case, petitioner should file a stay application before the Commissioner (Appeals)

Small service provider's exemption was available to each co-owner on letting out of jointly owned pr

Service Tax : If a property, jointly owned by two or more persons, is rented out by such persons separately to a single person, all such co-owners would be eligible for small service provider's exemption of Rs. 10 lakh separately

Assessee allowed to create investment reserve in subsequent year as profit in year of installation o

IT : Where profit is nil or negative in year of installation or use of plant & machinery, assessee is not under obligation to create reserve under section 32A; same may be created in subsequent year of profit

No interference with sanctioned scheme of arrangement as claim of appellant was secured by bank guar

CL: Sanctioned scheme of arrangement was not to be interfered with on an appeal filed by a creditor whose claim was secured by furnishing bank guarantee