Additions by appellate authorities on basis of average GP in similar cases not to be interfered with

IT: Addition made concurrently by both appellate authorities on basis of estimation of GP at prevailing market rate on basis of seized documents was to be upheld

SEBI releases norms for inspection of depository participants by depositories

SEBI : Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIS) - Directions - Modifications in "Pricing of Credit"

RBI devised new method of fixing lending rate of Micro Finance Institutions; removes interest rate c

NBFCs : Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIS) - Directions - Modifications in "Pricing of Credit"

SEBI revises testing norms of software used by trading members to aid smooth transitioning of new so

SEBI : Testing of Software used in or Related to Trading and Risk Management

Cenvat credit can't be used to pay services tax on import of services under reverse charge

Cenvat Credit : Services received from outside India and taxable in India cannot be regarded as 'output services' and, therefore, Cenvat credit cannot be used for paying tax thereon under reverse charge

Reassessment proceedings not valid if AO subsequently felt that allowed repair exp. was capital in n

IT: Where assessee disclosed all material facts necessary for assessment, in view of proviso to section 147, Assessing Officer could not initiate reassessment proceedings after expiry of four years from end of relevant assessment year taking a view that repair expenses allowed earlier were capital in nature

RBI permits banks to utilize 33% of its counter cyclical provisioning buffer for NPAs

BANKING : Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer

RBI devised new method of fixing lending rate of Micro Finance Institutions; removes interest rate c

NBFCs : Non-Banking Financial Company-Micro Finance Institutions (NBFC-MFIS) - Directions - Modifications in "Pricing of Credit"

No penalty for sec. 269T or sec. 269SS violation if cash dealings were made amongst firms formed by

IT : Where assessee-firm received a sum of Rs. 4.35 lakhs in cash from its sister concern and repaid a sum of Rs. one lakh in cash to sister concern, transfer of cash by one firm to another would operate as a reasonable cause and, therefore, levy of penalty under sections 271D and 271E upon assessee was not justified

On applicant's failure to prove title to property sold by liquidator, his application was liable to

CL: Where applicant claimed to be real and registered owner of property belonging to company-in-liquidation, in view of facts that applicant was unable to adduce credible evidence regarding source of monies and genuineness of transactions and that applicant did not challenge action of provisional liquidator, who took possession of lands and also put it to auction, for a period of six years, it seemed that applicant had been indulging in delaying tactics and application was liable to be dismissed

HC nods to provision requiring clubbing of minor's income with that of parent whose income is high

IT : Clubbing of minor income with income of parent whose income was greater is legal and does not suffer from any legal disability

Contractual liability to pay custom duty on importer’s behalf won’t hit by sec. 43B, it’s not statut

IT : Section 43B doesn't apply to contractual liability to pay customs duty to the importer of goods

HC stays recovery of tax till disposal of appeal as IT dept. had enough sum deposited by assessee fo

IT: Where department had sufficient amounts of assessee to satisfy amount of tax, recovery of tax demand was stayed till disposal of assessee's appeal

Students can't be deemed as clients for manpower recruitment or supply agency's services

Service Tax : To attract service tax under 'Manpower Recruitment or Supply Agency', services should be rendered to a client; since students cannot be treated as clients to whom services of recruitment and supply are being rendered, no service tax can be charged on consideration received from them for ensuring employment

Civil courts have no jurisdiction over the matter taken or to be taken under SARFAESI Act

CL: Civil Court has no jurisdiction to examine as to whether 'measures' taken by secured creditor under sub-section (4) of section 13 of Securitisation Act were legal or not

Tribunal rightly fixed ALV of rent free accommodation as FMV of houses in vicinity didn't exceed fix

IT: Where annual letting value of house in neighbourhood of rent-free accommodation provided to assessee was not higher than value fixed by Tribunal for such accommodation, such value could not be said to have been fixed without considering material on record

No penalty for sec. 269T of sec. 269SS violation if cash dealings were made amongst firms formed by

IT : Where assessee-firm received a sum of Rs. 4.35 lakhs in cash from its sister concern and repaid a sum of Rs. one lakh in cash to sister concern, transfer of cash by one firm to another would operate as a reasonable cause and, therefore, levy of penalty under sections 271D and 271E upon assessee was not justified