Sec. 80-IC relief allowable if there was definite finding that process undertaken by assessee was ma

IT: To allow deduction under section 80-IC, a definite finding is required as to whether activity of assessee could be termed as manufacture

Cash payments to one not being an agent of person covered by Rule 6DD exception invites disallowance

IT: Cash payment in excess of limit prescribed under section 40A(3) to person other than agent of assessee, is not allowable

HC upheld penalty under CST Act as goods were imported from another State without permission

CST & VAT : Where assessee had permission/registration to import only hides and skins from another states, use of Form C and Form 31 for importing chemicals and machinery without proper permission, wrongly by misrepresenting facts was liable to penalty under section 10A of Central Sales Tax Act

Trust spreading religious knowledge apart from propagating Jain philosophy was charitable in nature

IT: Where assessee-trust apart from propagation of Jain philosophy and idealogy, was also engaged in spreading religious and dharmik knowledge and providing amenities and facilities to pilgrims and renovation of Jain temples all over India, it was to be regarded as public charitable trust performing activities of general public utility and, thus, benefit of exemption could not be denied to it by invoking provisions of section 13(1)(a) and 13(1)(b)

HC holds gifts from NRI as unexplained as NRI was unrelated to assessee and there was no occasion to

IT: Where assessee received a sum as gift from his family friends but neither could establish any relationship nor able to show occasion to receive such a huge gift, said sum was undisclosed income of assessee

ITAT rightly remanded case to allow assessee to prove that it was acting as an agent of NR: HC

IT/ILT: Where Assessing Officer made certain addition to assessee's income on ground that it was collecting freight and terminal handling charges on behalf of a non-resident company, in view of fact that assessee challenged said addition taking a plea that it was merely acting as an agent of said non-resident company, Tribunal was justified in remanding proceedings back for disposal afresh

Prior to 13-07-2013, Commissioner could direct only adjudicating authority to file an appeal against

Excise & Customs : Prior to 13-7-2006, as per section 129D(2) only an adjudicating authority could be directed/authorised to file appeal before Commissioner (Appeals) against decision or order passed by such adjudicating authority

Coaching institutes making misleading advertisements in newspapers aren't competitive, says CCI

Competition Law : Publication of misleading advertisement in newspaper by coaching classes does not raise any competition concern

CUP method doesn’t allow comparison of average price to AEs with average uncontrolled price

IT/ILT : CUP method does not allow comparison of average price to AEs with average uncontrolled price

TPO couldn’t reject internal comparable if it was based on unaudited segmental accounts

IT/ILT : Only computation of profit was necessary for the purpose of computing ALP under TNMM, subject to comparability adjustments. It was not necessary that such net profit computations in the case of internal comparables were to be based on the audited books of account

Gifts spotted during search won’t constitute undisclosed income if they were already shown by assess

IT: Where no incriminating material indicating undisclosed income was seized and NRI gifts detected in course of search had already been reflected in original returns, no addition could be made as undisclosed income

Exp. incurred on setting-up of V-Sat facility to improve telephonic transfer of data was revenue exp

IT : Where assessee-company using facilities of telephonic connectivity for transfer of data, set up a V-sat facility to improve said services, annual license fee paid by it in form of bandwidth charges was to be allowed as revenue expenditure

Interest is leviable from due date of payment of duty and not from the date of order directing payme

Excise & Customs : Interest liability is a mandatory levy and cannot be set aside and same is to be calculated from date when amount became due and not from date of order of Supreme Court directing payment of duty

HC grants immunity to co. as liquidator failed to prove wilful default in filing of statement of aff

CL: Where failure on part of appellant to submit statement of affairs of company-in-liquidation was not willful and official liquidator miserably failed to prove that default was without reasonable excuse, appellant could not be punished under section 454(5)

Normal dress worn by employees isn’t ‘uniform’, no exemption on uniform allowance; employer to withh

IT : Normal dress worn by employees in office is not 'uniform' for the purposes of exemption uniform allowance u/s 10(14)(i)

RBI allows MSEs to raise funds from foreign investors

FEMA/ILT : FDI into A Small Scale Industrial Undertakings (SSIs)/Micro & Small Enterprises (MSEs) and in Industrial Undertaking Manufacturing Items Reserved For SSIs/MSEs

No concealment penalty if assessee had filed suo-motu rectification request after claiming excess de

IT: Where there was no intention of assessee to claim wrong deduction of depreciation on hotel building, and mistake was bona fide penalty could not be levied

Depository account maintenance charges are not includible in value of stock broking services

Service Tax : Prima facie, activity of a stock broker and that of a Depository Participant are two distinct activities and, therefore, charges collected by assessee towards 'account maintenance charges' as a Depository Participant may not be includible in taxable value of stock broking services

HC slams revenue for taxing HUF even after division of their property as per memorandum of family ar

IT : Partition of HUF through memorandum of understanding is enough; disrupted HUF cannot be taxed

Mere mention of ‘initiate penalty proceedings’ in assessment order was not a direction for levying p

IT: Mere mention of 'Penalty proceedings under section 271(1)(c) initiated separately' in assessment order, does not amount to a direction under section 271(1)(c) for levy of penalty

Repayment of fixed deposits shall be made as per revised scheme of repayment approved by CLB

CL : Where scheme of repayment to fixed depositors of company was rescheduled, repayment is to be made accordingly