Onus to prove genuineness of transaction not discharged if it wasn't challenged earlier; sec. 68 add

IT-I : Mere fact that certain credit balance appearing in previous years' books of account remained unchallenged, did not shift burden of assessee of proving genuineness of said credit and, therefore, in case of failure of assessee to establish same, amount in question could be added to assessee's taxable income under section 68

Renovation of merely a floor of a building was not liable to service tax

Service Tax : As per section 65(25b)(d), interior renovation of building or civil structure is liable to service tax; renovation of 'part of building' (say, a floor thereof) cannot, prima facie, be charged to service tax

SC: Sandvik Asia's case misread; compensation to be granted on belated refund and not interest on in

IT: For delay in refund to assessee, it is only interest provided for under statute which may be claimed by an assessee; only for inordinate delay of decade(s) compensation is to be paid

Capacity underutilization lowers profits; ITAT affirms its adjustment to fix ALP of Panasonic’s prod

IT/ILT : Capacity underutilization is certainly an important factor affecting net profit margin of enterprise as it results in higher costs per unit, which, in turn, result in lower profits. Thus, adjustment of capacity utilization is to be made to determine ALP of international transaction

Delay in filing of appeal was not condonable if applicant failed to provide cogent reasons for delay

FEMA : Appellant having failed to give cogent reasons sufficient of condone huge delay in filing appeal, application for conditions of delay as well as appeal was dismissed

Bank taken as holy place; No sec. 68 additions if transactions routed through bank and source of inc

IT : Where transactions were routed through bank and assessee had explained source of income, additions under section 68 could not be made

Capacity under utilization lowers profits; ITAT affirms its adjustment to fix ALP of Panasonic’s pro

IT/ILT : Capacity underutilization is certainly an important factor affecting net profit margin of enterprise as it results in higher costs per unit, which, in turn, result in lower profits. Thus, adjustment of capacity utilization is to be made to determine ALP of international transaction

No deduction for sum paid to casual labour if assessee couldn't substantiate it with supporting doc:

IT: Where proper books and vouchers were not produced to justify payment made to labourers and expenditure could not be proved to have been incurred, benefit of section 37 could not be granted to assessee

Amendment restricting scope of exemption can't be considered as clarificatory, rules HC

Excise & Customs : Insertion of clause (f) in para 5 of SSI-exemption Notification No. 16/1997-CE vide Notification No. 69/97-C.E., dated 03-12-1997, cannot be restricting scope of exemption cannot be treated as clarificatory/retrospective

Sec. 153A calls for addition on basis of seized material if no assessment was pending on date of sea

IT : Section 153A calls for addition on basis of seized material if no assessment was pending on date of search

Statements made during survey under severe pressure not reliable; HC deleted addition for unexplaine

IT: Where in course of survey, certain addition was made to assessee's income in respect of unaccounted cash on basis of statement of representative of assessee-firm, in view of fact that said statement was made under duress and, moreover, amount in question belonged to another party which was duly reflected in books of account of said party, impugned addition was liable to be deleted in assessee's hands

Mere pendency of a civil suit on self-same cause of action, would not ipso facto make a winding up p

CL: Mere pendency of a civil suit on self-same cause of action, would not ipso facto make a winding up petition not maintainable