Sec. 54B relief denied as assessee failed to acquire agricultural land within two years of transfer

IT : Where though assessee placed compensation on acquisition of agricultural land in account under Capital Gains Scheme but failed to purchase another agricultural land within two years, assessee would be liable to pay capital gains tax

Special CVD/SAD exemption for resale not allowed as invoice didn't indicate denial of Cenvat credit

Excise & Customs : Condition in Notification No. 102/2007-Cus. that refund of special CVD/SAD is allowable only if invoices carry declaration as to non-availability of credit to buyer is a mandatory condition and in case of non-compliance, refund is not allowable

Twisting and texturising of partially oriented yarn to be deemed as manufacture; HC allows sec. 80-I

IT : An assessee is entitled to deduction under sections 80HH and 80-I where process of twisting and texturising of partially oriented yarn amounted to manufacture in terms of section 80-IA

Sec. 269UD order set aside as compulsory acquisition was made without determining market value of pr

IT: Where Appropriate Authority passed an order of compulsory acquisition of property without determining fair market value of said property and, moreover, property under consideration was an open land situated outside limits of Municipal Corporation whereas comparable sale instance property was a constructed floor situated within jurisdiction of Municipal Corporation, impugned order passed under section 269UD(1) was unjustified and, thus, same observed to be set aside

Goods belonging to co. deemed to be its private personal property; gets exemption under N/N 174/66-C

Excise & Customs : Goods belonging to company are to be regarded as 'private personal property' of company and, therefore, said goods are entitled exemption under Notification No. 174/66-Cus

HC rejected winding up plea and referred it to civil court as matter was on factual matrix requiring

CL : Where controversy between parties involved factual disputes which would necessitate documentary oral evidence by both sides, winding up petition was to be dismissed and parties were relegated to civil remedy

ALP should be restricted to international transaction which can't be extended to entity level

IT/ILT : Determination of arm's length price should be restricted only to international transaction of assessee with its AE

Buyer isn’t liable to pay service-tax on GTA services under reverse charge if he purchases raw mater

Service Tax : In case of purchases of raw materials on FOR basis, person availing transport services is 'supplier' and, therefore, buyer cannot be asked to pay service tax under reverse charge

ITAT allows provision for frauds made by ING Vysya Bank in conformity with report of its vigilance c

IT : Where assessee-bank claimed deduction of 'provision of fraud', in view of fact that incident which resulted in irregularities/embezzlement occurred during relevant previous year and, moreover, actual amount involved in fraud was calculated by assessee's vigilance cell after detailed study, amount so computed was to be allowed as business loss

No TDS on salary paid to NR working on a foreign ship for less than 90 days as it is exempt under se

IT/ILT : Payments made to foreigner-crew member of ship who worked for a period of less than 90 days in India, were not income of employees in India liable to TDS

No TDS from salary paid to NR working on a foreign ship for less than 90 days as it is exempt under

IT/ILT : Payments made to foreigner-crew member of ship who worked for a period of less than 90 days in India, were not income of employees in India liable to TDS

No denial of hearing by CIT(A) due to non-payment of tax if sum seized from assessee exceeded tax du

IT: Where Commissioner (Appeals) denied hearing of appeal on plea that assessee had failed to pay due tax on returned income and had defaulted in terms of provisions of section 249(4)(a), since amount that had been seized by revenue from assessee was far in excess of amount of tax payable on returned income, assessee could not have been denied hearing

CLB is empowered to decide title of parties in relation to lost shares

CL : Where petitioner having purchased shares of first respondent company, lost transfer deeds, in view of fact that material brought on record clearly established that petitioner had purchased those shares for valuable consideration, petition seeking declaration that he was lawful owner of shares in question, was to be allowed

Delay in clearance of cheque of PF contribution won't be deemed as non-compliance of sec. 43B; no di

IT: Delay of more than 15 days in encashing cheques of PF amount by office of PF Commissioner, would not entitle department to treat said amount as income which would be taxable in hands of assessee

No recovery of tax from director of co. if tax default was not due to director’s negligence or misfe

IT: Where a private company had unpaid outstanding tax dues, such dues could not be recovered from director of said company if she proves that non recovery of tax due against company could not be attributed to any gross negligence, misfeasance or breach of duty on her part in relation to affairs of company

ITAT approves of interest on I-T refund in view of order passed in assessee's case in earlier assess

IT/ILT: Interest under section 244A is admissible on refund of tax paid in pursuance of order under section 195

Valuation loss written off in compliance with AS-2 is allowable for I-T purposes as well; HC remands

IT: Where assessee having followed principle of 'cost or net realisable value, whichever is loss', adopted write off factor of inventory at 8.50 per cent which was rejected by authorities below, in view of fact that aforesaid method adopted by assessee was an accepted method of valuation of inventory as per AS-2, impugned order was to be set aside and matter was to be remanded back for disposal afresh

Dept. may re-determine annual capacity of production if assessee furnish wrong essential information

Excise & Customs : If formula for determination of annual capacity of production (ACP) is applied to wrong information furnished by assessee, it will result in incorrect annual capacity of production being determined and in that case, relevant authority may make re-determination of capacity based on additional and further evidence

No addition for that unexplained exp. for which relief was given by CIT(A) and it was not challenged

IT : Where Commissioner (Appeals) granted partial relief to assessee in respect of unexplained expenditure against which revenue did not file any appeal, said order became final and, therefore, in pursuance of remand proceedings, Assessing Officer could not make addition to that extent again to assessee's taxable income