CBDT notifies Industrial Park of ‘Rupa Infotech and Infrastructure Ltd.’ for sec. 80-IA purposes

IT : Section 80-IA, Sub-Clause (III) of Sub-Section (4) of the Income-Tax Act, 1961 - Deductions - In Respect of Profits and Gains from Industrial Undertakings, or Enterprises Engaged in Infrastructure Development, Etc. - Notified Undertakings

Rules for interpretation of tariff applies to VAT notification as well if in later heading of CETA i

CST & VAT : Where a notification issued under VAT laws invokes/refers to heading/sub-headings of First Schedule to Central Excise Tariff Act, 1985, principles for interpretation of said tariff along with Explanatory Notes are applicable for interpretation of VAT notification

Sec. 68 couldn’t be triggered on mere disclosure of donations as taxable income by trust

IT: Section 68 has no application where assessee-trust had disclosed donations as its income

AMP expense once subjected to TP adjustments can't be again tried on criterions of section 37(1) dis

IT/ILT : Expenses in nature of discount are outside purview of total composition of AMP expenses for purposes of determination of their ALP

No denial of sec. 80-IB relief if built-up area of a few units exceeded set limits; HC grants pro-ra

IT: Where assessee engaged in property development claimed deduction under section 80-IB(10), Tribunal rightly concluded that assessee was entitled to pro rata deduction in respect of units which had built up area of less than 1500 sq. ft. and, thus, there could be no disallowance of entire claim if built area of some of units exceeded 1500 sq. ft.

Holding period of booking rights of flats to be counted from date of agreement and not from date of

IT : 36 months period under section 2(42A) for booking rights should be counted from date of buyer's agreement with builders

'Hyundai Motors' was not a dominant player in Surat as 'Mauruti Suzuki' had larger presence in that

Competition Law: Hyundai would not be a dominant player in providing dealership in area of Surat when market share of Maruti Suzuki was more than that of Hyundai in that region

ITAT rightly remanded case to prove genuineness of share transactions; HC dismissed revenue’s appeal

IT: Where Tribunal remanded proceedings back with a direction to bring evidence on record showing that share transactions entered into by assessee were genuine and were not carried out solely with purpose of booking artificial loss, no substantial question of loss arose from said direction of Tribunal

Exemption Notification No. 174/66-Cus using expression 'family of exporter' isn't available to Cos

Excise & Customs : Where a re-import exemption had used expression 'family of exporter' and was applicable to re-imported goods meant for 'personal use' and whose ownership, at time of re-import, had not changed otherwise than within 'family of exporter', such exemption was applicable only to individuals and could not be allowed to company

Making tiles from stones to be deemed as manufacture for purposes of sec. 80-IB relief

IT : An activity of cutting stones and manufacturing tiles from it amounts to manufacture/production and, thus, benefit of deduction under section 80-IB is available in respect of said activity

Sums paid for purchase of software was 'royalty' as assessee failed to prove his distributorship in

IT/ILT : Unless evidence is produced to show that assessee was a distributor, payment towards purchase of software should be termed as royalty requiring deduction of tax at source

HC nods to trust registration as it carried out a few charitable activities due to receipt of paltry

IT : Where assessee-foundation, formed to promote cause of education, gave major portion of donation received for benefit of students during first year of its formation, Tribunal rightly concluded that charitable activities carried out by assessee could not be regarded as of low magnitude and, thus, assessee's claim of registration under section 12AA was to be allowed

Condition laid by drug association of obtaining NOC from it for medicine distributorship was anti-co

Competition Law : Requirement to obtain no objection certificate (NOC) and LOC from opposite party by any chemist/druggist who wished to take distributorship for medicines of a company in Ferozepur city was anti-competitive

No waiver of pre-deposit of interest if ST was collected from customers but was paid belatedly

Service Tax : Where assessee had collected service tax from customers and had paid same belatedly, interest was automatic and pre-deposit of such interest cannot be waived

No reference to Valuation Officer to fix market value of seized asset in course of block assessment

IT : In course of block assessment proceedings, Assessing Officer can assess undisclosed income only on basis of material available in search and, he is not authorized to refer matter to Valuation Officer under section 55A(b)(ii) to assess fair market value of assets