Distribution of gifts printed with official stamp of co. indicates elements of advertisements, rules

IT : Where assessee gave gifts and articles to various persons which had company's official rubber stamp imprinted on them, there was an element of advertisement in distribution of said gifts and, thus, assessee's claim for deduction of expenses incurred on distributing gifts was to be allowed

Income from land dealings was taxable as capital gain in absence of proof of regular land dealings b

IT : In absence of any allegation suggesting that assessee was regularly engaged in business of buying and selling land, Tribunal was justified in holding that income arising from sale of land was taxable as capital gain

Tribunal couldn't curtail penalty if it was levied as per ceiling prescribed by Karnataka VAT Act

VAT/CST : Where penalty specified in section 53 of Karnataka VAT is between two time to three times of tax leviable, Tribunal cannot reduce penalty below two times of tax leviable, which is minimum and mandatory penalty specified

Even MAT companies are liable to pay interest on default of advance tax

IT : An assessee is liable to pay interest under sections 234B and 234C in respect of tax determined on basis of section 115JA

No sec. 12A registration to trust when it hadn’t incurred anything for achieving its charitable obje

IT : Where company had not incurred even a single penny to achieve its objectives, i.e., charitable purpose, it was not eligible to grant of registration under section 12A

No retro-exemption which was conditional upon non-collection of tax if tax was collected by assessee

CST & VAT : Where retrospective exemption is allowed subject to condition that assessee had not collected tax on sale, said exemption could not be allowed to an assessee who had collected tax from customers; assessee's argument that tax was collected as 'deposit' and not 'tax' was rejected

CLB directed respondent-co. to register share transfer in favour of purchaser as seller had no objec

CL : Company was to be directed to transfer shares in favour of petitioner-purchaser when seller had given a letter that he had no objection to such transfer and no other claimant had come asking for transfer of shares in question

Matter remanded by ITAT as in a similar case HC agreed to exclude Infosys from list of comparables

IT/ILT : Though in principle, judgment of Delhi High Court in CIT v. Agnity India Technologies (P.) Ltd. [2013] 219 Taxman 26/36 taxmann.com 289 whereby Infosys Ltd. was excluded from list of comparables on basis of certain factors which were similar to assessee's case appeared to be prima facie applicable, nevertheless, matter was remitted for deciding afresh as per mandate of view of Delhi High Court to evaluate relevant factors at TPO's end