Director of co. convicted on floating unregistered CIS and on his failure to refund investor's money

SEBI : Where plantation company came out with CIS after section 12(1B) of SEBI Act came into force and contravened regulations 73 and 74 of CIS Regulations, directors of company were to be convicted under sections 24 and 27 of SEBI Act

AO can’t ask DVO to ascertain cost of construction of a project if no assessment was pending against

IT: In absence of pendency of assessment proceedings against assessee, Assessing Officer did not have authority to issue commission to DVO under section 131(1)(d) in order to ascertain cost incurred by assessee on construction of a commercial complex

Cost of improvement is allowable even if it’s sourced from general loan and not necessarily using ho

IT : Merely because loan used in improvement of house is a general loan and not a housing loan, cost of improvement cannot be disallowed

SEBI meet: Board plans to hike fees to achieve its statutory objectives

SEBI : SEBI meet: SEBI BOARD MEETING - Strengthening of Investor Awareness & Education Measures; Enlargement of Reach of Investors/Potential Investors Through Regional & Local Offices & Enhancement of Focus on Capacity Building, etc.

HC denied full waiver of pre-deposit of ST despite case appeared to be in favour of assessee; CESTAT

Service Tax : Where auto-dealers had received incentives from auto-manufacturers, taxability thereof under Business Auxiliary Services would depend upon terms of contract and nature of incentives; therefore, inspite of prima facie case in favour of assessee, CESTAT order directing 50% pre-deposit was upheld

ITAT’s order get merged with judgment of HC on its dismissal; can’t be subjected to rectification pr

IT: Once an appeal under section 260A against order passed by Tribunal is dismissed, there cannot be any rectification application to rectify order passed by Tribunal in appeal

No additional deduction for depreciation if income was computed on estimation basis u/s 44AD

IT : When net profit of civil construction business is computed on estimate basis after rejecting books of account, then no separate deduction including depreciation has to be allowed

HC remands case as ITAT disposed off stay application without any discussion on issues raised

Cenvat Credit : Where Tribunal disposed of stay application by merely noting revenue's claim and without any discussion of issues raised, matter was remanded back for fresh disposal

Ericsson found abusing dominance by imposing unfair rate for payment of royalty and for insistence o

Competition Law : Where OP-Ericsson was a patentee of huge portfolio of standard essential patent required for mobile handsets and network stations for which there were no non-infringing alternatives, imposing discriminatory royalty rates contrary to FRAND terms, prima facie was abuse of dominance and violation of section 4

Co. with huge turnover couldn’t be a comparable; reimbursed cost to be excluded while computing perc

IT/ILT: Company with turnover of Rs. 13000 crore cannot be comparable to company with turnover of Rs. 32 crore

Dept. can't deny credit to buyer for the duty paid on activity not being 'manufacture'

Cenvat : If, relying upon a circular in force at material time, duty has been paid by manufacturer on an activity not amounting to manufacture and said assessment has not been changed, availment of Cenvat credit by assessee-buyer cannot be challenged

Interest on NPAs held taxable on receipt basis even if receipient co-op. bank is following mercantil

IT: A co-operative bank is governed by section 43D and can offer its interest received from NPA on actual receipt basis even if it was otherwise following mercantile system of accounting

MCA gives discretionary powers to Govt. to extend service terms of CLB Bench

Companies Act, 1956/Indian Acts & Rules : Company Law Board (Qualifications, Experience and Other Condition of Service of Members) (Amendment) Rules, 2014 - Amendment in Rule 8

Ministry tweaks rules on remuneration and service terms of ITAT Members

IT/Indian Acts & Rules : Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Amendment Rules, 2014 - Amendment in Rule 9

Board plans to hike fees to achieve its statutory objectives

SEBI : SEBI meet: SEBI BOARD MEETING - Strengthening of Investor Awareness & Education Measures; Enlargement of Reach of Investors/Potential Investors Through Regional & Local Offices & Enhancement of Focus on Capacity Building, etc.

LG's ratio applies to both, manufactures and distributors in case of TP adjustment of AMP exp., says

IT/ILT: Both in case of manufacturers, as well as distributors, transfer pricing adjustment in relation to AMP expenses by bench marking them separately is sustainable

Losses from buyback of shares sold previously to unrelated parties at huge premium held bogus; addit

IT: Where assessee, a private limited company, sold its shares to unrelated parties at a huge premium and thereupon within short span of time those shares were purchased back even at a loss, share transactions in question were to be regarded as bogus and, thus, amount received from said transactions was to be added to assesee's taxable income under section 68

Tribunal waives off penalty under FEMA due to financial crisis of appellant's widow; allows time bar

FEMA : Where during pendency of appellate proceedings challenging penalty order passed under section 17(4), appellant died, in view of fact that appellant's widow was not in a financial condition to pay demand and her first appeal was rejected only on point of limitation, payment of pre-deposit of penalty amount was to be waived

Sec. 54F relief can’t be denied if assessee merely pays booking amount more than one year prior to d

IT : Where Assessing Officer rejected assessee's claim for deduction under section 54F on ground that assessee availed housing loan and booked flat prior to date of transfer of capital asset, in view of fact that aforesaid activities did not vest assessee with ownership of new asset and it was only by virtue of registered sale deed executed within prescribed time period under section 54F assessee became owner of flat, impugned order passed by Assessing Officer was to be set aside

Matter had to be remanded while hearing stay petition if issue raised by assessee wasn't considered

Service Tax : If, while hearing stay petition, Tribunal is of view that matter needs to go back to adjudicating authority for fresh decision on ground that various basis issues had not considered/answered in proper manner, appeal cannot be kept pending in Tribunal for longer period, instead of deciding same at stay stage itself

HC upheld decision of appellate authorities that block assessment couldn’t be reopened under sec. 14

IT : Provisions of sections 147 and 148 are not applicable to block assessment order passed under Chapter XIVB

No oppression plea if capital base of co. was increased in breach of Companies Act to meet requireme

CL : Where respondent company proved that share capital of a company was increased to meet out urgent requirement of funds, holding of EOGM and allotment of impugned shares even if not be strictly in accordance with provisions of Companies Act, did not amount to an act of oppression

Assessee subjected to block assessment if he files his return after search but before initiation of

IT : Where assessee filed return after search was conducted at his premises but prior to initiation of proceedings under Chapter XIVB, case of assessee would certainly fall for consideration under section 158BB read with section 158BD

Sums paid for smart card operating software without any copyright won't be deemed as royalty

IT/ILT : Where assessee engaged in business of providing enterprise solutions based on smart cards, bar coding, biometrics etc., purchased a readymade card operating system software from a foreign company to be used for its business purpose only and without any right of utilizing copyright of said programe, payment made in respect of same did not give rise to any royalty income

No coercive recovery if stay could not be disposed of due to vacancy in office of Tribunal

Excise & Customs : Where stay application filed by assessee before Tribunal could not be taken up due to vacancy in Office of Tribunal, Department could not initiate coercive steps for recovery