Rule 5A mandating assessee to provide docs to authorized officer isn’t ultra vires sec. 72A/94 of Fi

Service Tax : Rule 5A(2) mandating every assessee to make available requisite documents/reports to authorised officer or audit party is not ultra vires section 72A or section 94 of Finance Act, 1994 and is valid

Max restraint period on excise evasion/misuse of credit - 6 months for first time offenders and 1 ye

GST : Rule 12AAA of the Cenvat Credit Rules, 2004 - Power to Impose Restrictions in Certain Type of Cases - Facilities to be Withdrawn and Restrictions to be Imposed for Specified Offences - Supersession of Notification No. 5/2012-C.E. (N.T.), Dated 12-3-2012

FinMin empowers Chief Commissioner of Excise to impose restrictions to prevent misuse of Cenvat cred

GST/Indian Acts & Rules : Cenvat Credit (Fifth Amendment) Rules, 2014 - Substitution of Rule 12AAA

FinMin empowers Chief Commissioner of Excise to impose restrictions to prevent evasion of excise dut

GST/Indian Acts & Rules : Central Excise (Second Amendment) Rules, 2014 - Substitution of Rule 12CCC

RBI lays Depositor Education and Awareness Fund Scheme; unclaimed deposits of over 10 years to be cr

Banking : Depositor Education and Awareness Fund Scheme, 2014 - Under Section 26A of Banking Regulation Act, 1949

RBI issues circular for interest rates on PPF scheme and Senior Citizens Saving Scheme for financial

IT : Public Provident Fund Scheme, 1968 (PPF Scheme, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) - Revision of Interest Rates

RBI notifies guidelines on early detection of NPAs for NBFCs

NBFCs : Early Recognition of Financial Distress, Prompt Steps for Resolution and Fair Recovery for Lenders: Framework for Revitalising Distressed Assets in The Economy

Issues relating to determination of rate of service tax or value of services would be appealable onl

Service Tax : Where order under challenge involves any issue relating to : (a) rate of service tax, or (b) classification, or (c) value of services, or (d) chargeability of activity under charging service tax, appeal would lie only before Supreme Court and no appeal in that matter lies before High Court

Lessor allowed to claim depreciation as there was no doubt on purchase and letting out of machinery

IT: Where purchase of machinery and letting out same was not in doubt, depreciation could not be disallowed

TPO can't make addition on his whim without rejecting comparables chosen by assessee; ITAT deletes a

IT/ILT : Where TPO made adjustment to assessee's ALP in respect of international transactions in software development and BPO segment, in view of fact that comparables selected by assessee were not rejected by TPO and, moreover, OP/TC in respect of comparable cases inclusive of cases chosen by TPO was within permissible range of plus/minus 5 per cent, impugned adjustment could not be sustained

Additions made without scrutinizing unsigned draft sale agreement found during survey is untenable,

IT : Without investigation about authenticity of unsigned draft agreement to sell found during survey, no addition would be sustainable

CLB held removal of director without following statutory procedures illegal and act of oppression; r

CL: Where removal of director was without complying statutory provision of section 284; same would amount to illegality and act of oppression

Revenue’s appeal dismissed by ITAT without considering notional tax effect held erroneous by HC

IT: Where Tribunal dismissed revenue's appeal holding it as not maintainable on ground that in either case assessee had suffered loss and in that view of matter, CBDT's circulars providing monetary limit for filing further appeal would render revenue's appeal not competent, impugned order of Tribunal was to be set aside and, matter was to be remanded back for consideration on merits

Excise proceedings couldn't be initiated against a wounded-up co. without obtaining prior leave of c

Excise & Customs : Where a company is being wound up, no central excise reference proceedings against it or its directors can be initiated/continued without obtaining prior leave of company court

Unexplained bank deposits added to assessee’s income as he failed to prove that it belonged to his H

IT : Where assessee did not produce a single document to show that concerned bank account was HUF account and not his individual account, addition in respect of deposits in said account would be made in assessee's individual status and not in HUF status

Royalty paid by assessee to AE not comparable with royalty paid by AE further as method of computati

IT/ILT : Where TPO having found that royalty paid by assessee to its AE was higher as compared to similar payment made by another AE, added certain amount to assessee's ALP, in view of fact that assessee had paid royalty on net sales of product whereas other AE made payment on gross sales receipts, there being difference in mode of computation of royalty, impugned addition was to be set aside

Sec. 234B interest for default in payment of advance tax could be charged only after allowing MAT cr

IT : In view of retrospective amendment in first proviso to section 43B, Tribunal was justified in deleting disallowance in respect of unpaid PF/ESI amount which remained unpaid even during grace period available

Bagasse and electricity energy aren't excisable goods; cann’t be regard as exempted goods under Cenv

Cenvat Credit: Bagasse and Electricity Energy generated out of bagasse used as fuel are not 'excisable goods' and cannot, therefore, be regarded as 'exempted goods' for purpose of rule 6 of CENVAT Credit Rules, 2004