Assessment pursuant to search would be void in absence of any evidence to prove search on assessee's

IT: Where although name of assessee was mentioned in warrant of authorization, in absence of any cogent material and evidence, that premises of assessee was actually searched, assessment made against assessee would be null and void

Copy of Bengal Finance Act, 2014 amending Stamp Act, Professions-tax Act, 1979 and VAT Act

GST/INDIAN ACTS & RULES : West Bengal Finance Act, 2014 (West Bengal Act 1 of 2014)

MODVAT Credit are allowable exp. if it remained unutilized due to payment of excise and custom duty

IT : Where payment of excise and additional custom duty had been made ; MODVAT credit constituted an expense under section 37(1)

Construction of cabins to be deemed as ‘interior decoration’ and not a ‘structural work’

CST & VAT : Construction of cabins with help of aluminiuim angles and other material would not mean fabrication and erection of "structural works", as it is a part of interior of premises

Tamil Nadu Govt. orders e-payment of VAT for dealers having turnover of more than 2 crores in preced

GST/INDIAN ACTS & RULES : Tamil Nadu Value Added Tax Rules, 2007 - Amendment in Rules 7 and 23

Chhattisgarh Govt. fixes 30 days deadline for approval of composition scheme; orders annual filing o

GST/INDIAN ACTS & RULES : Chhattisgarh Value Added Tax Rules, 2006 - Amendment in Rules 5, 8 & 20 and Form-6, Form-7 & Form-17

Penalty of an amount exceeding Rs. 10, 000 slapped by WTO without obtaining approval of Dy. CIT was

IT : Valuation of a vacant piece of land has to be made in accordance with provisions of Schedule III and not by any other mode

Sec. 145A contemplates inclusion of excise duty paid on closing stock, rules HC

IT: Where assessee paid excise duty on closing stock and it had not included same in valuation of closing stock, excise duty paid was liable to be included in valuation of closing stock

Writ isn’t maintainable during pendency of adjudication proceedings

Excise & Customs : Where adjudication proceedings are already pending before adjudicating authority, recourse to writ proceedings, on ground that adjudicating authority must follow binding precedents, is unwarranted

HC sanctioned arrangement scheme as it was in interest of shareholders, creditors and public at larg

CL : Where scheme of arrangement is in interest of its shareholders and creditors as well as in public interest, same deserved to be sanctioned

Volume discount is relevant to fix ALP if huge disparity exists between volume of sale made to AEs a

IT/ILT: Where there was huge difference in volumes in respect of sales made to AEs and Non-AEs, ALP was to be determined after allowing 5 per cent volume discount and 5 per cent bandwidth

Mandatory e-filing for firms, political parties and trusts giving notice of accumulation of income

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Fourth Amendment) Rules, 2014 - Amendment in Rule 12 & Substitution of Forms Sahaj (ITR-1), ITR-2, Sugam (ITR-4S) and ITR-V

CBDT signed first batch of Five Unilateral Advance Pricing Agreements

IT/ILT : Section 92CC of The Income-Tax Act, 1961 - Advance Pricing Agreement - Signing of First Batch of 5 Unilateral Advance Pricing Agreements (APA) on 31-3-2014 by CBDT and Highliting Features of Whole Scheme of APA

Repair and maintenance is an ongoing process for running business centres; allowable as revenue exp.

IT: In assessment year 1999-2000, any amount of interest paid on borrowed funds even in respect for utilization for capital purposes would be allowable as deduction provided same was for business purposes

Tribunal need not to consider all submissions on merits while passing stay order, rules HC

Service Tax : While passing stay/pre-deposit order, Tribunal need not consider submissions on merits in detail and only prima facie is sufficient, as any findings in detail on merits may amount to prejudging appeals

Mandatory e-returns for firms, political parties and trusts, giving notice of accumulation of income

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Fourth Amendment) Rules, 2014 - Amendment in Rule 12 & Substitution of Forms Sahaj (ITR-1), ITR-2, Sugam (ITR-4S) and ITR-V

Sec. 50C circle rate can be used to initiate enquiry; it can't alone show understatement of sale con

IT: Circle rate as stipulated under section 50C can become starting point of an inquiry but cannot be sole concluding reason to hold that there was understatement of sale consideration

Assessee to apply for restoration within reasonable time if appeal was dismissed due to his non-appe

Excise & Customs : In case of dismissal of appeal for non-appearance, assessee must apply for restoration within reasonable time; restoration application filed after 16 years of delay could not be entertained

RBI gives discretionary powers to banks to choose mining cos. to whom an importer of diamonds can re

FEMA/ILT : Advance Remittance for Import of Rough Diamonds

Reassessment held invalid as it was not followed by a prior assessment or best judgment assessment

IT : Where no assessment order was passed either under section 143(1)(a), 143(3) or 144, re-assessment order under section 147 could not be passed

No withholding from salary reimbursed to foreign employer for seconded employee if assessee was econ

IT/ILT : Where a UK based company having placed few of its employees at disposal of assessee-company, cross-charged salaries paid to those employees from assessee, in view of fact that reimbursement of said expenses did not involve any profit element, no income chargeable to tax accrued to foreign company in India and, thus, assessee was not required to deduct tax at source while reimbursing salary payments

Assessee must include duty portion in closing stock and thereafter claim deduction on it, rules HC

IT: Where no objection was raised and/or representation filed before Tax Recovery Officer against attachment of bank account and assessee had accepted same, assessee could urge its grievance only before Commissioner (Appeals)

Appellant held guilty of Insider trading norms as he failed to disclose change in shareholding withi

SEBI : Where appellant failed to make disclosure of sale of pledged shares within two days of change in shareholding, appellant had violated PIT Regulations

CBDT signed first batch of Unilateral Five Advance Pricing Agreements

IT/ILT : Section 92CC of The Income-Tax Act, 1961 - Advance Pricing Agreement - Signing of First Batch of 5 Unilateral Advance Pricing Agreements (APA) on 31-3-2014 by CBDT and Highliting Features of Whole Scheme of APA

Interest on IT refund is to be taxed by spreading it over the years to which it relates, rules HC

IT: Interest on refund accrued is chargeable to tax in respective years for which same was paid

Builder collecting charges on actual basis to comply relevant law didn't amounted to management serv

Service Tax : Where assessee-builder was collecting taxes/charges payable under Maharashtra Ownership of Flats (Regulation) Act, 1963 on actual basis from flat owners, said activity did not, prima facie, amount to Management, Maintenance or Repair Services

Case rightly remanded to CIT(A) after rejection of assessee's books to verify accuracy of GP rate di

IT: Where assessee's books of account were rejected due to various discrepancies, in such a case matter was required to be set aside to file of Commissioner (Appeals) so that after rejection of books of account, he could examine assessee's contention with regard to reasonableness of gross profit disclosed in year under consideration