Full depreciation allowed on structure constructed on leasehold land as it was demolished on expiry

IT/AAA : Where assessee to run its milk parlour put up structure on leasehold land and in next year because of non renewal of agreement entered between assessee and land owner said structure was demolished, expenditure incurred on construction of structure was allowable as revenue expenditure

Services availed by manufacturer of iron at its coal mine to manufacture iron were eligible as input

Cenvat Credit : Services availed by manufacture of iron at its coal mines for obtaining coal to be used in manufacture, are eligible for credit as 'input services', as they are services in relation to procurement of inputs

No withholding tax on freight paid to German Co. as it wasn't taxable as per Article 8 of India-Germ

IT : In terms of article 8 of India Germany DTAA, assessee was not required to deduct tax at source on freight payments made to German carrier in respect of export of goods, - However, payments to Indian agents of German carrier otherwise than on account of airfreight payable to their principal are open to deduction at source under section 194C

RBI confers power to its regional offices for compounding of certain offences under FEMA

FEMA/ILT : Foreign Exchange (Compounding Proceedings) Rules, 2000 - Compounding of Contraventions Under Fema, 1999

Exp. on traffic signals to ensure timely presence of employees in office was allowable under sec. 37

IT/AAA : Where consequent to introduction of Demat scheme, assessee-company paid one time custody charges to NSDL on behalf of its shareholders, expenditure so incurred was to be allowed as deduction under section 37(1)

Beneficial ownership of assets is sufficient to claim depreciation even if it's not followed by regi

IT/AAA : Where in terms of order of Governor of Rajasthan all assets and liabilities of a Government concern were transferred and incorporated in books of assessee-society, since assessee-society was actually using assets in its own right as an owner on and from date of order of Governor, it was entitled to depreciation on assets so transferred

In absence of change in facts international transaction held at ALP by ITAT relying on its earlier o

IT/ILT : Where Tribunal in assessee's own case relating to earlier assessment year accepted profit sharing ratio of 50:50 both on payments made by assessee and receipts of freight from its AEs and thereby concluded that said international transactions relating to receipt/payment of freight were at arm's length price, in absence of any change in circumstances, order so passed was to be confirmed in relevant assessment years as well

Financial statements, Audit and Board report for FY 2014-15 onwards shall follow Companies Act, 2013

COMPANIES ACT, 2013 : Commencement of Provisions of The Companies Act 2013 With Regard to Maintenance of Books of Accounts and Preparations/Adoption/Filing of Financial Statements, Auditors Report, Boad's Report and Attachments to Such Statements and Reports - Applicability With Regard to Relevant Financial Year

No sec. 10(23C) relief to Govt. approved educational unit if it was not funded by Govt.

IT : Where assessee-institute which was approved as Government autonomous body for educational purpose was not wholly or substantially financed by Government during year under consideration, exemption claimed under section 10(23C) (iiiab) could not be allowed

Department can't penalize assessee with demand to recover excess credit claimed by service recipient

Service Tax : Department cannot raised demand against assessee merely because of excess credit having been taken by service recipient

HC denied to consider ‘finance lease’ as a lease transaction due to some contradictory terms in leas

IT: High Court denied to treat lease transaction as 'Finance Lease' due to some questionable terms in lease agreement

No sec. 40A(3) disallowance if payment by cheque could delay supply of essentials and could affect b

IT : Where principal company insisted that on payment by cheque supply would be delayed, cash payment made by agent in bank account of principal had to be allowed

Pendency of normal proceedings don't bar CIT to initiate criminal proceeding against principal offic

IT : Pendency of proceedings under section 201(1) and 201(1A) cannot act as a bar to institution and continuance of criminal prosecution for offences punishable under section 276B

Speaking order is must to finalize an assessment if bill of entry was finally assessed differently f

Excise & Customs: Where Bills of entry are being finally assessed differently from that claimed by importer, principles of natural justice including a speaking order are mandatory