I-T and MCA Officials to work in unison to avoid restructuring schemes intending to deceive revenue:

IT : Section 79 of The Income-Tax Act, 1961 - Losses - Carry Forward and Set Off of in Case of Certain Companies - Department's Objections to Merger/Amalgamation/Demerger/Reconstruction Scheme of Companies not Entertained by High Courts - Remedial Measures to be Taken by Department Therefor

Profit from share dealings aren't business income of Insurance-co. if it treated it as investment si

IT: Where assessee-company was formed with object of carrying on business of insurance brokering services and for that purpose it was in process of securing approval from IRDA and during pendency of securing approval it had invested its surplus funds into shares and from very beginning it had treated shares as investments and during previous year it made purchases and sales of shares very frequently, share transactions made by assessee were not trading activities but investments only

Unexplained retraction of statement after considerable period is an afterthought reasoning and inval

Excise & Customs : Where statement was made on 30-11-2004/1-12-2004 and said statement was not retracted even after assessee had been released on bail on 4-12-2014 until 17-12-2005 and period after release was unexplained, such retraction was invalid being an after-thought

Cash payment for purchase of agriculture produce through common agents covered by Rule 6DD; disallow

IT: Where purchases were made from agriculturists as also through common agents, case was correctly held to be falling under exception provided under clauses (e) and (k) of rule 6DD

Sunglasses not classifiable as 'spectacles'; liable to VAT at higher rate

CST & VAT : Applying common parlance test as well as fundamental/basic meaning, term 'spectacles' relates to and means corrective spectacles only and does not include sunglasses

Addition couldn't be made for variation in figures reported in original audited and re-audited accou

IT: Where assets, along with their nature and source, stood disclosed by assessee per its revised balance-sheet, no addition could be validly made

HC directs winding-up of co. as it failed to pay genuine claims and made fake claims to resist windi

CL: Where respondent disputed payments due to petitioner and alluded that goods supplied by petitioner had certain defects which required to be addressed, in view of fact that complaints adverted to by respondent were made much after when payments of invoices had become due and payable and further that respondent had elicited no response on notice received under section 434(1)(a), defence raised by respondent was spurious and created for purposes of resisting winding up petition

Premium paid by bank for acquisition of G-Secs to maintain its SLR to be amortized over period of ma

IT : In terms of Circular No. 17, dated 26-11-2008, where a co-operative bank purchases certain Government securities in order to maintain statutory liquidity ratio (SLR) at a price higher than their face value, premium so paid has to be amortised for remaining period of maturity

Chlorine tonners are gas cylinders; qualifies for depreciation at 60%

IT: Chlorine toners used for storage and transportation of chlorine gas generated in caustic soda plant are 'gas cylinders' qualifies for depreciation at rate of 60 per cent

HC slams AO for denying sec. 11 relief to trust for corpus fund received with specific direction

IT: Assessee-trust would be entitled to benefit under section 11 in respect of voluntary contribution received from public with a specific direction to use same for building purpose

No VAT on hiring of machinery to contractors engaged in project as it couldn't be deemed sale

CST & VAT: Where project owner had hired out sophisticated machinery to its contractors engaged in construction/execution of said project, such hiring did not amount to 'transfer of right to use', as effective control and enjoyment remained with assessee; therefore, same cannot be charged to VAT, it is liable to service tax only

Sec. 10B relief not deniable if assessee inadvertently mentions sec. 80-IB while e-filing of return

IT : Assessee having fulfilled all conditions laid down under section 10B, merely because section 80-IB was wrongly mentioned in e-return as against section 10B, claim could not be disallowed