SAT upheld penalty for 'front running' as appellant was trading in scrips of co. with prior knowledg

SEBI : Where appellant traded in sale of scrip of company with prior knowledge of buy of orders of other entities, appellant indulged in front running which was violative FUTP Regulations

A manufacturer has to prove unjust enrichment vis-à-vis his buyer and not 'ultimate consumer'

Excise & Customs : A manufacturer cannot be asked to produce evidence to show as to who ultimate consumer was and whether such consumer had borne burden of duty; a manufacturer has to prove unjust enrichment vis-à-vis his buyer and not 'ultimate consumer

Transport subsidy aiming to reduce transportation cost is to be treated as revenue receipts

IT : Transport subsidy granted to assessee-company after setting up of new industry which had effect of reducing inward and outward transport costs, had to be treated as subsidy of revenue nature liable to tax

VAT dues get preferential treatment; it has first charge over dues of bank and secured creditors

CST & VAT : By virtue of first charge created under section 26 of AP VAT Act, VAT dues would have precedence over dues of Banks, Financial Institutions and other secured creditors and said section overrides DRT Act and SARFAESI Act

SC set aside sale of mortgaged assets as it was conducted through a private treaty without knowledge

Banking Laws : Sale of secured asset effected by bank in favour of purchaser by a private treaty without informing borrower would be in violation of rules 8 and 9 of Security Interest (Enforcement) Rules and, thus, illegal

Payment for software licensed to foreign HO and used by Indian branch with non-exclusive rights isn'

IT/ILT : Where assessee, a Belgium based bank, having obtained a licence to use software, allowed its Indian branch to use same software by making it accessable through server located at Belgium, amount reimbursed by branch on pro rata basis for use of said resources was not liable to tax in India as royalty under section 9(1)(vi) or article 12(3) of India-Belgium DTAA

HC treats high sea-sale as inter-state as variations found in bill of entry filed before customs and

CST : Where assessee, a dealer in plastic raw materials, claimed high sea sales under section 5(2), since there were differences in names found in original bills of entry filed before customs department and photocopy of triplicate copy of bills of entry filed before sales tax department, Tribunal was justified in rejecting claim of assessee and treating sales in question as direct inter-State sale

Concealment penalty rightly imposed as illegal payment to union leaders were claimed to evade taxes

IT : Where an assessee being aware of unambiguous provisions of Explanation to section 37(1), incurred expenditure prohibited by said Explanation, it exposed itself to penal provisions envisaged by section 271(1)(c)

Even statutory authorities are bound to comply with pre-deposit requirement, rule HC

Excise & Customs : Pre-deposit is applicable to statutory authority set up by State Government as well; when Legislature has not made any distinction, Court cannot make any distinction by judicial order

Unlisted cos. raising funds abroad to comply with SEBI's disclosure norms at time of listing in Indi

IT/ILT/INDIAN ACTS & RULES : Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) (Amendment) Scheme, 2014 - Amendment in Paragraph 3

HC treats sea-sale as inter-State as variations found in bill of entry filed before customs and sale

CST : Where assessee, a dealer in plastic raw materials, claimed high sea sales under section 5(2), since there were differences in names found in original bills of entry filed before customs department and photocopy of triplicate copy of bills of entry filed before sales tax department, Tribunal was justified in rejecting claim of assessee and treating sales in question as direct inter-State sale

Sec. 14A disallowance deleted on presumption that investment was made out of owned funds available i

IT: Where assessee is able to show near proximity of availability of own funds, may be exactly not on date of investment or advancement of loan but in a very near future date or within a reasonable short period of time, even then presumption will be that investment was made by assessee from his own funds or in anticipation of availability of its own funds within a short period of time

No ST on construction of educational units as its activity of charging high fees couldn’t be deemed

Service Tax : Merely because fees are charged for education, educational institutions cannot prima facie be considered a commercial institution and, therefore, construction thereof cannot be charged to service tax; Explanation to section 65(105)(zzzc) is not applicable for interpreting scope of Construction Services

Method of valuation used by dept. would be factual even if it caused over-valuation of goods; non-ap

Excise & Customs : Argument that : (a) method used by Department to determine weight of cables/wires led to over-valuation and (b) use of simpler subtraction method would be more just, was a 'factual issue' and not appealable before High Court

Reassessment quashed as AO couldn't suddenly treat profit from share dealing as business income and

IT: Where income from sale purchase of shares was treated as capital gain in earlier years, in absence of any new material, reassessment could not be initiated holding same as business income

Method of valuation used by dept. would be factual even if it caused over-valuation of goods; non-ap

Excise & Customs : Argument that : (a) method used by Department to determine weight of cables/wires led to over-valuation and (b) use of simpler subtraction method would be more just, was a 'factual issue' and not appealable before High Court

HC raps AO for allowing sec. 80-IB(10) relief as return was filed after due date specified under sec

IT : Deduction under section 80-IB(10) can be allowed only when return is filed on or before due date specified under section 139(1)