Tribunal could condone delay in filing of appeal by dept. if sufficient cause was shown

Excise & Customs : Tribunal can condone delay in Department's appeal/application on review under section 35E(4), if it is satisfied that there was sufficient cause for not presenting it within statutory period of 1 month from communication of review order

ITAT remanded case for sec. 80P relief to ensure whether society could admit other co-operative soci

IT: Where a co-operative society is engaged in carrying on business of banking facilities to its members and to public or providing credit facilities to its members or to public, income which relates to business of banking facilities to its members or providing credit facilities to its members will only be eligible for deduction under section 80P(2)(a)(i)

HC remanded case as assessment order was passed without extending opportunity of being heard to asse

CST & VAT: Where Commercial Tax Officer passed assessment order under section 38 of Karnataka Value Added Tax Act, 2003 on assessee and raised tax demand upon him and also levied interest and penalty upon him, since demand made by Commercial Tax Officer and levy of penalty and interest was without giving opportunity to assessee, matter was remanded to him for passing fresh order after giving reasonable opportunity to assessee

CLB granted interim relief to petitioner as he proved act of oppression by interested directors

CL : Where petition was filed under section 397 alleging that allotment of shares of respondent company pursuant to resolution passed at Board Meeting was void as directors of respondent company were interested directors as they were also director of allottee company and were not entitled to vote on purported allotment of shares, same was in violation of provision contained in section 299 and said board meeting was not held by following due process of law

Receipts of contract for supplying equipments alongwith software are business profits and not royalt

IT/ILT : Where assessee, a non resident company, was engaged in business of supplying telecommunications network equipment, in view of fact that there was only one contract for supply of equipment which included hardware and software both, entire income from supply of equipment was to be assessed as business income arising from assessee's business connection/PE in India

Uttarakhand Govt. extends due date for filing VAT returns for dealers with turnover above 50 lakhs i

GST/VAT/INDIAN ACTS & RULES : Uttarakhand Value Added Tax (Amendment) Rules, 2014 – Amendment in Rule 11

HC affirms reassessment notice as discrete inquiry by AO revealed that assessee had taken loans from

IT: Where Assessing Officer had carried out discrete enquiry and recorded reasons which revealed that companies from whom unsecured loans were received had no identity, genuineness and creditworthiness, it could not be said that issuance of notice for reassessment was a mere change of opinion

Supreme Court directed parties to maintain status-quo of shareholding until matter was adjudged by C

CL : Where petitioner and respondent had entered into a joint venture agreement but due to disputes a petition under sections 397 & 398 of Companies Act, 1956 (Corresponding to section 241 of Companies Act, 2013) was filed before CLB which by an interim order directed to maintain status quo of shareholding, CLB was to be directed to decide company petition as only then rights of parties would be crystallized and during pendency of company petition before CLB parties were directed to maintain sta

Sec. 80P relief granted as assessee wasn’t a co-operative bank and it was offering credit services t

IT: In case assessee is not a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank, deduction under section 80P(2)(a)(i) will be allowable, provided assessee is engaged in carrying on business of banking or providing credit facilities to its members; a co-operative bank is not entitled

Stock transfer from UP to Delhi to maintain requisite buffer stock didn't tantamount to Inter-State

CST & VAT : Stock Transfer from Uttar Pradesh to Delhi to maintain requisite buffer/minimum stock in pursuance of license granted by Delhi Government does not amount to 'inter-State sale'; said stock transfer is not liable to Central Sales Tax

Opposite party abused its dominance position by filing mala-fide case to prevent launch of competito

CL : Where OP-JCB had initiated bad faith litigation to prevent launch of back hoe loader, 'Bull Smart', which in effect would have competed with backhoe loaders of OP, it was opined that OP by abusing their dominant position sought to stifle competition in relevant market by denying market access and foreclosing entry of backhoe loader 'Bull Smart' in contravention of provisions of section 4

SEBI raises net worth limit to 50 crores for AMCs; notifies ceiling limit for investment in mutual f

SEBI/INDIAN ACTS & RULES : SEBI (Mutual Funds) (Amendment) Regulations, 2014 - Amendment in Regulations 21 and 28

HC relaxes norms of provisional release of goods as depart. had collected huge sums towards potentia

Excise & Customs : Prima facie, software can be subjected either to service tax, if considered service, or customs duty, if considered goods; thus, when authorities had already collected nearly Rs. 3 crores towards possible liability on software, conditions of provisional release were partly relaxed

Creditor's right to proceed against guarantor couldn’t be taken away by terms of contract under comp

CL: Where contract of loan granted by secured creditors was varied with guarantors consent in terms of scheme of compromise with creditors, right of respondent creditor to proceed against guarantor to extent of amount remaining due and payable was open and available in law subject to initial contract of guarantee