No reassessment on basis of seized docs when they were considered at time of original assessment

IT : Where Assessing Officer on basis of seized documents initiated reassessment proceedings taking a view that a part of unexplained investment in properties had escaped assessment, in view of fact that seized material which was basis of initiating reassessment proceedings had been duly considered at time of original assessment in light of explanation furnished by assessee, impugned reassessment proceedings deserved to be set aside

Customs dept. can’t order custodian to waive off demurrage charges for period of seizure

Customs : Customs Authorities cannot order custodian to waive demurrage for period of seizure/detention, etc.; waiver is grantable only if on conclusion of adjudication, there is no imposition of any fine, penalty, personal penalty and/or warning by customs authorities

RBI revises norms of ECB rescheduling; allows one time re-schedulement, excludes borrowers on defaul

FEMA/ILT : External Commercial Borrowings (ECB) Policy: Re-Schedulement of ECB -Simplification of Procedure

No reassessment by AO due to change of opinion that assessee wasn’t acting as an agent of State Govt

IT : Where Assessing Officer on basis of material on record, accepted assessee's claim that it being an agent of State Government, was not required to offer any income to tax from development of a new town project, he could not initiate reassessment proceedings after expiry of four years from end of relevant year merely on basis of change of opinion that assessee was not acting as agent of State Government in respect of project in question

HC directs lifting of provisional attachment of bank account subject to deposit of admitted liabilit

CST & VAT : Where assessee was engaged in business of construction and sale of flats and it had not filed returns and thereupon Commercial Tax Officer in exercise of powers under section 45 of Gujarat Value Added Tax Act, 2013 ordered provisional attachment of bank accounts of assessee, since there was admitted liability of Rs. 50 lakhs of tax by assessee, attachment of assessee's bank accounts required to be lifted subject to deposit of Rs. 50 lakhs

Sec. 234B interest levied as partner had adjusted unabsorbed depreciation of firm with his income

IT : Where partners of firm did not pay advance tax by claiming unabsorbed depreciation which they, in fact, could not claim, they would be liable to pay interest under section 234B

Pact among hospital and stem cell bank for exclusive collection of stem cell was anti-competitive

CL : Where OP hospital had entered into an exclusive agreement with stem cell banking service provider and permitted it on commission to collect umbilical cord blood of child of expecting mothers admitted in OP hospital for preserving stem cells of child, such exclusive arrangement would hindered development and competition in stem cell service industry as each player instead of competing with other players for efficiency and competitive price, would endeavour to pay commission to different hosp

Composite contract of manufacture, supply and installation of lifts in building amounts to 'works co

VAT/CST : Composite contract of manufacture, supply and installation of lifts in building (involving civil construction) amounts to works contract; however, if there are two contracts of purchase of components of lift from a dealer and separate contract for installation, same would be 'sale' and 'labour and service' respectively

Even long-term lease of 99 years by State Industrial Development Authorities is liable to ST

Service Tax : Even long-term leases of 99 years by state industrial development authorities amount to 'lease' and are liable to service tax under Renting of Immovable Property Services

HC dismissed writ against orders of DRT as statutory remedy of appeal was available under SARFAESI A

SARFAESI: Writ petition before High Court against order of DRT was not to be entertained where statutory alternative remedy of appeal to Appellate Tribunal was available under SARFAESI Act

No sec. 80G approval to trust created for benefit of Hindu community even if religious exp. was less

IT : Where assessee-trust was admittedly established with objects of religious nature for benefit of a particular community, it could not be granted approval under section 80G(5) merely because expenditure incurred by trust on religious activities was less than 5 per cent of its total income as required under section 80G(5B)