Sum paid to merged bank in excess of its net worth is an intangible asset and eligible for depreciat

IT : Where having regard to a scheme of merger, assessee-bank had taken over four banks along with their assets and liabilities, consideration paid on account of excess of liabilities of merged banks over realizable values of assets taken over was liable to be treated as an 'intangible asset' within meaning of section 32(1)(ii)

No evasion penalty under Punjab VAT when goods receipt contained bill No., names of consignee and co

CST & VAT: Where assessee sent a consignment of goods from Moga to Mandi Gobindgarh through a truck with invoice for sale to one 'N' in Delhi along with goods receipt of goods carrier and Assessing Authority having noticed that in goods receipt destination was shown from Moga to Mandi Gobindgarh instead of Delhi imposed penalty under section 51(7)(b) of Punjab Value Added Tax Act, 2005 upon assessee holding that an attempt to evade tax was made by it, since bill number, value of goods, names of

Sec. 80P relief denied to a primary co-operative society

IT: Where on going through bye laws of assessee society it was evident that its principle business was banking, its paid up share capital and reserve were 1 lakh or more and by laws of co-operative society did not permit admission of any other co-operative society as a member, it was a primary co-operative bank and therefore hit by provisions of section 80P(4), hence not entitled to exemption under section 80P(2)(a)(i)

Alleged misappropriation of funds couldn’t be deemed as application of income if trust itself offere

IT: Where assessee, a charitable trust, had itself offered misappropriated fund as its additional business income, said additional income could not be held as application of income under section 11

RBI allows certain class of entities to raise ECBs from indirect foreign equity holders under automa

FEMA/ILT : External Commercial Borrowings (ECB) From Foreign Equity Holder - Simplification of Procedure

Co. directed to register transfer of share in favour of petitioner as refusal wasn’t made on suffici

Company Law: Where registered holder of shares had filed affidavits supporting claim of petitioner and petitioner had also filed sufficient documentary evidence to prove title of shares-in-question which had not been controverted by respondent company, reasons attributed by respondent company could not be held as a sufficient cause for refusal of transfer of shares in favour of petitioner

HC slams AO for issuing reassessment notice before recording his satisfaction; reassessment quashed

IT : Where notice seeking to reopen assessment was issued prior to recording of reasons, said notice being invalid, reassessment proceedings initiated in pursuance of same deserved to be quashed

Period for reservation of co's name extended in cases whose due date expired when MCA services were

COMPANIES ACT, 2013 : Section 7 of the Companies Act, 2013 - Incorporation of company - One time opportunity for extension of period of reservation of name

6 months period specified for export of goods without payment of duty doesn’t apply to filing of exp

Central Excise : Notification dated 26-6-2001 providing for export within six months from date of removal from factory/warehouse does not apply to filing of original documents; hence, where said documents are seized by customs and delay in filing is attributable to such seizure, export benefit cannot be denied to assessee

Sec. 195 applies to sum paid to IT assessee only; No TDS from membership fee paid to International P

IT/ILT : Membership fee contribution payable by assessee to International Press Institute is not liable to deduction of tax at source under section 195