Constitution of an ‘AOP’ to be examined in view of principles laid by ‘Linde AG’; HC sets aside adva

IT/ILT: The AAR in the case of petitioner held that the consortium of petitioner ('CTCI') and CINDA constituted an AOP. The Advance Ruling [CTCI Overseas Corporation Ltd., In re [2012] 18 taxmann.com 45(AAR-New Delhi)] was set aside by the High Court with a direction that constitution of AOP in this case was to be examined on basis of principles laid down by the Delhi High Court recently in the case of Linde AG, Linde Engineering Division v. Dy. DIT [2014] 44 taxmann.com 244 (Delhi)

SEBI hikes regulatory fees for market intermediaries

SEBI/Indian Acts & Rules : SEBI (Payment of Fees) (Amendment) Regulations, 2014 - Amendment in SEBI (Alternative Investments Funds) Regulations; SEBI (Bankers to An Issue) Regulations; SEBI (Credit Rating Agencies) Regulations; SEBI (Custodian of Securities) Regulations, Etc., Etc.

HC rejected writ petition as alternate remedy was available to assessee to appeal under sec. 62 of K

CST & VAT: Where against order of assessment, assessee filed writ petition contending that assessment order and demand notice raised thereunder be quashed or annulled, since order of assessment was an appealable order under section 62 of Karnataka Value Added Tax Act, 2003, it would be open for assessee to file an appeal and seek redressal of its grievance, if any in appellate proceedings

HC remands case to enquire into multiple cash transactions to ensure violation of sec. 269SS

IT: Matter be remanded to determine factual situation as regards transactions exceeding limit of Rs. 20,000 when several transactions were involved

Addition upheld as seized unaccounted jewellery was claimed to have been received from parties not a

IT: Where in block assessment proceedings, assessee challenged addition on ground that certain jewellery was received from parties on credit, in view of fact that no entry was found in books of account maintained by assessee or party concerned regarding said transactions and, moreover, creditworthiness of said parties was also not proved, impugned addition was to be upheld

Production of expanded units can’t be clubbed with beneficiary unit for availing of rule 28A exempti

CST & VAT : Rule 28A exemption being unit specific, where beneficiary unit fails to maintain production level criterion, production of expended unit cannot be clubbed

Receipt of freight subsidy won’t be considered as an eligible profit for sec. 80-IA relief

IT : Freight subsidy granted to an industry cannot be regarded as income derived from business of industrial undertaking and, thus, it is not includible in profits eligible for deduction under section 80-IA

Special price for large buyer isn’t anti-competitive; seller can’t be forced to deal with entity inf

Competition Act : Where joint venture company of appellant was by far largest purchaser of appellant's products, it was fair for appellant to offer preferential sale terms to it and it could not be said that favourable prices of appellant for its JV had resulted in reduced profit margins for other converters and deprived them of their chances to grow; hence, appellant was to be acquitted of anti-competitive conduct

Payment of entry tax is an allowable deduction even if it is set off against VAT liability of assess

IT: Where assessee, a manufacturer cum exporter, claimed deduction under section 80HHC on foreign exchange income received on account of cancellation of forward contract, following decision of Supreme Court rendered in case of CIT v. K. Ravindranathan Nair [2007] 295 ITR 228/165 Taxman 282, orders of lower authorities were set aside and matter was sent back to Assessing Officer for decision afresh in light of said decision

In TP adjustment volume discount given in prior yrs to be given in current year as well if facts rem

IT/ILT: Where assessee's claim of volume discount in respect of import of raw material from AE located abroad was allowed in earlier assessment year, in absence of any change in circumstances, following principle of consistency, assessee's claim for volume discount was to be allowed in assessment year in question as well

Cenvat credit couldn’t be denied to service recipient if service provider couldn’t pay service tax t

Cenvat Credit : Activity or action of service provider in not depositing same in Government Treasury will not bar service recipient from taking Cenvat credit on service tax paid, if eligible

Penalty on DLF for issuing demand notice for unilaterally increasing super area in contravention of

Competition Act: Where opposite party failed to show any cause, much less any reasonable cause, for non-compliance of order of Commission and issued demand letters in contravention of such order, penalty was to be imposed

Members of AOP couldn’t claim their share of loss when losses of AOP were wiped out due to late fili

IT: Where AOP did not file its return of loss on time and, thus, loss got forfeited, no member of said AOP could claim his share of loss against his individual income