Assigning Keyman Insurance Policy 2 days before end of lock-in period held ‘malafide’; surrendered v

IT : A firm assigned a Keyman Insurance Policy to its partner just two days before completion of lock-in period and on that it had nil surrender value - The ITAT held that such assignment was made with a malafide intention so that the surrendered value could escape taxability in the hands of the employee - Therefore, the amount received under Keyman Insurance Policy would be taxable in the hands of partner

Status-quo lifted on amalgamation as petitioner had an alternate remedy under SEBI norms to challeng

CL : Where status quo was granted by way of interim order in respect of application seeking clearance for scheme of amalgamation between respondent Nos. 4 and 5 during pendency of writ petition filed by petitioner challenging acquisition of shares of respondent No. 5 by respondent Nos. 4 and 7 on ground that shares were acquired in violation of Insider Trading Regulations, interim order was to be vacated as petitioner had alternative remedy under provisions of SEBI Act and Regulations made there

SC: Sahara can sell stake in overseas properties pledged with Bank on furnishing of confirmation fro

CL: Supreme Court allows Sahara to sell its stake in overseas properties pledged with banks subject to furnishing of confirmation from banks within one week

Sec. 80-IB(10) relief curtailed as ‘FSI’ in housing project remained underutilized without any reaso

IT : In view of provisions of section 80-IB(10), an assessee cannot claim full deduction in respect of development of a housing project where utilisation of FSI is way short of permissible limits and there does not exist any special ground for under utilisation of FSI

No penalty if sale bill and delivery note were handwritten and assessee proved that it was a branch

CST & VAT : Where assessee was functioning in petroleum products at Chennai and it had got several registered outlets at Bangalore and it was transporting petroleum products from its Chennai Branch to Bangalore and Commercial Tax Officer, Check post intercepted said goods and having found that particulars in sale bill and delivery note were handwritten levied penalty under section 28A of Karnataka Sales Tax Act, 1957 upon assessee, since transaction was only branch transfer, levy of penalty was

Valuation by DVO shall be the actual consideration under sec. 50C even if such value is lesser than

IT : Where fair market value determined by DVO on a reference made by Assessing Officer in terms of sub-section (2) of section 50C is less than value adopted or assessed by Stamp Valuation Authority then such fair market value determined by DVO has to be treated as full value of consideration received by assessee for purpose of computing capital gain

Extension of stay would operate retrospectively and any sum recovered during intervening period is t

Service Tax : Third proviso to section 35C(2A) inserted by Finance Act, 2013 cannot be construed as punishing assessees for matters which may be completely beyond their control; no recovery can be made if delay in disposing of appeal is not attributable to assessee

Irregular trading of shares with less frequency is an investment activity; resultant profit is capit

IT: Where shares were held as investment and same were not traded regularly and frequency and volume of transaction were less, it had to be treated as investment activity and not as business

TDS obligation arose even if hire charges were paid through settlement of accounts without actual ca

IT/ILT: Where, assessee a tax resident of Thailand, was engaged in execution of hydroelectric-power project of NTPC as a sub-contractor of another Thailand based company ITDL, in view of fact that ITDL provided certain machinery on hire to assessee, tax was required to be deducted at source while making payment of hire charges even though said payment was not made in cash and it was merely adjusted from amount due to assessee on account of execution of contract work

SC: Sahara can sell stake in overseas properties pledged with Bank on furnish of confirmation from b

CL: Supreme Court allows Sahara to sell its stake in overseas properties pledged with banks subject to furnishing of confirmation from banks within one week

Notice sent by registered post would be deemed as valid notice if it was undelivered with an endorse

CST & VAT: Where Assessing Authority issued on assessee several notices and sent same by registered post to correct address of assessee inviting objections to proposed assessment and all these notices were returned unserved with an endorsement 'left' and thereafter Assessing Authority passed assessment order on assessee, there was valid service of notice as contemplated under rule 64 of Andhra Pradesh Value Added Tax Rules, 2005 before passing impugned assessment order

During pendency of oppression petition, CLB directed appointment of Court’s officer to revive co.’s

CL: Pending petition alleging oppression and mismanagement, directions were given for appointment of officer to take into possession company's property and for payment of outstanding rent of premises

Sec. 292BB is confined to deemed service of notice; it can’t cure defect in notice issued under sec.

IT: Section 292BB is only confined to service of notice and does not apply to issuance of notice