Taxes paid after completion of assessment couldn’t be deemed as advance payments to determine VAT pe

CST & VAT: Where Assessing Authority completed assessment of assessee on 15-3-2006 and also imposed penalty upon it under section 12B(4) of Karnataka Sales Tax Act, 1957 for short payment of advance tax and Appellate Authority taking into consideration two payments of Rs. 70,000 and Rs. 26,000, which were paid on 14-2-2005 and 29-3-2006 respectively, set aside order of penalty, Appellate Authority committed a factual error in treating amount of Rs. 26,000 as advance payment, which was paid after

Market value of assets at time of their distribution on dissolution of firm deemed as cost in hands

IT : In view of provisions of section 45(4), in case of dissolution of firm, if capital assets are distributed, cost of acquisition of capital asset in hands of recipients or partners would be Fair Market Value of asset on date of transfer, which was to be taken into account for computing profit and gains of firm on transfer of capital asset on its dissolution

Service recipient is liable to reimburse taxes to service provider, if any recovered from him by Dep

Service Tax : Service tax law imposes tax on recipient and service provider is merely a collecting agency; hence, recipient must reimburse tax to provider where service tax is demanded from provider, even if same is not contemplated in agreement

HC admitted winding up plea against guarantor co. on its failure to honour liability of its sister c

CL: Where respondent-company, in its capacity as a guarantor of its sister concern, confirmed that it would be paying amount which otherwise its sister concern was liable to pay, only obligation of respondent under agreement was to make payment and respondent-company could not be discharged of its liability by petitioner having given up its right of lien

Case remanded as TPO chose external comparables for computing ALP even when internal comparables wer

IT/ILT : Matter remanded where TPO had selected external TNMM comparables though internal TNMM comparables were available

No question of law involved as ITAT deleted additions for variation in stock due to error in weighin

IT : Where pursuant to search proceedings, Assessing Officer made certain addition to assessee's income on account of difference between stock of gold and silver jewellery actually found from business premises and stock as per books of account, in view of fact that Tribunal on basis of material available on record deleted a part of said addition on account of customers re-modelled jewellery items and error found in weighing scales, no substantial question of law arose from said order of Tribunal

Sec. 11D applies to duty on final product manufactured by assessee and not to duty on inputs used in

Excise & Customs : Section 11D(1) has specific reference to a 'person who is liable to pay duty' and in that sense, it applies to duty in respect of final product manufactured by assessee and not in respect of duty on inputs used by assessee

AO can’t request for valuation report to decide if impugned sum is an unexplained investment or unex

IT : It is only when on basis of material available on record, Assessing Officer forms an opinion that provisions of section 69, 69A or 69B would apply to assessee's case, he can resort to section 142A for estimating value of such investment or expenditure; however, Assessing Officer cannot call for report of valuer under section 142A merely to determine whether there has been any unexplained investment or expenditure

Cargo handling service won’t cover activities carried out for assessee’s own benefit and within its

Service Tax : Handling charges collected from buyer of waste towards packing, etc. of waste does not amount to 'Cargo Handling Service', as activity is done for own benefit and within factory

MAT Companies are liable to pay interest under sections 234B and 234C for default in payment of adva

IT : Interest under sections 234B and 234C shall be payable by MAT Companies on failure to pay advance tax

Sec. 80HH deduction isn’t required to be reduced from business profits to compute sec. 80-I relief

IT : While computing profits for purpose of availing of deduction under section 80-I, profits and gains of assessee's business are not required to be reduced by deduction admissible under section 80HH

If manufacturing and price are controlled by buyer, manufacturer acts as a job worker; Rule 10A valu

Excise & Customs : Where vendor and price of raw material is controlled by buyer and manufacture takes place as per specifications of buyer, prima facie, manufacturer acts a job-worker and Central Excise Valuation Rule 10A is applicable

Plea of oppression couldn’t be taken to recover dues from Co.; plea dismissed as it was just a colla

CL: Appropriate remedy could be availed by director for non-payment of loan and rent by company under relevant provisions of law; petition under section 397 being filed for no genuine objective but for collateral purpose, was to be dismissed

RBI hikes overseas remittance limit to USD 125,000 under liberalized remittance scheme

FEMA/ILT : Liberalised Remittance Scheme (LRS) for Resident Individuals-Increase in The Limit From USD 75,000 to USD 125,000

SC: High Court couldn’t dismiss an appeal with non-speaking order and without addressing question of

IT : High Court could not dismiss an appeal without addressing substantial question of law, by a cryptic and non-speaking order without assigning appropriate reasons