Question of fact could not be replied by ITAT applying ratio of some another case without examining

IT: Question of agency being a question of fact could not be resolved by merely applying reasoning adopted by Tribunal in some other case, thus, where Tribunal on basis of its own previous order, and without any material available before it held that relationship between parties was of principal and agent and that section 40A(3) was inapplicable, matter was to be remanded back for fresh adjudication

Tribunal isn’t empowered to condone delay in filing rectification application

Excise & Customs : If an application, though termed as 'application for restoration', is an application to rectify mistake committed by Tribunal, it will be covered by section 35C and in absence of any power with Tribunal to condone delay in filing rectification application, such application filed after expiry of 6 months cannot be entertained

SEBI lays down minimum asset limit of Rs. 20 crores for debt-oriented Mutual Fund Schemes

SEBI : Minimum Assets Under Management (AUM) of Debt Oriented Schemes

Domestic players to establish underlying exposures to hedge currency risks for position exceeding US

FEMA/ILT : Risk Management and Inter-bank dealings: Guidelines relating to participation of residents in the Exchange Traded Currency Derivatives (ETCD) Market

RBI allows participation of FPIs in currency derivatives

FEMA/ILT : Risk Management and Inter-bank dealings - Guidelines relating to participation of Foreign Portfolio Investors (FPIs) in the Exchange Traded Currency Derivatives (ETCD) Market

Prior to amendment by Finance Act 2013, losses from trading in derivatives were speculative losses

IT : Prior to 1-4-2014, loss incurred in respect of trading in commodity derivatives was to be treated as speculation loss

Sec. 40(a)(ia) applies to sum paid during the year as well; ITAT rejects ratio of Merilyn Shipping

IT : Provision of section 40(a)(ia) would cover not only amounts which are payable as on 31st March of a particular year but also which are payable at any time during relevant year

Belated refund of credit is also eligible for interest under sec. 11BB of Central Excise Act, rules

Central Excise : Belated grant of credit would be meaningless if assessee has moved out of Cenvat scheme in meantime; said credit/re-credit must be granted in cash and any belated refund would be eligible for interest under section 11BB read with section 11B of Central Excise Act, 1944

Reassessment notice issued within 6 years was valid if escaped income was likely to touch Rs. 1 lakh

IT : Where Assessing Officer while placing reasons recorded for approval of Commissioner prior to issuance of notice under section 148, recorded in Form No. ITNS-10 that income which escaped assessment was more than Rs. one lakh, statutory bar imposed against reopening of assessment under section 149(1)(b) would not operate in such a case

Allahabad Bank wasn’t at fault for TDS default on interest payments if depositors had paid taxes the

IT: Recovery provisions under Section 201(1) can be invoked only when loss to revenue is established; that can only be established when it is demonstrated that the recipient of income had not paid due taxes thereon and the recipient of the accounts had the liability to tax

HC rejected appeal filed belatedly as appellant was aware of CLB’s order well before expiry of limit

CL: Where applicant had knowledge of CLB's order much prior to expiry of time to prefer an appeal but appeal was filed only after stipulated time period, same was not to be admitted

Issuance of show cause notice is mandatory prior to rejection of refund claim by department

Excise & Customs : Before rejection of refund claim, department must issue show cause notice calling upon assessee to show cause as to why such refund application should not be rejected

No revision by Commissioner to restore reassessment order if it had taken away remedy of filing appe

CST & VAT : Where First Appellate Authority annulled reassessment order passed by Assessing Authority and remanded matter to him and thereafter Commissioner in exercise of his suo moto revisional powers available under section 22A of Karnataka Sales Tax Act, 1957 set aside appellate order and restored reassessment order, since Commissioner had virtually left assessee without remedy of first appeal provided under section 20, order of Commissioner was set aside and matter was remanded back to Firs