Room rent and food/beverages charges aren’t included in value of convention services if they are rai

Service-tax : Bills of room rent and food and beverages raised separately cannot be held to be a part of value of convention service

Sec. 69A additions upheld as sums unearthed during search weren’t proved as initial capital of ances

IT : Where assessee had claimed part of a sum unearthed in search as 'initial working capital' by ancestors but could not substantiate said claim, addition to be made; addition to be made also on account of interest on account of re-pawning

Scrutiny notice could be served on representative of assessee if new address of assessee was not mad

IT: In absence of intimation to revenue about change of address, service of notice to assessee's representative, is valid

Assessee couldn’t take credit on basis of unsigned invoices; ITAT orders for partial predeposit

Cenvat Credit : Credit cannot, prima facie, be allowed on unsigned invoices especially when there is no correspondence or certificate from supplier/service provider that said invoices were issued by them

HC quashed penalty on appellant as ED couldn’t corroborate his retracted confession with a substanti

FERA : Penalty imposed upon appellants on basis of their retracted statements which were not corroborated by any substantive evidence suffered from serious legal infirmity

ITAT relied on its earlier order to fix PLI of assessee for TP adjustments

IT/ILT : Where Tribunal in earlier year in assessee's case applied PLI at 7 per cent, on same set of facts, PLI of 7 per cent be applied

Ministry switches over to a new version of Industrial Classification System on lines of internationa

FDI/FEMA/ILT :Switching Over From NIC - 1987 to NIC - 2008

Director's stay in India for 137 days during calendar year 2014 will satisfy residency requirement o

COMPANIES ACT, 2013 : Section 149 of The Companies Act, 2013 - Company to Have Board of Directors - Clarification on Applicability of Requirement for Resident Director

RBI notifies interest rate of 4% for repayment of unclaimed deposits under Depositor's Education Fun

BANKING : Depositor Education and Awareness Fund Scheme, 2014 - Operational Guidelines - Payment of Interest

RBI tweaks asset classification norms for infrastructure Cos

BANKING : Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances - Projects Under Implementation

FinMin extends validity period of concessional excise duty by six months

EXCISE & CUSTOMS LAWS : Section 5A of The Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Provision of Concessional Rate of Central Excise Duty on Specified Goods - Amendment in Notification No.12/2012-C.E., Dated 17-3-2012

CBEC seeks adherence to judicial discipline by Commissioners in matters relating to refunds

EXCISE & CUSTOMS LAWS : Instructions on Need to Follow Judicial Discipline in Adjudication Proceedings

Govt. notifies revised tax period and registration date to address VAT issues post division of Andhr

CST & VAT/INDIAN ACTS & RULES : Andhra Pradesh Value Added Tax (Amendment) Rules, 2014 - Amendment in Rules 6 and 23

Exp. incurred prior to establishment of business couldn’t be allowed till commencement of business

IT: Where assessee incurred expenditure prior to setting up of its business, no allowance of assessee's claim under section 37(1) or section 32(1) during said period could be made out

Material found during search not sustained in case of searched person, couldn't be used for other pe

IT : Very foundational facts and materials, not sustained in case of searched person, cannot be permitted to be used in case of person other than searched person for alleged undisclosed income and thereby allowing continuation of such proceedings

Royalty payable on materials/finished goods manufactured in India isn’t includible in value of impor

Excise & Customs : Running royalty paid on 'indigenous materials' and 'finished goods made in India' has nothing to do with imported parts, etc., as same is payable even if 100% indigenization is achieved i.e., there are NIL imports; hence, royalty is not includible in value of imported parts, etc

No disallowance of lawful exp. merely due to non-compliance with provisions of Companies Act

IT : The offence or prohibition under law referred to in Explanation to section 37(1) should be judged with reference to the 'purpose' of the expenditure on a standalone basis divorced from the fulfilment or otherwise of the procedural formalities ( for example requirements of Companies Act like Board's consent, general body approval, Central Govt's approval) attached with and necessary for the incurring of such expenditure.

Issue of ‘whether stay order passed by CESTAT is appealable to High Court’ referred to larger bench

Excise & Customs : Issue 'whether an order passed by CESTAT in terms of section 35F of Excise Act or section 129E of Customs Act would be appealable before High Court' was referred to larger bench of High Court

No reassessment to limit sec. 36(1)(viii) deduction if all facts were truly disclosed during assessm

IT-I : Where Assessing Officer completed assessment under section 143(3) allowing assessee's claim for deduction raised under section 36(1)(viii), since there was no failure on part of assessee to disclose fully and truly all material facts at time of assessment, reassessment proceedings could not be initiated after expiry of four years from end of relevant assessment year taking a view that assessee had raised excessive claim of deduction

HC could admit appeal against rectification order of Tribunal even if its final order related to rat

Excise & Customs : Appeal against rectification order of Tribunal to consider validity of exercise of rectificatory jurisdiction by Tribunal is maintainable before High Court even if original order of Tribunal relates to rate of duty

HC rejects order of Assessing Officer for initiation of reassessment without recording reasons there

IT : Where Assessing Officer passed reassessment order without recording reasons for initiating reassessment proceedings despite repeated requests for same, order so passed being invalid, deserved to be quashed

Brokerage exp. to identify a tenant for under construction building couldn’t be allowed under sec. 3

IT: Where brokerage expenses were incurred by assessee real estate company for finding tenant for its building which was under construction and lease arrangement with tenant was to commence only after construction, claim of expenses under section 37(1) was not maintainable

CLB stayed sale of immovable property as respondents sought to sell co’s property at under price for

CL : Where persons managing company sought to sell immovable property of company at under price for their personal gain, same would amount to oppressive and prejudicial conduct detrimental to interest of all stakeholders