ITAT rightly dismissed revenue’s appeal as tax effect was ‘Nil’ even after disallowance due to sec.

IT : Where Tribunal finding that in view of certain deductions available to assessee tax effect in revenue's appeal would be nil, dismissed said appeal relying upon CBDT Instruction No. 5, dated 15-5-2008, order so passed by Tribunal did not require any interference

Cos get more time to align existing employee benefit schemes with ESOP norms of SEBI

SEBI : SEBI Circulars No. CIR/CFD/DIL/3/2013, dated 17-1-2013, CIR/CFD/DIL/7/2013, dated 13-5-2013 and CIR/CFD/POLICY CELL/14/2013, dated 29-11-2013 - Extension of time line for alignment

RBI directs banks to consider Credit Information Reports in their lending decisions

BANKING : Data format for furnishing of credit information to Credit Information Companies and Other Regulatory Measures

Banks to submit monthly data to Credit Information Cos in respect of defaulters with effect from 201

BANKING : Defaulters of Rs. 1 crore and above (Non-suit filed accounts) and wilful defaulters of Rs. 25 lakhs and above (Non-suit filed accounts) - Changes in reporting to Reserve Bank of India (RBI)/Credit Information Companies (CICs)

HC slams revenue for adjusting refund against demand even when it was stayed by Tribunal

Excise & Customs : Where demand of penalty has been stayed by Tribunal, it ceases to be sum payable by assessee and therefore, same cannot be recovered by Tribunal by adjustment of refund due to assessee

Additions for sum offered during survey affirmed as retraction from earlier statement was made witho

IT : Where loose paper found in survey showed receipts in hands of assessee, and assessee admitted same as his undisclosed income but in assessment reverted back from said admission, since he could not furnish evidence to justify his stand, said receipts be treated as undisclosed income of assessee

Acceptance of cash loans from agriculturists living in remote areas won’t be subjected to penalty, r

IT : No penalty for cash loans exceeding Rs. 20,000 from agriculturists living in remote areas when transaction were not doubted

Penalty affirmed as no docs were produced for movement of goods from assessee’s premises to someone

CST & VAT : Where assessee had purchased goods from Vishakapatnam and they were to be delivered in State of Karnataka at premises of assessee, whereas they were delivered at premises of one 'M' and Check Post Officer on checking of goods found that documents produced were not valid documents for transportation of goods from premises of assessee to premises of 'M', levy of penalty upon assessee under section 28A(4) of Karnataka Sales Tax Act, 1957 was justified

ITAT deleted penalty as assessee had duly disclosed income surrendered during search and paid taxes

IT : Where assessee having surrendered certain income in course of search, filed return wherein said amount was duly disclosed and taxes were paid accordingly, there was sufficient compliance of provisions of section 271AAA(2) and, thus, impugned penalty order deserved to be set aside

Parties can’t challenge a valid interim order of arbitrator merely by filing sec. 397 petition

CL: A valid interim order passed by arbitrator cannot be opposed by filing petition under section 397