Monday, 30 June 2014

[Indian Customs Non-Tariff Notification] : Amends Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001

Limitation period for sec. 154 rectification begins when AO passes original order and not consequent

IT: For purpose of rectification under section 154, limitation starts from date on which original assessment order is passed by subordinate authority and not date when he had passed consequential order in terms of directions issued by appellate authority in remand


Before initiating reassessment AO must dispose of preliminary objection of assessee by passing speak

IT : Before initiating reassessment proceeding, it is obligatory for Assessing Officer to dispose of assessee's preliminary objection by passing a speaking order only


SC remanded case as ruling relied upon by ITAT was overruled yet it was not brought to notice of HC

Cenvat Credit : Where Tribunal had relied upon its own order, which had been overruled by its larger bench and said aspect was not brought to notice of High Court while passing order, matter was required to be remanded back to High Court


Winding-up petition against Co. admitted as disputes raised by it were mere tricks to avoid payment

CL : Where disputes raised by company were mere ruse to avoid paying amount due, company would be deemed to be unable to pay its debt and would be liable for winding up


DRP isn’t empowered either to set aside proposed variation or issue directions to AO for further enq

IT/ILT-I : In terms of section 144C(5), DRP has no power to set aside any proposed variation or issue any direction for further enquiry and passing of assessment order


Erecting road, bus shelters and so forth as part of advertisement business couldn’t be termed as inf

IT: Where assessee - advertising-company had developed existing road median, erected bus-shelters and light poles for its advertisement business, activities indulged by assessee-company were part of its normal activities of advertising and publicity rather than one of infrastructure development and therefore, was not eligible for deduction under section 80-IA(4)


Delay in filing of appeal due to failure of AO to hand over his charge to successor is condonable

IT : Where delay in filing appeal by Revenue took place due to unusual circumstances of failure on part of concerned Assessing Officer to handover charge to successor officer, delay should be condoned


Revenue to give priority to stay request; HC raps revenue for enforcing recovery during pendency of

Excise & Customs : Where stay application remains pending before Tribunal for no fault of assessee, department cannot enforce recovery; Tribunal was directed to give priority to hear applications for waiver of deposit


ITAT had to affirm finding of CIT(A) on determination of ALP when revenue failed to controvert it

IT : Where Tribunal confirmed findings of lower appellate authority on point of determination of arm's length price and Department was not able to controvert those findings said order needed no interference


Payments of commission at higher rate to son of partner without business expediency attracts sec. 40

IT : Where there was no commercial consideration or business expediency for payment of, excessive commission, payment of commission should be restricted to sum as allowed to other workers


No reassessment to restrict sec. 80-IB relief as it was allowed after detailed verification during a

IT : Reassessment notice was bad in law where it was based upon allowance of excessive deduction under section 80-IB but facts revealed that claim for deduction under section 80-IB was allowed in original assessment after consideration


No penalty if payment of taxes was delayed by assessee due to delay in passing of stay order by Trib

CST & VAT : Where assessee preferred second appeal on 24-7-1997 alongwith stay application and thereupon on 4-11-1997 Tribunal passed an interim order staying realisation of disputed amount of tax up to 80 per cent and in meantime Assessing Authority by his order dated 8-9-1997 imposed penalty on assessee under section 15A(1)(e) of U.P. Trade Tax Act, 1948 taking view that assessee had not deposited tax within time, since delay in passing of stay order was attributable to Tribunal, imposition of


No reassessment to make addition of CENVAT balance lying with department if it was disclosed during

IT: Where assessee had in scrutiny assessment disclosed facts that sales were made exclusive of excise duty/Modvat credit balance lying with excise department and excluded such amount from computation of income, initiation of reassessment after expiry of 4 years on ground that income escaped assessment was not proper


Cos shall furnish 'NOC' from FMC for usage of "Commodity Exchange" in its name: MCA

COMPANIES ACT, 2013 : Section 4 of The Companies Act, 2013 - Memorandum - Clarification on Use of The Word "Commodity Exchange" In a Company


CAT grants immunity from deposit of 90% of penalty sum as it had granted exemption in a similar case

Competition Act: Appellant cement manufacturer found guilty of contravention of section 3 entitled to stay of penalty on condition that it deposit 10 per cent of penalty ordered by CCI based on similar order passed against other cement manufacturers before Competition Appellate Tribunal


Training in respect of statutory compliances of export/import amounts to vocational training; exempt

Service Tax : Training relating to various procedures and statutory compliances to be made in relation to export of goods amounts to 'vocational training' and exempt from service tax