Third member of Tribunal can’t pass order without considering order referred to by Tribunal

Excise & Customs : Where Third Member of Tribunal did not consider cited order of Tribunal on sale price of package, matter was to be readjudicated

HC affirms AO’s order for treating land as capital assets situated within prescribed Municipal limit

IT : Where land sold by assessee was situated within 5 kms. of limits of local Municipal Committee, Assessing Officer rightly concluded that it fell within definition of capital asset under section 2(14) and, thus, profit arising from sale of said land was to be taxed as 'short term capital gain'

Tribunal couldn't enhance assessment if appeal related to interest on VAT refund under Bombay Sales

CST & VAT : Where Revisional Authority revised order of First Appellate Authority and withdrew interest granted to assessee and against order of Revisional Authority assessee filed second appeal before Tribunal and in said appeal revenue also filed a miscellaneous application which would have resulted in enhancing assessment of assessee, since appeal filed by assessee was covered under section 55(7)(c) of Bombay Sales Tax Act, 1959, Tribunal had no power to enhance assessment as prayed by revenu

Income of STP developer from letting out of building along with other amenities in said part was bus

IT : Rental income from business of developing, operating and maintaining an industrial park and providing infrastructure facilities would be chargeable to tax under head 'Income from Business'

Laying of wooden/Synthetics flooring in sports stadium wasn’t taxable under Commercial Construction

Service Tax : Laying of wooden and synthetics flooring in Sports Stadium used for conducting of Commonwealth Games and other non-commercial bodies is not taxable under Commercial or Industrial Construction Services

HC orders winding-up against developer on its failure to refund full amount on cancellation of booki

CL : Winding up petition against real estate developer was to be admitted on its failure to refund full amount on cancellation of booking of Duplex Villa by allottee due to delay in completion of construction

No sec. 40(a)(i) disallowance on export commission paid to foreign agents before withdrawal of Circu

IT/ILT : Where assessee paid commission to foreign agents for securing order but did not deduct TDS on said payment, Circular No. 786 being in operation, invocation of provisions of section 40(a)(i), read with section 195 was incorrect

Pending applications/forms with authorities to be disposed of under Companies Act, 1956, says MCA

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Miscellaneous) Amendment Rules, 2014 – Insertion of Rule 11

MCA excludes Independent director from definition of Related Party

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Specification of Definitions Details) Amendment Rules, 2014 – Amendment in Rule 3

RBI tweaks norms on transfer or issue of foreign security

FEMA/ILT : FEM (Transfer or Issue of Any Foreign Security) (Second Amendment) Regulations, 2014 - Amendment in Regulations 6, 9, 14, 15, 19 and Schedule V

CBDT constitutes Committee to appraise efficacy of dispute resolution forums; to suggest for reducin

IT/ILT : Constitution of A Committee to Study the Appellate Orders to Examine Filing of Appeals by Department Before Various Forums

RBI allows buying of immovable properties outside India by residents under Liberalized Remittance Sc

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

Reassessment held justified by HC as liability was escalated by assessee to reduce tax burden

IT : Where discrepancies were found in books of account of assessee showing escalation of liability to reduce tax burden, reassessment notice was valid

ST refund can also be made by way of credit to intermediaries under Rule 6(3) of ST Rules

Service Tax : In case of cancellation of insurance policies, credits made in books of account of assessee in name of an intermediary also amount to refund for purposes of Rule 6(3) of Service Tax Rules; Revenue cannot insist on refund by individual cheques.

Income from dealing in delivery based shares with investment purposes is taxable as capital gains

IT : Where assessee carried out delivery based share transactions with an investment motive, in view of fact that period of holding in said transactions was less than one year, income arising from those transactions was to be taxed as short-term capital gain

HC denies to admit appeal as issues related to rate of duty payable by 100% EOU on its conversion to

Excise & Customs : Where issue involved in an appeal is whether, and how much, duty is payable on debonding of 100% EOU into DTA and goods exported prior to actual exit order, said issues relates to 'rate of duty' for purposes of assessment and is not appealable before High Court

Governmental subsidy received to set-up industrial projects couldn’t be reduced from actual cost of

IT: For computation of depreciation, no part of Government subsidy for encouragement for setting up of industrial projects could be deducted from actual cost/WDV of fixed assets, if same is not relatable to acquisition of assets

Assessment order quashed as it was barred by limitation period provided under Andhra Pradesh Sales T

CST& VAT: Where First Appellate Authority by order dated 26-2-2008 set aside assessment for year 2004-05 and remanded matter to Assessing Authority to quantify turnover afresh and thereafter Assessing Authority passed an order on 15-3-2012 and demanded tax from assessee, in view of limitation prescribed under section 24A of Andhra Pradesh General Sales Tax Act, 1957, impugned order was barred by limitation

Agricultural land was to be measured when municipal limits were first notified and not when it was s

IT : For purpose of application of item (b) of sub-clause (iii) of section 2(14) and to measure KMs from radius of Municipal corporation, relevant date would be date of notification and not date of sale of land in question

No service-tax refund on Business Auxiliary Services used for purposes of export

Service-Tax : As per Notification No. 17/2009-ST, business auxiliary services received by assessee and used for purpose of export are not eligible for refund

No winding-up of Co. merely on basis of petition filed by trustee without proper authorization

CL: Where respondent was a running company, winding up order could not be passed against it merely on petition filed by trustee without proper authorisation

Handling and packing charges would be includible in sales price even if they were charged separately

CST & VAT : Where assessee carried on business for purchase of arecanut and sale of same in course of inter-State trade or commerce and in tax invoices raised it billed customers separate charges under description of handling charges at two per cent of sale price and charges for packing at rate of Rs. 60 per bag, handling charges and packing charges formed part of sale price under section 2(h) of Central Sales Tax Act, 1956