Services availed of at retail stores were not eligible for input credit, rules HC

Cenvat Credit : Internet charges, labour supply, professional services, rent, security guard charges, store maintenance and cleaning charges etc. availed at retail stores are, prima facie, ineligible for credit

Objective of Trust to finance infra-projects represents general public utility; Sec. 12AA registrati

IT : Where assessee-trust was created with object of financing infrastructure projects in State such as provision of water supply, roads, health services etc. to be implemented through municipal bodies or corporation, said object being in nature of advancement of general public utility, assessee's claim for registration under section 12AA was to be allowed

HC upheld Setcom.’s order of disallowing a sum as otherwise it could reduce undisclosed income offer

IT : Where Settlement Commission while applying gross profit rate on undisclosed income, opined that benefit of payment of excise duty could not be given to assessee as it would negate even undisclosed income shown in statement of facts, there being no illegality in said order, it deserved to be upheld

Mere criminal chargesheet against assessee without final conviction doesn’t lead to denial of CHA li

Excise & Customs : A person qualified as CHA under 1984 Regulations is not required to qualify afresh in 2004 Regulations; further, CHA license cannot be denied on ground that criminal charge sheet has been filed against assessee, as no person can be presumed guilty without conviction

Sec. 263 doesn’t stipulate recording of satisfaction before issuance of SCN if order of AO appears t

IT: Where assessee challenged show-cause notice by Commissioner under section 263 on account of non-recording of requisite satisfaction, since legal, remedy of filing appeal against order under section 263 has been provided, assessee should resort to alternative remedy of appeal

Excise and Taxation Officer can’t ask for bank guarantee from a registered dealer to release detaine

CST & VAT : Where assessee sold goods from Mandi Gobindgarh to a party outside State of Punjab and booked same with a transporter and driver after loading goods in vehicle started journey towards Ludhiana for loading cycle parts belonging to an other party and after loading cycle parts from Ludhiana, when driver was yet to leave Ludhiana, ETO detained said vehicle with goods and insisted that he would release goods only on furnishing of bank guarantee, demand of bank guarantee was unjustified

Transfer of division in exchange of shares only couldn’t be held as slump sale; HC upheld Bharat Bij

IT : Where assessee transferred its lift division to another company in terms of scheme of arrangement under section 391, read with section 394 of Companies Act, 1956, in view of fact that consideration for said transfer was not determined by parties in terms of money but its disbursement was to be in terms of allotment or issue of bonds/preference shares, it was to be regarded as a case of exchange and not a sale and, thus, provisions of section 2(42C) did not apply to assessee's case

SEBI asks AIFs to include disciplinary history of past 5 years in their placement memorandums

SEBI : Clarification and extension of deadline with respect to circular on 'Guidelines on disclosures, reporting and clarifications under AIF Regulations'

Regional offices of RBI allowed to grant authorization to Indian Agents under Money Transfer Service

FEMA/ILT : Money Transfer Service Scheme – Delegation of work to Regional Offices

RBI introduces a uniform list of State and District codes for reporting of FDI details by Indian Cos

FEMA/ILT : Foreign Direct Investment – Reporting under FDI Scheme

RBI empowers its regional offices to approve first time rupee drawing arrangements of banks with NR

FEMA/ILT : Rupee Drawing Arrangement – Delegation of work to Regional Offices

Services availed of for logistical purposes and for insurance of stocks were eligible for Cenvat cre

Service Tax : Air Fare/Air Tickets, Taxi/Car Hiring, Maintenance and Repair Charges services availed for logistical purposes and insurance taken on stocks lying in different branches and for various business assets are eligible for credit

HC dismissed writ as appellant-bank had alternate remedy of filing an appeal on charges of sec. 194A

IT: Where Act specifically provides an appeal remedy under section 246A, same has to be exhausted first by petitioner before approaching Court under Article 226 of Constitution of India

HC admits recovery suit on dishounour of cheque as borrower failed to prove allegation of fraud agai

Negotiable Instrument Act: Where in defence of dishonour of cheque, it was contended that loan transaction was mere paper entry and that there was forgery of signature on cheques but both pleas were found to be misleading, recovery suit was to be admitted