Order of SetCom can be subjected to writ jurisdiction of HC only when there is fault in decision mak

IT : High Court, under Article 226, can interfere/review an order passed by Settlement Commission under section 245D only if there is fault in decision making process, and not with decision itself

ST penalty can be waived off on existence of a reasonable cause even when extended limitation period

Service Tax : Since circumstances set out in section 73(1) for invocation of extended period are similar to those set out in section 78 for imposition of a penalty and since section 80 overrides section 78, section 80 would apply even if extended period of limitation is held invocable

Reassessment quashed as reasons recorded by AO didn’t indicate failure of assessee to disclose mater

IT : Where Assessing Officer having completed assessment under section 143(3), initiated reassessment proceedings after expiry of four years from end of relevant assessment year, in view of that in reasons recorded there was not even a whisper to effect that income had escaped assessment on account of any failure on part of assessee to disclose fully and truly all material facts necessary for its assessment, impugned reassessment proceeding deserved to be quashed.

Tool kits and first aid kits supplied along with two-wheelers were eligible for input credit

Cenvat Credit : For motor vehicle, tool kit and first aid kit has to be part of vehicle before same can be put to use; therefore, tool kits and first aid kits supplied along with two-wheelers are eligible for credit as input

HC couldn’t stay criminal proceedings against Co. and its director after sanctioning scheme of arran

CL : Where scheme of arrangement was sanctioned by High Court, application filed for stay on complaints against company and its directors for failure to pay amount due as stipulated in scheme was liable to be dismissed as section 391(6) does not empower court to grant stay on criminal proceedings after sanctioning of scheme

ITAT adopts LIBOR rate as benchmark for international transaction of lending of sums to AEs

IT/ILT: LIBOR being inter-bank rate fixed for international transaction has to be adopted as arm's length rate in case of lending of money in foreign currency to AE

MCA prescribes transitional period for resolutions passed under Companies Act, 1956

COMPANIES ACT, 2013 : Section 465 of The Companies Act, 2013 - Repeal of Certain Enactments and Savings – Clarification On Transitional Period for Resolutions Passed Under Companies Act, 1956

SC: Department must supply to assessee all docs relied upon by it before confirming demand

Excise & Customs : Adjudicating authority must follow principles of natural justice and supply to assessee all documents on which it proposes to place reliance

SC: Sahara can sell hotel properties overseas to raise money; Subrata Roy would continue to remain i

SEBI : Supreme Court allows three offshore hotel properties owned by Saharas to be transferred, sold or encumbered subject to condition that entire sale consideration received by Saharas after repayment of loan outstanding towards Bank of China is deposited with SEBI towards compliance with directions contained in conditional bail order dated 26-3-2014 passed by Court

AO couldn’t levy penalty by taxing trial run receipts on incomplete projects as they were capital re

IT : Where assessee, engaged in scientific research activities, consistently followed practice of Capitalising amount received during trial run period which was duly disclosed in its balance sheet, AO could not pass a penalty order under section 271(1)(c) taking a view that said amount being result of assessee's regular business activity, was liable to be added to its taxable income

ITAT upheld concealment penalty on MAT Co. as additions to its income led to increase in its book pr

IT : Where assessee, engaged in scientific research activities, consistently followed practice of Capitalising amount received during trial run period which was duly disclosed in its balance sheet, AO could not pass a penalty order under section 271(1)(c) taking a view that said amount being result of assessee's regular business activity, was liable to be added to its taxable income

Construction of residential units was liable to ST even if they were further transferred without con

Service Tax : When residential unit is transferred to another person, residential unit may not be considered to be for personal use even if such transfer is done without any consideration and, therefore, construction of houses for society transferring such houses without consideration to homeless fishermen is liable to service-tax

Agricultural land to be deemed as capital asset after its conversion into a non-agricultural land

IT : Where requisite approval for converting agricultural land into non-agricultural land was taken, said land no more remained agricultural land

Writ dismissed as assessee had filed writ without availing of opportunity of being heard provided by

CST & VAT : Where Assessing Officer issued on assessee notices for revision of assessments and assessee without availing opportunity given to it by filing objections to impugned notices filed writ petition, approach of assessee in rushing to High Court challenging notices simpliciter without even filing objections before Assessing Officer could not be sustained

No sec. 36(1)(iii) disallowance if interest wasn’t charged on advances when recovery of principal wa

IT : Where assessee had not charged any interest on amount advanced as amount was recovered only by filing a civil suit and with assistance of influential people, charging of interest on notional basis by Assessing Officer was not justified

If revenue intends to change classification of goods, onus is on it to prove otherwise

Excise & Customs : Where issue is in respect of classification of goods, onus is on revenue to show that goods are classifiable differently than that claimed by assessee

RBI enhances investment limit of Govt. securities by USD 5 billion for FIIs/QFIs/FPIs

FEMA/ILT : Foreign investment in India by SEBI registered Long term investors in Government dated Securities

Sums paid by purchaser of land towards income-tax dues of seller couldn’t be treated as income of pu

IT : Where assessee paid part of sale proceeds of disputed land to owner and balance to IT Department as instructed for recovery of tax dues of land owner, and whole amount was shown as liability in books, said sum could not be added to assessee's income

Winding-up plea to be dismissed if Co. pays overdue sum and raise dispute on claim of interest

CL : Winding up petition against company was to be dismissed when it paid principal due amount during pendency of winding up proceedings and had disputed petitioner's claim of interest

Courses run by flying training institutes and aircraft maintenance institutes are exempt from servic

Service Tax - Training and coaching in field of flying of aircraft for obtaining Commercial Pilot License from Director General Civil Aviation and training for obtaining Basic Aircraft Maintenance Engineering Licence are exempt, as they are qualifications recognized by law

No penalty on MAT Co. if it was liable to pay same amount of taxes even after addition of concealed

IT : Simply because before and after additions, assessee remained a MAT company and paid tax under section 115JB, that by itself does not mean that no penalty could be imposed