Job work of making ‘Barbie Dolls’ out of parts received from client deemed as manufacture; not taxab

Service Tax : Activity of : (a) receiving parts of 'Barbie Dolls', 'Hot Wheel Kits', etc. from clients, (b) assembling them; and (c) clearing them in form of 'Barbie Dolls', 'Hot Wheel Kits' prima facie amounts to manufacture and not liable to service tax under Business Auxiliary Services

HC upheld revisional proceedings as exp. was allowed by AO without scrutiny of material available wi

IT: Where entire material available with department was not considered by Assessing Officer and certain expenditure was allowed in excess, it could not be said that revision order of Commissioner was a substitution to that of opinion of Assessing Officer

SetCom could reject settlement application after recording reasons even when assessee had co-operate

Excise & Customs : Settlement Commission can reject application at any stage, if it finds that full and true disclosure is not made, even after commission has allowed application to be proceeded with

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

TP additions on basis of comparables with differential functions, turnover and brand value are not j

IT/ILT : Where TPO made certain addition to assessee's ALP in respect of rendering software development services to its AE, in view of fact that some of comparables selected by TPO were improper on account of functional difference, turnover, brand value, etc, impugned addition was to be set aside and, matter was to be remanded back for disposal afresh

GTA services are eligible for credit only upto factory gate if excise duty isn’t computed on transac

Cenvat Credit : Definition of 'place of removal' under section 4(3)(c) of Excise Act would apply for Cenvat Credit purposes only if duty is payable with reference to transaction value; in any other case 'place of removal' would be 'factory gate' and credit of transport services would be available only up to said place of removal

Single Judge can order investigation into affairs of Co. while sanctioning amalgamation scheme

CL : Single Judge while sanctioning scheme of amalgamation is competent to issue direction under section 237(a)(ii) and then it is for Central Govt. to decide which authority would investigate

Department couldn’t impose ST demand on sub-contractor when full ST was paid by Principal advertisin

Service Tax : Where service tax on full consideration stands paid by principal advertising agency, no demand can be confirmed on other agencies working under it in view of Circular No. F. No. 341/43/96-TRU, dated 31-10-1996

Assessee can ask for cross-examination of witnesses relied upon by department without stating any re

Excise & Customs : Once certain reports or statements are relied upon by department, it is fundamental that author of report and persons from whom such statements are allegedly recorded should be made available for cross-examination; it is part of principle of natural justice which cannot be denied

SEBI clarifies position limits of domestic institutional investors for currency derivatives contract

SEBI : Clarification on position limits of domestic institutional investors for currency derivatives contracts

HC rejects condonation plea of assessee as he failed to substantiate grounds for filing belated appe

Service Tax : Where assessee's ground for seeking condonation of delay was unsubstantiated, delay could not be condoned

AO can’t make sec. 14A disallowance by invoking Rule 8D without recording his satisfaction

IT : Where Assessing Officer did not record any satisfaction as required by section 14A(2), disallowance under section 14A invoking rule 8D was unjustified

Passing remarks by Tribunal while deleting penalty won’t negate invocation of extended limitation pe

Excise & Customs : Where Tribunal found that assessee, a manufacturer of dutiable and exempted goods, did not comply with Cenvat rule 6 with an intent to evade duty and confirmed demand invoking extended period, such demand does not become invalid even if Tribunal has deleted penalty observing 'there was no intent to evade'

Sec. 44AE benefit not available if assessee owned more than 10 goods carriages even if one of them w

IT : Where assessee owns more than ten goods carriages at any point of time during previous year, even though one vehicle of assessee was under repair and assessee in fact had operated only ten goods carriages, he is not entitled to benefit of section 44AE

HC directs appointment of expert to find out a feasible payout method for disbursement of investor’s

SEBI : Where a committee was appointed to manage affairs of company and to make sure that sale of assets of company were to ensure that depositors be refunded their amounts, expert was to be appointed to assist committee in its task to evolve a feasible practicable method for disbursement of various amounts to depositors and investors