Revenue can impose VAT penalty and complete assessment simultaneously on wilful non-disclosure of tu

CST & VAT : Where Assessing Authority issued on assessee composite pre assessment notice proposing assessment under section 25(1) of Kerala Value Added Tax Act, 2003 and levy of penalty under section 25(3) for prescribed assessment years and further he completed assessments of assessee and simultaneously imposed penalty upon him, since there was no bar against proposing or finalising imposition of penalty simultaneously with completion of assessment, Assessing Authority was justified in imposing

Chief Commissioner is debarred from reviewing order of reviewing Committee ordering non-filing of ap

Service Tax : Unanimous review order of review committee deciding not to file appeal cannot be further reviewed by Chief Commissioner/Board

Gymkhana Club providing sports and other recreational facilities only to its members can’t be treate

IT: Where assessee-club had been involved in providing sports activities accompanied by facilities like liquor bar, playing cards, restaurant, marriage hall, catering services etc. limited to a certain group of persons, i.e., members of club, activities of assessee-club did not fall in definition of charitable purpose as defined under section 2(15)

Prior to March 1, 2008, Cenvat credit could be used to pay ST on GTA services under reverse charge

Cenvat Credit : Since amendment excluding goods transport agency's services from scope of output service was brought effective from 1-3-2008, hence, for period prior thereto, service tax on goods transport agency's services under reverse charge could be paid using Cenvat credit

Non-investment of monies as per methods provided in prospectus doesn't amount to misstatement, rules

CL : Non-investment of monies in manner stated in prospectus does not amounts to violation of statement or mis-statement as issuance of statement and abiding by promises are two different activities; proceedings against petitioner director for mis-statement was to be quashed

Cos with huge turnover, abnormal profits or functional differences are excludible from comparables l

IT/ILT : Where TPO made certain adjustment to assessee's ALP in respect of rendering BPO services to its AE, in view of fact that some of comparables selected by TPO were inappropriate on account of functional difference, turnover, abnormal profit margin etc., impugned adjustment was to be set aside and matter was to be remanded back for disposal afresh

Income from sale of Convertible Debentures under exit option with min assured return isn’t interest

IT/ILT : Gains from sale of CCDs in Joint Venture Company by foreign partner to Indian partner under exit option not "interest" u/s 2(28A) but "capital gains" even if the exit option assures a minimum assured return. Whether a Compulsorily Convertible Debenture is a loan simplicitor or whether it is in the nature of equity, is not material in determining whether the gain on the sale of the debentures by its holder is a capital gain or not. This depends entirely on whether the debentures are capi

Price charged for pre-paid vouchers is inclusive of ST for valuation purposes in absence of breakup

Service Tax : In case of prepaid vouchers sold physically or electronically, price of such vouchers would include processing charges or administration fee and price of talk time or activation charges and in absence of any breakup, entire price should be deemed as gross value inclusive of Service Tax

Sec. 68 additions upheld as assessee failed to produce any evidence to substantiate its loan transac

IT : Where assessee had not brought any evidence on record to substantiate its claim, addition under section 68 was justified

Duty deemed to paid under protest even if assessee had objected to levy through letter to department

Excise & Customs : Where assessee has denied levy on duty on certain charges by way of letters to department but has paid duty under insistence of department, said payment of duty is 'duty paid under protest'

Misplaced Form 15-I deemed as TDS default, unless it is replaced by a duplicate Form 15-I

IT : Depreciation be allowed where in light of fire incident which had gutted branch offices of assessee, assessee had not been able to produce documents in support of purchase of assets but assessee had been able to show from records that expenditure was incurred for fixing of assets

HC upheld reassessment as evidence found during search indicated suppression of transactions by asse

CST & VAT : Where Assessing Authority completed original assessment of assessee for assessment year 2004-05 on basis that assessee had effected sales in total sum of Rs. 54,114 and purchases of Rs. 1.22 lakhs and subsequently Additional Commissioner while granting approval for reopening of above assessment recorded that during search conducted in premises of one 'P' electronic records maintained by 'P' indicated that assessee had engaged in transactions of sales and purchase with 'P' to extent o

Deemed dividend to be taxed in the hands of registered shareholder and not in hands of beneficiary f

IT: Deemed dividend is to be taxed in hands of shareholder, whose name is entered in register of shareholder and, not in hands of beneficiary firm

Payment to foreign co. to conduct navigation studies at Indian port doesn’t satisfy ‘make available’

IT/ILT : Payment made by assessee to foreign company for navigation studies at Indian port to determine pre-existing conditions could not as ascribed as fee for technical services as per article 13 of Indo UK DTAA

No denial of ST exemption in composite contract merely due to non-furnishing of sales bills to subst

Service Tax : For service tax exemption, sale of goods may be evidenced by documents other than sale invoices; such as, (a) contract, (b) Running Account Bills, (c) returns filed with Sales Tax Authorities or (d) other documents

HC grants sec. 54F relief on construction of new house after demolishing of old one

IT : Where assessee sold a property and within three years from sale completed new construction on a plot earlier purchased after demolishing existing structure thereon, assessee was entitled to exemption under section 54F

Court can’t examine minute details during winding-up proceedings to find out reasonableness of dispu

CL : In a winding up petition a Company Court, cannot go into minute details and find out whether monetary value of dispute is grossly disproportionate to admitted liability