Penalty under sec. 158BFA affirmed as evidences established that assessee was involved in undisclose

IT : Section 158BFA penalty was imposable where there was a categorical finding by all three authorities that assessee was involved in undisclosed transactions and all these transactions were out of books

Issues relating to classification and taxability of services wasn’t appealable before HC

Service Tax : Issue 'whether credit card facility provided by assessee falls under 'banking and other financial services' and whether such service is taxable' cannot be examined by High Court and can only be examined by Apex Court

Reassessment won’t sustain if additions weren’t made on basis of reasons recorded for escaped income

IT: Re-assessment proceedings are only for purpose of income escaping assessment, as set out in reasons recorded and not otherwise

Terms ‘rendering’ or ‘furnishing’ are synonyms; NR firm deemed to have PE if it is rendering service

IT/ILT : Value of services rendered by PE is to be taken at actual billing figures and not at market value of such services in India

Refund claim can be made within one year from receipt of consideration in case of export of services

Cenvat Credit : In case of export of services, relevant date for calculating time limit for claiming refund under rule 5 of CENVAT Credit Rules, 2004 read with section 11B of Central Excise Act would be date on which consideration is received

HC rejects winding-up petition of Co. as major allegations of appellant were of oppression and misma

CL: Where petitioner had filed a petition for winding up of respondent company, but main allegations in petition were primarily of oppression and mismanagement, petition was not maintainable as remedy for alleged acts of oppression and mismanagement have been specifically provided in sections 397 and 398 of the 1956 Act to which petitioner could have recourse to

SEBI directs Stock Exchanges to device framework for monitoring non-compliance of corporate governan

SEBI : Monitoring of Compliance by Stock Exchanges

ST paid on terminal handling charges for export of goods was eligible for refund

Service Tax : Terminal Handling charges are nothing but port services upon which Revenue has already charged service tax; hence, service tax paid thereon is eligible for refund under Notification No. 41/2007-ST

Refund of TDS couldn’t be denied on account of mismatch in Form 26AS when tax was deducted by Govt.

IT : Refund claim made by deductee could not be denied by Assessing Officer on ground that there was mis-match between details furnished by deductee and Form 26AS without verifying whether or not deductor had made payment of TDS in government account

Employer couldn't be held as representative for employee who wasn't holding status of NR in relevant

IT/ILT : In terms of section 163, relevant period to be considered is not date of appointment of statutory agent, but period covering year of account and, thus, where a person in respect of whom agent is sought to be made a representative assessee, does not attain status of non-resident during relevant accounting period, provisions of section 163 cannot be invoked in such a case

No reassessment under sec. 153A if no incremental material was found during search

IT : Where no incriminating evidence is found during search, it is not open to Assessing Officer to make re-assessment of concluded assessment in garb of invoking provisions of section 153A

No penalty under Rajasthan VAT Act even if Form ST 18A was found blank and other docs were found in

CST & VAT: Where Assessing Authority imposed penalty upon assessee under section 78(5) of Rajasthan Sales Tax Act, 1994 and appellate authorities deleted penalty on ground that penalty under section 78(5) could not be imposed if declaration form ST 18-A was found blank or not completely filled up, matter was restored back to Assessing Authority for decision afresh in light of law enunciated by Apex Court in case of Guljag Industries v. CTO [2007] 7 SCC 269

Penalty on violation of FERA was upheld on basis of retracted statement substantiated by documentary

Excise & Customs : Where levy of penalty was on basis of retracted statement as corroborated by supporting documents seized in course of raid at assessee's premises, penalty was valid

Sec. 69B additions by SetCom couldn’t be doubted on mere declaration of higher undisclosed income by

IT: Where assessee along with her husband admitted that she had acquired 1/3 share in a property and offered same as her undisclosed investments in search and approached Settlement Commission offering higher sum which amounted to 1/3rd share in said property, merely because sellers had declared higher undisclosed income, it could not bind assessee and result in addition to her income in absence of concrete evidence

Sec. 10A/10AA: No bar on transfer of existing manpower to new SEZ unit subject to ceiling of 20%; CB

IT : Section 10A, Read With Section 10AA of the Income-Tax Act, 1961 - Free Trade Zone - Clarification on Allowability of Deduction under Section 10A/10AA on Transfer of Technical Manpower in Case of Software Industry

Deemed Government Cos subject to audit by CAG under Companies Act, 2013; MCA clarifies

COMPANIES ACT, 2013 : Section 139 of the Companies Act, 2013 – Appointment of Auditors – Clarification on Applicability of Provisions of Section 139(5) and 139(7)

Assessee can apply before SetCom for second time after making good default of duty discovered on fir

Excise & Customs : Where first application has been rejected for non-payment of duty/interest i.e., on technical grounds, then, assessee may file second application after payment of duty/interest and such second application is not hit by res judicata

HC dismissed winding-up of real-estate Co. when it agreed to repay sums to allotees along with inter

CL : Where respondent builder agreed to repay amount collected from petitioner allottee with interest on its failure to deliver possession of apartment after lapse of stipulated period, winding up petition against respondent was to be dismissed

Gymkhana Club providing sports and other facilities only to its members can't be treated as charitab

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 1-4-2002, current year’s depreciation needed not to be claimed before setting off unabsorbe

IT : Prior to amendment made prospectively by Explanation 5 to section 32(1) with effect from 1-4-2002 there was no requirement of claiming current year depreciation compulsorily before setting off of past losses arose