Time-limit of 6 months for export rebate can be extended by Commissioner in genuine cases

Excise & Customs : Time limit of 6 months for export under rebate claim under Notification No. 19/2004-CE(NT) is flexible and may be extended by Commissioner, in his discretion, if delay has occurred due to circumstances beyond control of exporter

HC upheld disallowance of interest on loan taken for non-business purpose; denies to reappraise evid

IT : Where Tribunal rejected assessee's claim for deduction under section 36(1)(iii) taking a view that loan was not taken for business purpose, even though assessee made strenuous efforts to reappreciate and reappraise evidence on record to arrive at a different conclusion, yet same was not permissible under section 260A and, consequently, assessee's appeal was to be dismissed

Employee couldn’t be penalized for wrongful availment of credit by his employer

Cenvat Credit : No personal penalty is leviable on employee of assessee-company for wrongful availment of credit by assessee-company, as employee will not benefit in any way by availing of credit by assessee

HC quashed untenable order of CLB directing appellant to issue share certificate as it was beyond it

CL: Where CLB by impugned order directed appellants to issue share certificates to respondents and also directed appellants to rectify register of members by inserting name of original petitioner and to inform competent authorities order was unsustainable as adjudication of an entitlement to shares was not within compass of section 111

Co. with multiple segments can’t be considered as comparable in absence of its segment wise data

IT/ILT : A company having revenue from both, product development and software services, could not be treated as comparable to assessee engaged only in software services in absence of segment-wise data

COMPAT upholds CCI's penalty order against 'NSE' for its anti-competitive practices

Competition Act : NSE was dominant player in relevant market of services offered by security exchanges Conduct of NSE in waiving various fees such as transaction fees, data feed fees, admission fees etc. in Currency Derivative Segment was anti competitive

RBI modifies regulatory framework for Securitization Cos and Reconstruction Cos.

NBFCs/SARFAESI : Regulatory Framework For SCs/RCs – Amendment in Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

No duty on basis of production capacity if revenue failed to prove that sealed machines were de-seal

Excise & Customs : Once machines were sealed and there was no evidence that machines were de-sealed, without which they could not be used for manufacture, duty cannot be imposed on assumption that since machines had wheels, it could be moved out and used for manufacture.

Disallowance of bogus transactions admitted during survey couldn’t survive as it wasn’t supported by

IT: Where Assessing Officer made addition to assessee's income on basis of statement recorded by director of company in course of survey to effect that said amount represented non-existent transaction, since statement so made did not have any evidentiary value and, moreover, Assessing Officer had not even rejected assessee's books of account while treating transaction in question to be bogus, impugned addition deserved to be deleted

Only owner of goods is liable to VAT penalty if goods-in-transit aren’t accompanied by Form ST-18A

CST & VAT : Where on 22-3-2001 Assessing Authority checked a vehicle, wherein PVC sheets were being transported to assessee, who was owner of goods, and having found that same were not accompanied by declaration form ST-18A levied penalty upon assessee under section 78(5) of Rajasthan Sales Tax Act, 1994, Appellate Authorities were wrong in setting aside order of penalty on plea that prior to 22-3-2002 penalty could only be visited upon person in-charge of goods in transit

HC specifies limitation period of 5 years for initiation of penalty proceedings

Excise & Customs : Although there is no statutory period of limitation for imposition of penalty, yet, reasonable period of limitation for initiating penalty proceedings is five years

ITAT teaches basics to AO - Agricultural land situated beyond 8 K.Ms. of municipal limits isn’t a ca

IT : Where assessee sold a piece of land during relevant year, in view of fact that land was situated beyond eight kilometers from local municipal limits and, moreover, it was actually cultivated throughout period of holding, said land was to be regarded as agricultural land and, thus income earned from sale of it could not be brought to tax

Proposed recovery of reimbursement can’t be deemed as consideration for services to levy ST

Service Tax : A proposed recovery of expenses cannot be regarded as consideration for services and cannot be charged to service tax

Govt. notifies revised DTAA between India and Malta; to be effective from April 1, 2015

IT/ILT : Section 90 of the Income-Tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Government of Malta

Writ dismissed by HC as statutory remedy of filing an appeal against order of DCIT was available wit

IT : Where alleging failure to deduct tax at source, Deputy Commissioner treated assessee as assessee-in-default under section 201, writ petition thereagainst was to be disallowed as assessee had statutory alternative remedies of filing appeal before Commissioner as well as further appeal before Tribunal, if required

No denial of refund if made within time-limits of Customs Act after expiry of limits of exemption no

Excise & Customs : Refund claim may filed within time-limit of section 27 or time-limit of exemption notification, whichever is later

No time-limit for assessment of income excluded from one year but included in another year; HC uphol

IT: Reassessment of escaped income, without any express 'finding' or 'direction' could be made under Explanation 2 to section 153 (3)