Person selling milk at a price fixed by supplier is an ‘agent’ and is liable to ST under ‘BAS’

Service Tax : Where price of goods (milk) was fixed by supplier and assessee was not at liberty to sell milk at a higher rate or lower rate, assessee was acting as agent of supplier and liable to service tax under 'Business Auxiliary Service'

AO couldn’t invoke disallowance under Rule 8D if investment didn’t yield any exempt income

IT : It is only expenditure directly relating to income which is earned either on receipt basis or on accrual basis and which does not form part of total income of a particular assessment year which can be disallowed under clause (i) of rule 8D(2) of 1962 Rules

Duty on iron-ore fines couldn’t be computed on ‘wet weight’ basis if contract price was fixed on ‘dr

Excise & Customs : Where assessee-exporter had agreed to supply iron-ore fines at a price arrived on 'dry weight' per metric ton basis, transaction value of such iron-ore will be determined as per contract and department cannot compute duty on 'wet weight' basis

HC uphold sec. 41(1) additions as trading liability ceased to exist when creditors denied any dues f

IT : Trading liability to pay back being ceased to exist, same is to be treated as taxable income

TNMM is most appropriate method for determining ALP of agency and marketing support services rendere

IT/ILT : Where assessee was engaged in providing agency and marketing support services to its AE, TNMM was most appropriate method for determining ALP of said international transactions entered into with AE

Input credit wasn’t available on basis of unsigned computer generated invoice given by service provi

Cenvat Credit : CENVAT Credit of input service can be taken only on basis of invoice issued by provider of input service which means original invoices signed by service provider and not computed-generated/electronic copies of invoices

SAT: Failure to make disclosure under Insider Trading norms attracts penalty, irrespective of mitiga

SEBI: Irrespective of mitigating factors such as disproportionate gain or unfair advantage derived or any loss caused to investors, failure to make timely disclosures under regulation 13 of PIT Regulations would attract penalty