On claiming full exemption by assessee its credit balance had lapsed under Rule 11 and couldn't be u

Excise & Customs : If assessee starts claiming full exemption from duty from 1-4-2008, credit balance as on 31-3-2008 (after appropriate reversals in relation to stocks) would lapse under rule 11 of CENVAT credit Rules, 2004 and cannot be used in June, 2008 even for payment of duty on clearances made in March 2008 itself

ITAT makes sec. 14A disallowance by estimating 2% of dividend income as incidental exp. for earning

IT : When assessee had not furnished details of expenditure, reasonable estimation of expenditure attributable to dividend income has to be made at 2 per cent of gross dividend income; section 14A disallowance is to be made of said amount

HC waives of pre-deposit demand of penalty on pre-deposit of entire service tax and interest by asse

Service Tax : Where appeal before Tribunal was dismissed for non-compliance with pre-deposit, High Court restored appeal before Tribunal on pre-deposit of entire service tax and interest and waived pre-deposit of penalty

No concealment penalty if assessee didn’t intend to furnish inaccurate of land specifying municipal

IT: Where assessee claimed that his agricultural land was situated beyond 8 kms. of municipal limits and produced some certificates regarding said property, concealment penalty should not be imposed

HC denied to stay winding up order as revival scheme of liquidating Co. wasn't bonafide

CL : Where schemes for revival of a company in liquidation presented by unsecured creditors, secured creditors, shareholders, etc. were not bona fide and such applicants did not have any locus standi to come before Court, prayer for stay of winding up order was to be rejected

Sums paid to DTH operators for placement of channels in a particular frequency couldn’t be deemed as

IT/ILT : Channel placement fee paid by assessee to cable TV operator/DTH provider could not be regarded as royalty in terms of Explanation 2 to section 9(1)(vi)

Tribunal had to follow principle of consistency in its interim order, says CESTAT

Cenvat Credit : Where Tribunal has granted stay in matter relating to same assessee for earlier period, Tribunal must follow consistency in rendering judgments or passing interim orders to ensure legal propriety and judicial discipline and stay must be granted in subsequent matters as well

Unconditional dispensing of pre-deposit order by CESTAT without safeguarding interest of revenue was

Service Tax : If authority chooses to dispense with pre-deposit, it must impose such conditions as it deems fit to safeguard interests of revenue; an order dispensing with pre-deposit without imposing any condition is illegal

MCA tweaks norms on appointment of auditor by CAG

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Removal of Difficulties) Seventh Order, 2014 – Amendment in Section 143 of The Companies Act, 2013

Activities statutorily required to be done prior to import couldn't be deemed as manufacture in Indi

Excise & Customs : Labelling/relabelling/repacking/affixation of MRP, etc. carried out as a statutory requirement prior to importation of goods covered under 3rd Schedule to Central Excise Act cannot be regarded as 'manufacture within India' because 'import into India' is complete only after said activity is done

ITAT directs AO to consider sec. 41(1) additions after verifying statement of accounts of creditors

IT : Where assessee furnished before Tribunal, for first time, statement of accounts from concerned creditors so as to confirm/prove discharge of total liability, matter was to be restored back to Assessing Officer

ITAT's jibe at CA over his absurd advice; doubts efficacy of CPE programmes designed by ICAI

IT : Where assessee filed appeal with a delay of more than eight years against denial of deduction under section 80-O contending that said delay was caused due to advice given by Chartered Accountant to effect that since appeal on similar issue was already pending before Tribunal for earlier year and it was only on basis of decision in said appeal, a rectification application could have been filed before Assessing Officer, it was opined that said absurd advice could not have been given by Charte

No reassessment after 4 years to disallow exp. on TDS default if assessee had disclosed all facts du

IT : When it was not established that there was failure on part of assessee to disclose truly and correctly all material facts, assessment could not be reopened after expiry of four years to disallow interest on ground that no interest was offered on loan advanced and to disallow rent on ground that TDS was not deducted thereon

Unconditional dispensing of pre-deposit order by CESTAT is illegal; should be conditioned by safegua

Service Tax : If authority chooses to dispense with pre-deposit, it must impose such conditions as it deems fit to safeguard interests of revenue; an order dispensing with pre-deposit without imposing any condition is illegal

Goods seized due to non-production of declaration form to be released on furnishing of bank guarante

CST & VAT : Where Assistant Commissioner (Mobile Squad), U.P. Commercial Tax Department intercepted a truck transporting a pump from Uttarakhand to Chattisgarh and seized pump and demanded a security of Rs. 10 lakhs in cash for release of pump, Assistant Commissioner was directed to release pump upon assessee furnishing bank guarantee of Rs. 10 lakhs

Reassessment notice was invalid if issued after obtaining approval of Commissioner instead of Joint

IT : Notice issued under section 148 after obtaining sanction from Commissioner is void ab initio

Subsidy received by Cricket Associations from BCCI for IPL matches won’t be liable to service tax

Service-tax : TV/Infrastructure/IPL subsidy received by a cricket association (assessee) from BCCI on holding of IPL matches in stadium is not prima facie taxable in hands of assessee under 'Commercial use or Exploitation of any Event' service

Indian branch could claim deduction for head-office expenditure even if it was not recorded in its b

IT/ILT: Expenditure met out by head office with regard to business operation of assessee branch in India allowable under section 44C

No abuse of dominance by BPTP when another big real estate developers were also present in relevant

Competition Law : Where other large well known real estate developers were present in relevant market for development and sale of residential apartments, OP-BPTP could not be said to be in a dominant position