Market research exp. incurred by trader was in nature of revenue exp., says ITAT

IT: Expenditure incurred on market research by a trader cannot bring into existence any capital assets; hence, it is revenue expenditure

Tribunal had rightly directed full pre-deposit of ST as assessee failed to deposit ST collected from

Service Tax : Where service tax has been collected from customers, assessee could be directed to make full pre-deposit of service tax while waiving pre-deposit of interest and penalty

HC ordered appointment of administrator to oversee that resources of Co. were used for benefit of al

CL : Where resources of respondent company had been used for benefit of majority shareholder's family and petitioner-shareholders were excluded from affairs of company, administrator was to be appointed to oversee affairs of company

TP adjustments set aside as objection of assessee on the business activity of comparables weren't ad

IT/ILT : Where assessee had not been provided with list of comparables and its objections regarding business activities of comparables had not been addressed, ALP to be redetermined

Supply of vessel on charter basis for offshore operations wasn’t ‘storage and warehousing service’

Service Tax : Supply of vessels on charter hire basis for offshore operations involving transport of crude oil and incidental storage thereof is 'Supply of Tangible Goods for Use Service'; not storage and warehousing Service

Rent paid to a depot agent under a composite service agreement would attract 194C and not sec. 194-I

IT : Where payment made to a depot agent by assessee under agency service agreement was described as rentals paid for premises and specifications were also earmarked and it was for composite services, arrangement would fall under definition of 'rent' provided under section 194C and not under section 194-I

CBEC issues clarification to facilitate implementation of new provision mandating pre-deposit

ST LAWS/EXCISE & CUSTOMS LAWS : Section 35F of The Central Excise Act, 1944, read with Section 129E of The Customs Act, 1962 - Deposit, Pending Appeal, of Duty Demanded or Penalty Levied – Clarifications on Amendments made by Finance Act, 2014 to Appeal Provisions in Customs, Central Excise and Service Tax

Refund of excess input tax couldn’t be denied merely due to existence of unaudited accounts

CST & VAT : Where assessee claimed for refund of excess input tax paid for period 2012-13, refund could not be refused on plea that assessment for year 2012-13 would have to be audited and it was only after audit of accounts excess input tax could be refunded

No deemed dividend on disbursement of advance if recipient-co. wasn’t a shareholder in lending compa

IT : Where certain companies advanced money to assessee-company in which one director of assessee was holding more than 10 per cent equity shares, since assessee itself was not shareholder of those lending companies, impugned addition made by Assessing Officer by invoking provisions of section 2(22)(e) was not sustainable

SC discusses evils of retro law; proviso to sec. 113 levying surcharge in block assessment cases hel

IT : SC discusses the evils of retrospective law while upholding the principle "that unless a contrary intention appears, a law is presumed to be prospective" but stops short of holding substantive retrospective amendments hurting tax payers as unconstitutional

In case of conflicting views of HC, decision of that HC would apply which was having jurisdiction ov

Service Tax : In case of conflicting opinions of several High Courts, decision of that High Court within whose jurisdiction issue arises viz. where taxable event occurs or jurisdictional Commissioner passes initial adjudication order, should be followed

Business loss can’t be carried forward which could be set-off with short-term capital gains in relev

IT: Addition made in respect of unsold property falling within block of assets could not be reduced while computing short-term capital gain on sold property

SEBI releases clarification on position limits for mutual funds in 10-year interest rate futures

SEBI : Position Limits for Mutual Funds in 10-Year Interest Rate Futures (IRF)

ITAT denies to accept LIBOR to determine ALP of interest; approves rate accepted by assessee in earl

IT/ILT : Where assessee filed application contending that LIBOR linked interest rate had to be applied in order to determine ALP of interest in respect of loan granted to AE, since assessee had accepted rate of 7 per cent in earlier year and that was basis for directing to adopt 7 per cent by Tribunal during relevant year as well, said direction did not require any interference

Buyer can’t challenge denial of refund claim of manufacturer as he isn’t the aggrieved party

Excise & Customs : Buyer of goods cannot be said to be 'person aggrieved' by rejection of refund claim filed by manufacturer; therefore, buyer cannot challenge said rejection in appeal before Tribunal

SC: A society registered under Kerala Co-opreative Societies Act isn't a 'Public Authority' under RT

RTI: A co-operative society registered under Kerala Co-operative Societies Act does not fall within definition of public authority under RTI Act