Prior to 1-7-2010, licensing of duty free shops within airport amounted to renting of immovable prop

Service Tax : Prior to 1-7-2010, license arrangement whereby licensee is permitted to run duty-free shops in airports cannot amount to 'airport services', as letting of immovable property was specifically covered under separate service

AO couldn’t make disallowance by resorting to rectification proceedings for debatable issues

IT: Where rectification pertaining to computation of deduction under section 80HHC was highly debatable, rectification could not be resorted to under provisions of section 154

SEBI enhances fee for settlement of administrative and civil proceedings by two-folds

SEBI/INDIAN ACTS & RULES : SEBI (Settlement of Administrative and Civil Proceedings) (Amendment) Regulations, 2014 – Amendment in Schedule I

Imparting training to students in Nautical Science and Marine Engineering was liable to service tax

Service Tax : Imparting training to students in Nautical Science and Marine Engineering and conducting short term courses like Oil Pollution and Response Course, Fire Prevention and Fire Fighting Course, Personal Survival Technique Course, Tanker Familiarization Course, Personal Safety and Social Responsibility Course for sea men and students is liable to service tax under Commercial Training or Coaching Services

No deemed dividend on receipts pursuant to family settlement even if assessee had substantial intere

IT : Where pursuant to family settlement, assessee received certain amount and assets from a company in which he had substantial interest, provisions of section 2(22)(e) could not be applied to amount so received

HC keeps winding-up plea in abeyance after knowing that respondent-co. was making profits

CL: Company being a profit making company, winding up petition was to be kept in abeyance

Charterer of ship can't be alleged as conduit if relevant docs proves it's position; treaty benefits

IT/ILT : Where cyprus shipping company was not merely a paper company and played its role, Indian agent could not be taxed for its income and treaty benefit of Article 8 of Indo-Cyprus DTAA would be available to it

HC grants reasonable time to department for pursuing revisional remedy against order of Tribunal

Service Tax : Where Tribunal set aside order of penalty imposed upon petitioner and Department decided to file revision against order of Tribunal, reasonable time was to be allowed to department to pursue revisional remedy

Acquirer-Co. not liable to pay non-compete fee to public shareholders if it was paid to promoters of

CL : Ordinarily when there is a gap of 25 per cent between consideration paid to outgoing promoters and non-compete fee, SEBI ought not to conduct any inquiry. However, if it appears to SEBI that difference between offer price and non-compete fee is less than 25 per cent but that is nevertheless a disguise or a camouflage for reducing cost of acquisition through a public offer, then SEBI can certainly delve further into the matter

CBDT seeks inputs from officials to improve quality of assessment orders and to reduce litigation

IT : Constitution of A Committee to Study The Appellate Orders to Examine The Filing of Appeals by Department before Various Forums – Suggestions Invited from all Officers for Improving Quality of Assessment Orders and to Strengthen Institution of CIT(A)

ITAT allows sec. 54 relief for two flats as their layout plan indicated that both were used as a sin

IT : Where acquisition of two flats had been done independently but eventually they were a single unit and house for purpose of residence, claim under section 54 could not be denied

HC denies to relax delay in making drawback claim by assessee as act of non-reversal of credit was d

Excise & Customs : Where assessee had taken credit of additional duties of customs and had re-exported goods on which credit had been taken : (a) Cenvat Credit taken earlier was reversible and (b) duty drawback of said duties could not be allowed when Cenvat Credit had been reversed after more than 5 years from re-export and more than 3 years from department pointing out erroneous Cenvat Credit

To compute ALV AO has to determine standard rent of property if it isn't fixed under Rent Control Ac

IT: At the time of determining Annual Letting Value of properties, which are subject to Rent Control Act, it is the duty of AO to determine standard rent if it isn't fixed under Rent Control Legislation

Indexation benefit available from the year in which asset was held by previous owner to compute cost

IT: When an asset is acquired by way of inheritance, cost of acquisition of asset should be calculated on basis of cost of acquisition to previous owner and said cost of acquisition of previous owner has to be calculated on basis of indexed cost of acquisition as provided in Explanation (3) to section 48

Electronic portable ticketing machine is not an IT product; liable to 12.5% VAT under residuary entr

CST & VAT : Portable hand held electronic ticketing machine was not an IT product and it did not fall under notification dated 30-3-2006 issued under VAT Act and it was exigible to tax under residuary entry at rate of 12.5 per cent

DIT asks Nodal officers to transfer out PAN from old/orphan jurisdictions to jurisdictional AOs

IT/ILT : Section 139A of The Income-Tax Act, 1961 – Permanent Account Number (PAN) – Migration of Pans Lying in Old/Orphan Jurisdiction and Review of AO Codes Where no Employee Number is Attached

HC disallows business expenses of ‘Liberty’ as it had already transferred its business to franchisee

IT : Where assessee had transferred its business to franchisee, assessee could no more claim any business expenditure or depreciation on expenses incurred by it

Pre-delivery inspection charges not includible in excisable value if second inspection was made at b

Excise & Customs : Pre-Delivery Inspection (PDI) charges for conducting tests for second time at option of buyer cannot be added to assessable value.

CBEC rescinds old orders relating to appointment of officers and their jurisdiction issued under ST

ST LAWS : Rule 3 of The Service Tax Rules, 1994 - Appointment of Officers – Rescission of Order No.3/3/94-ST, Dated 11-10-1994; No.4/1/95-ST, Dated 25-7-1995; No.5/1/1996-ST, Dated 31-10-1996; No.5/1/97-ST, Dated 25-7-1997; No.7/1/97-ST, Dated 5-11-1997; No.1/1/98-ST, Dated 7-10-1998; No.3/1/2004-ST, Dated 1-3-2004; No.4/2/2004-ST, Dated 18-5-2004; No.1/1/2010-ST, Dated 10-2-2010 and all other Orders Relating to Appointment of Officers and Their Jurisdiction Issued Under Rule 3 of Said Rules

Govt. constitutes National Advisory Committee for formulation of accounting policies/standards

COMPANIES ACT, 2013/COMPANIES ACT, 1956/AAA : Section 133 of The Companies Act, 2013, read with Section 210A Of The Companies Act, 1956 - Central Government to Prescribe Accounting Standards – Constitution of National Advisory Committee on Accounting Standards – Notified Persons

Royalty income offered by NR at lower tax rate without any assessment to be deemed as escaped income

IT/ILT: Reassessment in case of assessee a non-resident company was to be upheld as application of 15 per cent tax rate for royalty income under India-US DTAA instead of 30 per cent under section 115A of amounts to lower tax rate application resulting in escapement of Income

No denial of service tax refund merely on the ground that it wasn’t shown as receivable in books, sa

Service Tax : Refund of service tax on services not provided cannot be denied on ground that same was not shown as 'receivable' from Revenue in Balance Sheet

HC imposes exemplary cost on petitioner for filing winding-up plea with a mala-fide intention

CL: Where winding-up petition, from its inception, lacked any semblance of bona fides and carried with it only fetidness of mala fides, deceit and duplicity, huge cost was to be imposed on petitioner