HC directs appellate authority to consider export claim of assessee after verifying his Form H

CST & VAT : Where lower authorities had disallowed assessee's claim for sale in course of export on account of non-production of Form 'H', matter was restored to First Appellate Authority for adjudication afresh with respect to Form 'H' relied by assessee

Concealment penalty rightly levied for claiming depreciation on non-existent asset: Karnataka HC

IT : Where assessee claimed depreciation on non-existent assets, penalty was to be levied for filing inaccurate particulars of income

No suo-motu revision by revisional authority without giving reasons for setting aside order of Appel

CST & VAT : Where Revisional Authority initiated revisional proceedings against assessee and set aside order passed by Appellate Authority, if he was of opinion that order of Appellate Authority was prejudicial to interest of revenue, it was for him to assign reasons for setting aside same

Higher fair market value estimated by DVO isn't sufficient to confirm additions under Section 69B

IT : Where assessee had offered a reasonable and plausible justification regarding actual consideration of sale/ purchase transactions relating to property in question and revenue had failed to discharge its burden to prove, addition made by revenue under section 69B to be deleted

SEBI's circular providing for monthly/quarterly settlement of client's accounts is mandatory

SEBI : Circular issued by SEBI dated 3-12-2009 providing for concept of monthly or quarterly running settlement of clients accounts by brokers is mandatory

Even before 2013 protocol, treaty benefits allowed to fiscally transparent firm if its profits were

IT/ILT : Where assessee a U.K. based partnership firm engaged in 'rendering' legal services in India had PE in India in terms of article 5(2)(k) of India UK DTAA, profits attributable to PE were taxable under article 7 of India UK DTAA

High Court extends time-limit for making pre-deposit after considering the financial hardship of ass

Service Tax : Where assessee could not make pre-deposit in time (or extended time) due to financial constraint, High Court extended time-limit for pre-deposit

Norms on 'Infrastructure Investment Trusts' notified

SEBI/INDIAN ACTS & RULES : SEBI (Infrastructure Investment Trusts) Regulations, 2014

SEBI notifies norms on 'Real Estate Investment Trusts'

SEBI/INDIAN ACTS & RULES : SEBI (Real Estate Investment Trusts) Regulations, 2014

HC stays recovery of tax on its partial deposit on reasoning that Excise Act grants stay on similar

IT: HC stays recovery of tax on its partial deposit on reasoning that Excise Act grants stay on similar conditions

Tribunal can review validity of pre-deposit ordered by Commissioner(A), yet it can’t adjudicate appe

Service Tax : In an appeal against final order of Commissioner (Appeals) dismissing appeal for default of pre-deposit, Tribunal cannot adjudicate upon merits of appeal, but may review correctness of pre-deposit ordered by Commissioner (Appeals)

Loss arising due to share dealing wasn’t speculative if assessee had only carried out solitary trans

Solitary transaction of purchase and sale of shares in which assessee incurred loss due to fall in value of share, did not constitute assessee's business and loss could be set off against assessee's profit from other businesses

SC: HC couldn’t issue directions to CIT on issue which was already dropped and not raised by him bef

IT : Where proceedings under section 12AA(3) had already been dropped by Commissioner and this was not an issue before High Court in writ petition, High Court was not justified in issuing direction to Commissioner to pass an order under section 12AA(3)

CBDT mandates issue of nil TDS certificate to deductor and lower TDS certificate to recipient of inc

IT/ILT : Income-Tax (Ninth Amendment) Rules, 2014 – Amendment in Rule 28AA and Substitutiton of Form No.13

No deduction against Form ST-1 in respect of sales if assessee had sold goods to unregistered dealer

CST & VAT: Where assessee claimed deduction in respect of electronic goods sold to another registered dealer 'N' against form ST-1, since 'N' did not hold a registration certificate with respect to electronic goods, assessee was not entitled for deduction

Money found credited in saving account of assessee added to his income on his failure to prove sourc

IT : Where assessee failed to produce evidence in respect of source of amount found in saving bank account, addition was to be made as unexplained money

RBI approves of 'SME Rating Agency of India' for rating of fixed deposits of NBFCs

NBFCs : Rating of Fixed Deposits of NBFCs - Eligible Credit Rating Agencies – SME Rating Agency of India Ltd. (SMERA)

Event arising after expiry of time-limit for filing review petition couldn’t be considered in condon

Excise & Customs : Sufficient cause for condonation of delay must be referable to period prior to expiry of limitation; any event or circumstance arising after expiry of limitation cannot constitute such sufficient cause

Issue of levy of ship charges in breach of gas transportation agreement raises no competitional issu

Competition Law : Issue of reasonable levy of 'Ship or Pay' charge on shipper of gas by transporter in violation of gas transport agreement was to be decided by appropriate forum; it raised no competition issue

Revenue had rightly taxed capital gains on sale of property in the year in which its possession was

IT: Where assessee filed his return for assessment year 2007-08 declaring capital gain from sale of property, in view of fact that sale deed was executed on 3-9-2005 and possession of property was also handed over on same date, revenue authorities rightly concluded that capital gain in question was to be assessed in assessment year 2006-07