High Court triggers sec. 41(1) for excess cash collected by South Indian Bank from its depositors

IT: Expenditure incurred on earning tax free bonds and dividends was to be disallowed

Sums paid by TPA to hospitals for settlement of mediclaim won’t attract rigours of sec. 194J TDS

IT: Where assessee-third party administrator, settled mediclaim of insured and arranged said amount from insurance company, it was not liable to deduct tax against said payment made and therefore no disallowance under section 40(a)(ia) could be made

No reversal of credit on excess duty paid by supplier if factory of supplier/recipient was owned by

Cenvat Credit : Where supplier factories and recipient factories, both, belonged to assessee only, demand of Cenvat reversal from recipient factories on ground of excess duty payment by supplier factories, was dropped on undertaking from supplier factories that they would not claim refund of such excess duty

Power distribution Co. abused its dominance by denying access to consumers for availing of electrici

Competition law : Where OP bought power from cost inefficient company and denied open access to consumers for availing electricity from other sources, OP abused its dominant position

FTS receipts pursuant to agreements entered into prior to 1-4-1976 were exempt under proviso to sec.

IT/ILT: Where assessee-company entered into contract with Indian companies for supply of technical know-how prior to 1-4-1976, technical services fee received by it in terms of those contracts was exempt from tax by virtue of proviso to section 9(1)(vii)

Govt. notifies business of storing, safeguarding and retrieving specified records under Money Launde

MONEY-LAUNDERING : Section 2(1)(SA)(VI), Read With Section 12 Of The Prevention of Money-Laundering Act, 2002 - Person Carrying on Designated Business or Profession - Notified Person Deemed To Be

Now Provident Fund of an exempted establishment is eligible to be appointed as a member of Stock Exc

SEBI/INDIAN ACTS & RULES : Securities Contracts (Regulation) (Second Amendment) Rules, 2014 - Amendment in Rule 8

SEBI tweaks norms on Investor Protection Fund/ Customer Protection Fund

SEBI : Modification to Investor Protection Fund (IPF)/Customer Protection Fund (CPF) Guidelines

Sums forfeited on non-payment of instalments of share warrants would be treated as capital receipts,

IT: Where assessee issued optionally convertible warrants during relevant year, amount forfeited by it on account of subsequent non-payment of instalments towards warrants issue had to be treated as capital receipt not liable to tax

Supply of transformer alongwith iron and steel structures for setting-up power project is liable to

CST & VAT : Where assessee supplied to a customer transformer alongwith iron and steel structures, distribution boxes, etc. for setting up Mini Hydel Power Project, transformer constituted a part of renewable energy device and it would fall under Entry No. 80 of Third Schedule to VAT Act

Sec. 10B relief was available on receipt of sums from activity of copying of data from one software

IT : Sale of software on license basis would amount to sale for purpose of deduction under section 10B

No penalty alleging wilful default in filing return if it was filed within extended time allowed by

IT: Where assessee filed its return of income within extended time period granted by revenue authorities, there being no case of wilful default in filing return within prescribed time period, impugned penalty order passed in terms of section 276CC deserved to be set aside

Activity of making small stones by cutting big stones tantamounts to manufacture under Gujarat Sales

CST & VAT : Where assessee was engaged in making small stone of different size by hammering/cutting big stone, activity of assessee could be said to be manufacture

Functional dissimilar Cos can’t be taken as comparables without making adjustment for dissimilaritie

IT/ILT: Where there is functional dissimilarity between assessee and comparable companies, same cannot be compared without making adjustment for dissimilarities

Court couldn't disregard method of valuation of shares in a scheme of reduction unless it was unreas

CL: To disregard a method of valuation of shares in scheme of reduction, it must be shown that chosen method of valuation is such as has resulted in an artificially depressed or contrived valuation well below what a fair-minded person may consider reasonable