No reassessment to tax gains from sale of shares as business income if all details were given during

IT: Where assessee had given complete details of his share transactions by bringing on record stock transaction summary at time of making assessment, initiation of reassessment proceedings merely on basis of change of opinion that capital gain declared from sales of shares was taxable as business income, was not sustainable

Penalty proceedings initiated after reasonable period of 5 years were invalid, rules High Court

Excise & Customs : Though there is no time-limit for initiation of penalty proceedings, but, must be initiated within a reasonable period of 5 years; penalty proceedings initiated thereafter are invalid

Sec. 40(a)(ia) disallowance to be invoked only for sum outstanding at year end; Victor Shipping's ca

IT : Proviso inserted by Finance Act, 2012 in section 40(a)(ia) is declaratory and curative in nature and therefore, it should be given retrospective effect from 1-4-2005

Charges received on transportation of crude oil through pipeline would form part of sale price of cr

CST & VAT : Where assessee sold crude oil to 'IOC', transportation charges received by it from 'IOC' formed part of sale price

Provision for warranty of products isn’t a contingent liability; allowable as revenue exp.

IT: Provision for warranty liability in respect of products sold should be allowed as revenue expenses

AO had discretionary powers to determine value of property under rule 3 or rule 8 for wealth tax pur

WT: Assessing Officer has discretionary power to determine whether rule 3 or rule 8 is applicable to a particular case; and if Assessing Officer is of opinion that it is not practicable to apply rule 3, Assessing Officer can apply rule 8 and value of asset could be determined in manner laid down in rule 20 or section 16A

HC directs authorities to grant exemption on supply of material in work contract entered into by ass

Service Tax : Where a contract involves supply of services as well as supply of materials, adjudicating authority must consider exemption under Notification No. 12/2003-S.T. in respect of sale/deemed sale of goods

Tribunal relies on assessment of subsequent years to estimate gross profit at 2% of undisclosed rece

IT : Where in course of search proceedings, assessee declared certain undisclosed trading receipts, Tribunal relying upon assessment orders of subsequent three years, was justified in adopting gross profit rate of 2 per cent of such undisclosed receipts

Assessee was service provider as he delivered only project to Govt. on BOOT basis without transfer o

CST & VAT: Where Meghalaya Information Technology Society entered into an agreement with assessee and awarded to it implementation of MSWAN project on BOOT basis and thereupon, assessee imported networking in State of Meghalaya, assessee was simply service provider

Sums paid to overseas agent for procuring orders were outside the ambit of ‘FTS’

IT/ILT: No tax was deductible at source on commission payment to overseas agent for procuring orders, as said services not being in nature of technical services, payments in question were not taxable in India

Unless acts alleged by petitioner are shown prejudicial to his interest they don’t amount to oppress

CL : Unless any material was placed showing appointment of any person as director, increase of authorised capital and removal of any other from directorship had led to cause prejudice, relief under sections 397 and 398 would not be available