50% new manpower necessary in a new SEZ unit for Sec. 10A/10AA relief: CBDT's clarification for soft

IT : Section 10A, Read with Section 10AA of the Income - Tax Act, 1961 - Free Trade Zone - Clarification on Allowability of Deduction Under Section 10A/10AA on Transfer of Technical Manpower in Case of Software Industry

Block assessment under sec. 158BD doesn’t necessitate initiation of legal and valid search proceedin

IT: There is no requirement under provisions of Act that block assessment proceedings under section 158BD can be initiated only in pursuance of legal and valid search proceedings under section 132

ITAT directs CIT(A) to consider claim under sec. 10(23C)(iiiab) after getting details of Govt. grant

IT: Registration of a trust/institution under section 12A is a condition precedent for availing benefit under sections 11 and 12

Goods used in erection of machineries became its components and were eligible for credit

Cenvat Credit : As per user test, goods used in erection of machineries would become component of same and therefore, credit cannot be denied on ground that goods are not covered under definition of capital goods

I-T Dept. has no preferential rights over secured creditors for recovery of dues from sale proceeds

CL: Income-tax department does not have a preferential right in matter of payment of dues over right of secured creditors (including workmen) from proceeds received upon sale of mortgaged assets by Official Liquidator

No TDS on sums paid for hiring of ships as resultant gain was taxable only in Singapore under India-

IT/ILT : Where JOPL, a Singaporean company, under an agreement, provided ships to assessee for transportation of coal between two Indian ports, transaction was covered by article 8 of Indo-Singapore DTAA and income of JOPL from Indian operations was not taxable in India

Amount paid by Mc Dowell to regain ownership of the manufacturing unit couldn’t be allowed as revenu

IT : Where assessee filed its return claiming exclusion of unclaimed credit balances written off, in absence of any material on record showing that said amount was already included in sales turnover of earlier years and suffered tax, impugned order passed by Tribunal allowing assessee's claim was to be set aside

SEBI dispenses with requirement of separate registration for stock brokers for operating in multiple

SEBI/INDIAN ACTS & RULES : SEBI (Stock Brokers and Sub-Brokers) (Amendment) Regulations, 2014 – Amendment in Regulations 3, 10A & Schedule I and Substitution of Regulations 10 & 10D

Rajasthan Govt. revises VAT return form, seeks details of goods sold by agent in new Form

GST/INDIAN ACTS & RULES : Rajasthan Value Added Tax (Second Amendment) Rules, 2014 – Amendment in Rules 17A, 19, 37, 79A, Form VAT-10 and Form VAT-69 and Substitution of Form VAT-08A

Commission paid to proprietor’s son for acquiring sales order was allowable as deduction

IT : Where sub-agents, who were assessee's sons, acquired orders for assessee agent, commission paid to them was to be allowed

Principles of unjust enrichment applies to all refund claims arising out of orders of authority, Tri

Excise & Customs : Where consequent to Tribunal's decision, refund claim was made much after expiry of year, same would be time barred

No penalty if AO had accepted revised return without stating any deliberate concealment on part of a

IT : Concealment penalty not imposable where income declared by assessee from long-term capital gain by selling agricultural land in his revised return was accepted by assessing authority and there was no material available on record by which there could be an inference drawn by authority that it was a deliberate concealment on part of assessee

No extended period of limitation to deny credit if the impugned issue had been taken up in audit

Excise & Customs : Where issue of Cenvat Credit on transformer oil had been taken up in audit in 2002, department could not raise extended period in 2005 to deny said credit, as all facts were already within knowledge of department

Department had to examine existence of real importer before ordering provisional release of confisca

Excise & Customs: Where import by third party in name of non-existing front company was alleged, before releasing confiscated goods, genuineness of transactions and also existence of front company was to be examined

Transformation of assessee from small scale industry to large scale won’t lead to denial of sec. 80

IT : Where a small scale industry in course of 10 years stabilizes early and makes further investments in business which results in its going outside purview of definition of a small scale industry, that does not come in way of its claiming benefit under section 80-IB for 10 consecutive years, starting from initial assessment year

Gains arising to assessee from captive consumption of electricity would be eligible for sec. 80-IA r

IT : 'Profit and gain' from captive consumption of electricity supplied only to assessee by power plant of assessee will qualify for deduction under section 80-IA

Tribunal can’t dispose of appeal in undue haste without analyzing all submissions therein

Excise & Customs : Tribunal must consider issues raised in Appeal in-depth and render a complete finding and if a particular issue is not pressed or is given up, said fact should be indicated in order of Tribunal; undue haste in disposal of appeal is uncalled for, especially when there is no specific target allotted to Tribunal

No denial of sec. 36(1)(viia) benefit to rural branches considering population of panchayats located

IT : In terms of section 36(1)(viia), scope of definition of 'a place where branch of bank is situated' cannot be extended beyond rural unit being village as recognized in census report

Place of issue of notice on cheque dishonour won’t confer jurisdiction upon Court to take cognizance

Negotiable Instrument Act: Place of issue of a statutory notice cannot by itself confer territorial jurisdiction upon Court to take cognizance of an offence under section 138

No denial of abatement benefit on closure of factory for want of meter reading if assessee was using

Excise & Customs : Where assessee did not have electric connection and was using DG set, benefit of abatement on closure of factory cannot be denied on ground that assessee did not intimate 'electricity meter reading', as said details cannot be provided in absence of any electricity meter

Losses arising from sale of shares of affiliates couldn’t be doubted it was incurred due to commerci

IT : Where assessee sold shares of a company at a price quoted at stock exchange whereas shares of sister concern were sold at loss because said company was in red, there being no doubt about genuineness of share transactions, assessee's claim for set off of loss arising from sale of shares of sister concern against income arising from shares of other company was to be allowed