Even prior to 1-4-2002, no turnover tax was leviable on work contract of constructing multi-storeye

CST & VAT: Where assessee was engaged in works contract and in respect of assessment years 2000-01 to 2002-03 Assessing Authority levied turnover tax upon it, in view of proviso to section 6B(1), it was entitled to exemption from payment of tax

SC rejected compliant on dishonor of cheque for discharging loan as complainant wasn’t in position t

Negotiable Instruments Act: Where complainant was working under accused and was not in a position to extend loan to accused, complaint filed by him for dishonour of cheque issued by accused in discharge of loan liability was to be dismissed

ITAT directs TPO to re-examine as to whether operations carried by NR outside India was related to i

IT/ILT : Where in case of assessee, an Australian company, engaged in installation of infrastructure in form of platform and pipelines for ONGC, TPO made certain addition taking a view that certain services such as fabrication and designing were performed outside India but revenue earned from those operations were attributable to assessee's PE in India, in view of objection raised by assessee to proposed addition, matter was to be remanded back to TPO for disposal afresh after taking into consid

SEBI issues guidelines for implementing revised norms for single registration of Stock Brokers

SEBI : Single registration for Stock Brokers & Clearing Members.

Interest credited by SBI to deposits made under ‘Site Restoration Account’ won’t attract sec. 194A T

IT : Where a deposit is not in nature of time deposit, then it is not amenable to provisions of section 194A

Department can’t recalculate interest/collection charges in respect of period prior to passing of re

CST & VAT : Where Assessing Officer passed a rectified order on 14-3-2013 and raised demand upon assessee and later he issued on assessee a notice demanding more amount as interest and collection charges, Assessing Officer was directed that he would not calculate interest prior to 14-3-2013 and no collection charges could be recovered

No TDS liability under sec. 194H if exp. incurred for rendering free services were wrongly recorded

IT : Where payment of rent did not exceed limit of Rs. 1,20,000 specified under section 194-I, assessee was not liable to deduct TDS

HC deletes penalty as AO didn’t record his satisfaction regarding levy of penalty on non-compliance

IT : Where Assessing Officer had failed to record its satisfaction in assessment order that assessee had not obtained audit report well on time and further, there was no whisper in said assessment order regarding levy of penalty, no penalty would be leviable

Transaction value of identical goods can be applied for valuation purpose only if its imports are fo

Excise & Customs : Before assessment of value of goods based on transaction value of identical goods, it must be evidenced that imports of identical goods are comparable imports and assessee must be given reasonable opportunity to counter same

HC extended limitation period for investment under sec. 54EC as specified bonds weren’t available in

IT: Assessee's right to make investment within six months cannot be curtailed only for reason of non-availability of specified bonds in market for a period at time of expiry of stipulated six months

HC directed ROC to restore name of petitioner-co. as there was no allegation of offence against it

CL : Where there were no allegations against petitioner company with regard to misdemeanor on its part, petitioner's application for restoration of its name in register of company was to be allowed

Bar of Res Judicata won’t be applicable unless issue raised by assessee has been decided by lower Co

Excise & Customs : Unless an issue has been heard and finally decided, there can be no res judicata; hence, bar of Res Judicata shall not apply to case where lower court did not decide issue raised by assessee and assessee would be free to raise such issue