Department can either approach Tribunal for vacating stay or seek disposal of appeal on expiry of di

Excise & Customs : On expiry of maximum time-limit specified in section 35C(2A), proper remedy for department is to move Tribunal either for vacating stay or for disposal of appeal

No tax on receipt of development fee by charitable school if it was incurred for welfare of students

IT : Where society, running school, had received development fund as part of students fee which was utilised in amenities and welfare of students, same was to be regarded as capital receipt not chargeable to tax

Tribunal can extend stay by 180 days if delay in disposal of appeal isn’t attributable to assessee

Excise & Customs : Tribunal may extend stay only by 180 days at a time and such extension may be granted only if delay in disposing of appeal is not attributable to assessee and said extension may be granted even beyond 365 days (total)

HC disallowed interest as borrowed funds were diverted to sister concern without any commercial expe

IT: Where assessee after taking loan from bank gave interest-free advances to its sister concern which had gone into huge loss and there was no commercial expediency in advancing such loan, interest attributable to such loan was to be disallowed

No sec. 69 addition merely due to difference found in reconciliation statements of suppliers and ass

IT : Mere on difference in reconciliation of accounts of suppliers and assessee, it could not be presumed that assessee had made purchases outside books of account

Dismantling of plant and installation of doors doesn't amount to input services

Cenvat Credit : Dismantling of plant, Installation charges of doors and laying of roads cannot amount to input service, especially when assessee failed to show link thereof with manufacturing activity

Cos involved in banking, finance services aren't comparable with a Co. providing investment advisory

IT/ILT : Where TPO made adjustment to assessee's ALP in respect of rendering investment advisory services to AE on basis of average mean margin of his own set of comparables, in view of fact that some of those comparables were engaged in business of merchant banking, corporate finance etc. and, thus, there being functional difference, impugned adjustment was to be set aside

Conduct of respondent was oppressive as it used petitioner's funds in its own Cos without informing

CL: Where money invested by petitioner in R-1 company was utilized in other companies managed by person managing R-1 company but no information about investment was provided to petitioners, such conduct would be held to be oppressive

Co. to give only disclosures relevant for Consolidated Statement without repeating disclosures of se

COMPANIES ACT, 2013/AAA : Section 129 of The Companies Act, 2013 - Financial Statement - Clarification on Matters Relating to Consolidated Financial Statement

Supreme Court admits appeal against Delhi High Court's verdict striking down Service Tax valuation R

Service Tax : Where Delhi High Court had held that rule 5(1) of Service Tax Valuation Rules providing for inclusion of value of expenditure or costs incurred by service provider was ultra vires and liable to be struck down, Supreme Court admitted appeal thereagainst

Govt. notifies revised 'Kisan Vikas Patra Rules'

IT : Kisan Vikas Patra Rules, 2014

Merely change in management of assessee wasn’t a valid ground to condone delay in filing refund clai

IT : Where accounts of assessee were audited well in time and assessee could have filed return of income within time stipulated under section 139(1), change of management could not be sufficient ground to condone delay in filing return and refund claim

Bank had preferential rights to recover its dues under SARFAESI Act over dues of Excise Department

Excise & Customs : Rights of a bank to recover its dues under SARFAESI Act have first preferential charge over that of central excise/customs/service tax dues

Govt. realigns jurisdictional areas of DRTs in Kolkata, Mumbai and Tamil Nadu

DRT : Section 3 of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Establishment of Tribunal - Notified Tribunal S - Amendment in Notification No. GSR 15(E), Dated 9-1-2007

Govt. mandates auditors to report on adequacy of 'internal financial control system' wef financial y

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Audit and Auditors) Amendment Rules, 2014 – Insertion of Rule 10A

No penalty on disclosure of income after search proceedings as time-limit for filing belated return

IT : Where after search in case of husband, assessee-wife filed return in response to notice under section 153C and income declared was accepted in assessment, in view of fact that sufficient time was still available for filing return, under section 139(4), assessee could not be held guilty of concealment liable to penalty

Delay in filing writ petition due to time spent in pursuing remedies not provided by law wasn’t cond

Excise & Customs : For condonation on ground of time spent in pursuing other remedies, assessee must show that he has been seeking relief elsewhere in a manner provided by law; if he runs after a remedy not provided in statute, it is not desirable to condone delay

Kerala Govt. hikes tax rates under VAT Act and General Sales Tax Act; amends Kerala Finance Act, 200

CST/VAT/INDIAN ACTS & RULES : Kerala Taxation Laws (Amendment) Ordinance, 2014 – Amendment in Kerala Value Added Tax Act, 2003 etc.

Govt. mandates auditors to report on adequacy of 'internal financial control system' wef April 1, 20

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Audit and Auditors) Amendment Rules, 2014 – Insertion of Rule 10A

Govt. tweaks Rule specifying manner of consolidation of financial statements

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Accounts) Amendment Rules, 2014 – Amendment in Rule 6

Board of directors of Sec. 8 Cos can decide on refund/forfeiture of deposit made for directorship of

COMPANIES ACT, 2013 : Section 160, Read with Section 8 of The Companies Act, 2013 – Directors – Right of Persons Other than Retiring Directors to Stand for Directorship- Refund of Deposit in Case of Section 8 Companies

Services provided by Indian banks to Money Transfer Operators located abroad are liable to ST: CBEC

ST LAWS : Levy of Service Tax on Activities Involved in Relation to Inward Remittances from Abroad to Beneficiaries in India Through MTSOs – Supersession of Circular No.163/14/2012-ST, DATED 10-7-2012

HC denies to admit writ as assessee had already availed of alternative remedy of filing appeal befor

IT : Where assessee had already invoked an efficacious alternative remedy by filing an appeal before Commissioner (Appeals) against re-assessment order passed, there was no reason to entertain writ petition filed by assessee against notice issued under section 148

Bar on transfer of decree doesn't avert examination of an officer residing outside jurisdiction of e

CL: Section 39(4) of CPC does not bar examination of an officer of judgment debtor-company residing outside territorial jurisdiction of execution court

Trustee of Real Estate Investment Trust or Infrastructure Investment Trust can become partner in LLP

COMPANIES ACT, 2013/LLP : Section 5 of The Limited Liability Partnership Act, 2008 – Partners - Clarification with Regard to Trust/Trustee as A Partner in Limited Liability Partnerships (LLPs)

HC condoned revenue's delay in filing appeal considering its heavy workload and involvement of huge

CST & VAT: Where assessee filed appeal before High Court late by 342 days alongwith application seeking condonation of delay, as tax effect was more than Rs. 21 crores, delay was condoned

No completion certificate is required to claim sec. 80-IB relief for housing projects located in Kar

IT : Where housing project of assessee builder was approved by local authority prior to 1-4-2005, benefit under section 80-IB could not be denied on ground that assessee did not comply with provisions of section 80-IB(10)

Transfer of shares under a family arrangement to equalize the wealth of family members won’t be deem

IT : An equalization of wealth has only monetary connotation; transfer of shares/assignment of right by members to a family company in terms of family arrangement for equalization of wealth among members in family company cannot be said to be voluntary and, hence, cannot be held to be gift; income therefrom to be considered in computing book profit