ITAT directs revenue to grant wealth tax exemption in respect of one house property owned by assesse

WT: Wealth tax exemption is available to single residential property

Tribunal can extend stay beyond 365 days after passing speaking order that delay isn't attributable

Excise & Customs : Assessee may apply for extension of stay even beyond 365 days from initial grant of stay, but, each time, Tribunal can grant extension for up to 180 days and that too, only if delay in disposing appeal is not due to assessee

ALP couldn't be adjusted in under-utilized capacity; doing so would deem perfect business conditions

IT/ILT : In view of provisions of Rule 10B(1)(e)(iii) of Income-tax Rules, 1962, relief granted by Commissioner (Appeals) by making adjustments on account of capacity under utilisation in results shown by tested party i.e. assessee herein and thus computing hypothetical financial results which tested party would have achieved in perfect conditions was impermissible in law

ALP of advertisement exp. reimbursed to foreign AE couldn't be taken at nil if it was incurred for I

IT/ILT : As long as expenses are incurred by AE under instructions from and on behalf of assessee, and assessee has reimbursed cost to AE without any mark up, arm's length price of said transaction cannot be taken at zero

No sec. 32A relief for investment in hotel as preparation of food items therein couldn’t be deemed a

IT : Preparation of food in hotel is not manufacture, thus hotel building is not a plant entitled to investment allowance

HC upheld revisional order as assessee failed to explain non-production of info demanded by AO

CST & VAT : Where Assessing Officer proposed to revise order of assessment and in absence of any materials produced by assessee he confirmed revision of assessment, since there was no explanation for non-production of information, order of assessment was affirmed

AO couldn’t invoke sec. 40A(3) to disallow cash payments if he had made additions by rejecting books

IT : Where Assessing Officer treated a part of sundry creditors as non-genuine taking a view that assessee could not file any details or no explanation was offered in respect to them, in view of fact that liability in question still existed in assessee's books of account, impugned addition was to be deleted

HC directs testing of toys imported from China to find out violations of foreign trade policy by ass

Excise & Customs : Where department had absolutely confiscated toys imported from China on ground of violation of Foreign Trade Policy, High Court directed testing of toys prior to upholding violation of Foreign Trade Policy

Info on black money can't be disclosed due to confidentiality clause in treaties; MoF seeks clarity

IT/ILT : Section 90 of The Income-Tax Act, 1961 – Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Press Release on Filing of I.A. NO.14 IN WP(C) NO.176 OF 2009 (Ram Jethmalani & ORS. V. Union of India), by Union of India

No reassessment to change head of income if nature of income was duly scrutinized during assessment

IT : Where after scrutiny Assessing Officer treated a certain sum as capital gain, he could not treat said sum as business income by resorting to re-assessment

CLB directs Co. to redeem shares of existing shareholders first before issuance of further shares

CL : Where company failed to redeem preference shares due to absence of distributable profits and it had proposed to reissue further redeemable preference shares against existing preference shares, company was directed to first settle down claims of preference shareholders who were objectors to such issue

CBDT prescribes conditions to get automatic approval for long term bonds for concessional TDS under

IT/ILT : Section 194LC of The Income-Tax Act, 1961 - Income by Way of Interest from Indian Company - Approval of Long Term Bonds and Rate of Interest for the Purpose of Section 194LC