Cotton waste won’t come within the meaning of scrap to attract TCS under sec. 206C

IT: Where assessee obtained/filed Form 27C for non-collection of tax at source technical breach of submitting same by applying section 154 was liable to be condoned

If pre-deposit in cash was causing undue hardship to assessee, recovery could be ensured by attachme

Excise & Customs : Where making of pre-deposit in cash is not possible due to undue hardship, interests of revenue may be safeguarded by ordering attachment of property belonging to assessee to ensure recovery

AO can’t seek to add notional interest for shares pledged by a co. to enable its sister concern to r

IT : Where borrower issued shares to assessee-NBFC as a measure of repaying loans and, since interest was waived by assessee-NBFC, borrower had not booked liability toward current year's interest in its account books, such interest did not form income to assessee for year

AO can’t seek to add notional interest for shares pledged by a co. to enable its sister concern to r

IT : Where borrower issued shares to assessee-NBFC as a measure of repaying loans and, since interest was waived by assessee-NBFC, borrower had not booked liability toward current year's interest in its account books, such interest did not form income to assessee for year

CIT couldn’t make revision alleging lack of inquiries by AO without proving that his findings were e

IT : Commissioner must reach a finding that finding of Assessing Officer was erroneous, not because inquiries were not conducted, but because final finding was wrong and untenable

No disallowance of TDS if tax liability arose subsequently due to retro-amendment to definition of r

IT/ILT: Where assessee had made payments for sales promotion activities, in foreign currency and tax authorities had failed to show that payment received by non-resident was liable to tax in India either in terms of Indian Income tax Act or in terms of Indo-US DTAA, assessee was not liable to deduct TDS on such payments made to a foreign resident

HC advises Tribunal not to hesitate in passing lengthy order after considering entire materials on r

Service Tax : Where assessee was claiming that it had received services in 2004-05 and made payment therefor in 2008-09, Tribunal could not confirm demand under section 66A without considering invoices, agreements, ledger account, etc.

SAT upheld penalty on appellant-Co. as it failed to make timely disclosure under SEBI Takeover norms

SEBI : Where company and its promoters failed to make timely disclosures under Takeover Regulations, penalty was rightly imposed upon them for violating such provisions

No reassessment to deny provision for doubtful-debts as application of income if it was disclosed in

IT : Where in income and expenditure account, stock exchange had already reflected 'provision for doubtful accounts', reassessment after four years could not be made holding that same could not be treated as application income under section 11

No penalty without proving fraud/collusion even if extended period has been invoked and accepted by

Excise & Customs : Even if revenue has invoked extended period of limitation for confirmation of demand and even if same has been accepted by assessee for payment of duty, penalty cannot be levied without first proving fraud, collusion, etc

Commercial expediency for an exp. is assessee's decision; TPO shall only compute its ALP in uncontro

IT/ILT : TPO cannot treat Arm's Length Price of services paid for as 'Nil' by considering the services as worthless so long as the agreement under which they are rendered is not a sham and services are actually rendered under the agreement by the other party. All that TPO can see is at what price similar services, whatever be their worth, are actually rendered in uncontrolled conditions. Whether services are commercially expedient or not is a call for the assessee to take and not for the TPO to

Sec. 144C assessment order had to be quashed if AO didn't furnish draft assessment order to assessee

IT/ILT : Assessment order u/s 144C is illegal and liable to be quashed if draft assessment order to which assessee is entitled to u/s 144C(15) is not furnished to the assessee by AO to enable assessee to approach DRP if he wants

Dealers have permission to pay lump sum tax if they transfer goods in works contract and apply for A

CST & VAT/INDIAN ACTS & RULES : Gujarat Value Added Tax (Amendment ) Rules, 2014 – Amendment in Rule 28

Receipt on account of carbon credit given to assessee is a capital receipt

IT : Where a basket of 'market value' was available for computing profitability of an undertaking on captive consumption of power, assessee could choose any one of them as market value

Assessee can’t escape from concealment penalty by declaring income pursuant to survey proceedings

IT : Where assessee, engaged filed a revised return pursuant to survey proceedings declaring certain undisclosed income, said return could not be regarded as a voluntary return and, therefore, assessee being guilty of concealment of particulars of income, was liable to pay penalty under section 271(1)(c)

Seizure of goods was illegal as officer didn’t handover seized goods to jurisdictional AO within spe

IT : Seized articles are required to be handedover within 15 days of seizure to Assessing Officer who has jurisdiction over searched person

HC directs hearing of appeal without any further pre-deposit as assessee had already made substantia

CST & VAT : Where Tribunal directed assessee to deposit 10 per cent of penalty amount as a precondition for hearing appeal, since assessee had made substantial deposits, appeal before Tribunal deserved to be heard without any deposit

No disallowance of interest on loan if firm extended interest free loan to partners from its funds

IT : Where assessee utilised borrowed fund in business and gave interest free advances to partners, etc. from interest free fund, disallowance of interest on borrowed fund would not be justified

Petitioner had no locus to file oppression plea as he had resigned from directorship and sold his en

CL: Where petitioner resigned from directorship suo moto and sold his entire shareholding, he was not qualified to file petition alleging acts of oppression and mismanagement

HC allows interest at 8% on delayed refund of rebate on export of goods

Excise & Customs : Where rebate was first denied and later allowed by revisional authority, which caused inordinate delay, High Court granted interest at 8 per cent p.a. on delayed refund from expiry of 3 months from first rejection of rebate

CIT couldn't make addition on money lending activity if it wasn't a subject matter of assessment bef

IT : Where money lending activity was not subject matter of assessment before Assessing Officer, Commissioner (Appeals) erred in making addition on said issue