Bank not to succumb to disgenuous attempt of a woman; should follow SARFAESI norms

CL: Where petitioner had borrowed money from bank and upon being unable to repay same, bank had taken possession of secured asset pursuant to orders obtained by Court and since no law or any fact had been cited in petition for Court to deviate from procedure; bank was to be permitted to take steps in accordance with orders passed by Magistrate under section 14 of SARFAESI Act, 2002

ITAT allows benefit of second proviso to sec. 40(a)(ia) in case of payment to NR; Non-discrimination

IT/ILT: Rigour of disallowance of payment under Section 40(a)(ia) is relaxed in case of payment to resident if recipient pays taxes on such sum and files return of income - Whether it would be contrary to scheme of DTAA and discriminatory if similar relaxation is not allowed under Section 40(a)(i) in case of payment to non-resident without withholding of taxes if such non-resident pays taxes on such sum and files return of income - Held Yes, Whether relaxation under second proviso to Section 40(

Hire charges paid to UAE ship operating in international traffic was taxable only in UAE as per Indi

IT/ILT: Where for purpose of export, assessee hired vessel owned by a UAE company which operated only in international traffic/waters between India and Maldives, in view of Indo-UAE DTAA, hire charges paid to UAE company had to be taxed only in UAE

Ministry appoints officers of directorate of enforcement to adjudicate cases involving violation of

FEMA/ILT : Section 16 of The Foreign Exchange Manangement Act, 1999 - Appointment of Adjudicating Authority - Notified Adjudicating Authorities

Ministry appoints officers for adjudicating cases involving violation of FEMA under repealed Act

FEMA/ILT : Section 50, Read with Section 4 of The Foreign Exchange Regulation Act, 1973 (Repealed Act) - Penalty / Appointment and Powers of Officers of Enforcement - Notified Officers of Enforcement

RBI reviews guidelines on joint lenders forum and corrective action plan

BANKING : Framework for Revitalising Distressed Assets in The Economy - Review of The Guidelines on Joint Lenders' Forum (JLF) and Corrective action Plan (CAP)

Assessee couldn’t plead for ignorance of proceedings when it had received SCN and had sought adjourn

Service Tax : Having received show-cause notice and sought adjournment once, assessee cannot plead ignorance of proceedings or violation of natural justice when three notices of personal hearing went unserved due to assessee's door being locked

No denial of registration to trust on non-commencement of charitable activities without considering

IT: Application for registration under section 12AA could not be rejected on ground that assessee had not started its activities or its objects were mixed; objects of trust to be considered

No question of law arose from order of Tax Board as it had only restored the case to AO

CST & VAT: Where assessee claimed sale in question as sale within State and Assessing Officer treated sale as inter-State sale and Tax Board without deciding any issue restored matter to Assessing Officer to frame assessment de novo, no question of law arose out of order of Tax Board

Legal exp. incurred by developer to recover interest-free deposit from tenants was allowable as busi

IT : Licence fee paid by assessee to group resource company providing centralized resources to all group companies for availing valuable benefits, was allowable as business expenditure

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

Excise & Customs : Tribunal may extend waiver of pre-deposit/stay of demand beyond 365 days (total) only if : (a) delay in disposing appeal is not attributable to assessee and (b) a speaking/reasoned order is passed

Sec. 12AA registration denied as medical trust was collecting sum on assurance of admission in colle

IT : Where assessee trust formed with an object of running a medical college, started collecting unaccounted money on assurance of providing employment and admission in said college even before obtaining recognition from MCI and affiliation from concerned university, it was to be concluded that its purpose was to run medical college with profit motive and, therefore, assessee's claim for registration under section 12AA was to be rejected

Commission paid to foreign agents for procuring export orders wasn't covered under the ambit of 'FTS

IT/ILT : Where assessee company paid commission to its non resident agents for services rendered for completion of its export commitment, assessee would not be liable to deduct TDS on said payment made

Jurisdiction of appeal before HC/SC has to be determined by contents of original order and not by or

Excise & Customs : Issues/Contentions decided in order-in-original would determine whether an appeal would lie before High Court or Supreme Court and issue decided by Tribunal and raised before appellate court would not be relevant; therefore, if order-in-original deals with charge/rate of duty, appeal would lie to Supreme Court only

HC sanctions amalgamation scheme as petitioners had dealt with issues raised by Regional Director/sh

CL : Where petitioner companies had satisfied all queries of Regional Director in respect of proposed scheme of amalgamation, scheme was to be approved

Rise in price with retro-effect doesn’t lead to invocation of extended period for recovery of intere

ST : In case of retrospective price-rise, assessee is liable to pay differential duty thereon along with interest and extended period of limitation cannot be invoked for recovery of interest if duty has been paid, as there is no fraud, collusion, etc.

Assessee couldn’t claim business losses if all exp. had been incurred to earn income from house prop

IT: Where expenses had been incurred for purpose of earning of house property income and not in doing business and consequently there was no business loss which could be set off against income from house property, set off was rightly disallowed