HC ordered reduction of pre-deposit amount as it was causing financial hardship to assessee

CST & VAT: High Court reduced pre-deposit as it was causing financial hardship to assessee

Mere plea of involvement of large public interest won’t be enough to condone delay in filing appeal

IT: Affidavits filed by revenue for condonation of delay on ground that large public interest was involved and that its officers had admitted lapses, was unjustified

High Court ordered payment of VAT as assessee had discontinued its business during exemption period

CST & VAT: Where assessee had established a unit for manufacturing of PVC granules and it had been granted exemption from tax for period from 22-4-1993 to 21-4-2000 and it availed of sales tax exemption, since assessee had discontinued business from January, 1997, it was liable to make payment of entire tax exemption availed of

Property deemed to be transferred when it was handed over to builder on receipt of first installment

IT : Where assessee handed over possession of property to builder on first instalment of sale consideration, transfer of property took place when said instalment was received

Sec. 54B: ITAT directs AO to examine as to whether land was agricultural and used for such purposes

IT: Where whether land was an agricultural land and whether it was used for agricultural purpose in immediately two preceding years prior to sale of land were not considered by lower authority, issue of exemption under section 54B to be re-adjudicated

Appeal dismissed as assessee failed to satisfy pre-deposit order and hadn't pleaded to extend time t

Service Tax : Where assessee has failed to comply with pre-deposit order and has also not applied for modification of said order or extension of time to make pre-deposit, assessee's appeal is liable to be dismissed as per section 35F

Sec. 92CA only empowers TPO to determine ALP of transaction; he can't reject payment made to AE

IT/ILT : In transfer pricing proceedings, role of TPO is to determine arm's length price of a transaction but he cannot reject entire payment made to AE under provisions of section 92C

HC admitted winding-up of respondent as it neither raised any bona-fide dispute nor it appeared befo

CL : Where respondent failed to remain present before Court in winding up petition filed by petitioner and accordingly did not raise any bona fide dispute with regard to debt payable to petitioner, winding up petition was to be admitted

ITAT deletes penalty as seized docs related to group concerns but addition was made in hands of asse

IT : Where AO wrongly presumed that rough working of tax payable shown in seized documents related to assessee alone, but same actually belonged to group of companies, no penalty was to be levied

ITAT upheld CIT's revisional order as AO had erroneously granted higher depreciation on windmills

IT : ITAT upheld CIT's revisional order as AO had erroneously granted higher depreciation on windmills

SC: Sales tax retained by assessee under exemption scheme wasn't deductible from transaction value

Excise & Customs : Sales-tax retained by assessee under an exemption/concession scheme cannot be regarded as 'tax actually paid or payable' and is, therefore, not deductible especially when there was nothing in scheme that such retained sales tax was liable to be adjusted against any capital subsidy entitlement of assessee

Bad-debts allowed on non-recovery of broker's commission after reducing sums recovered on sale of cl

IT : A stock broker is entitled to deduction as bad debt of amount unrecoverable from clients as reduced by sum recoverable on sale of shares kept with broker

No disallowance of interest if interest free advances were given by assessee to meet his business ex

IT Where assessee used premises of other person for storage purpose and being actual user of premises paid electricity expenses for it, said expenses were allowable as business expenses

Turnover of branch closed on last day of preceding year has to be taken to determine compounded tax

CST & VAT : Where assessee opted to pay compounded tax under section 8(f)(i) of Kerala VAT Act and one of its branches was closed down on last date of previous financial year 2011-12, it was not entitled to exclude turnover of above branch for determining compounded tax payable for next financial year 2012-13

No disallowance of interest in interest free advances were given by assessee to meet his business ex

IT Where assessee used premises of other person for storage purpose and being actual user of premises paid electricity expenses for it, said expenses were allowable as business expenses

SEBI raises proprietary position limits for non-banker stock brokers for currency derivative contrac

SEBI : Revision of Proprietary Position Limits of Non-Bank Stock Brokers for Currency Derivatives Contracts

Assessee couldn't challenge order of ITAT if it had applied amended provisions of MAT pursuant to di

IT : Where Tribunal pursuant to directions issued by High Court, disposed of assessee's appeal by applying amended provisions of section 115JB, assessee could not challenge said order of Tribunal taking a new plea that section 115JB was inapplicable in its case

High Court ordered payment of VAT as assessee had discounted its business during exemption period

CST & VAT: Where assessee had established a unit for manufacturing of PVC granules and it had been granted exemption from tax for period from 22-4-1993 to 21-4-2000 and it availed of sales tax exemption, since assessee had discontinued business from January, 1997, it was liable to make payment of entire tax exemption availed of

Petitioner ceased to be director when he had resigned and remained absent during 3 consecutive board

CL: Where petitioner had resigned from directorship of respondent-company and had remained absent for three consecutive board meetings, petitioner had ceased to be director and company was directed to file Form 32 with ROC

Contributions to the Swach Bharat Kosh and Clean Ganga Fund are eligible CSR exp. - MCA notifies

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Schedule VII of The Companies Act, 2013 – Amendment in Schedule VII

SEBI raises proprietary position limits for non-banker stock brokers for currency

SEBI : Revision of Proprietary Position Limits of Non-Bank Stock Brokers for Currency Derivatives Contracts