No input credit as assessee had procured purchase bills to get credit and there was no physical move

CST & VAT : Where assessee claimed input tax credit on goods purchased from vendors, denial of input tax credit on plea that there was no movement of goods and it was only billing activity and alleged purchases were not genuine was justified

High Court further pre-deposit as Tribunal failed to quantify demand correctly

Service Tax : Where Tribunal has not classified or apportioned extent of services ineligible for abatement, assessee was entitled to further relief in terms of pre-deposit; hence, High Court further reduced pre-deposit

Sec. 68 contemplates addition only for cash credit, no addition on basis of trade credit

IT : Where in support of advance received, assessee produced ledger details of trade creditors as well as their confirmatory letters, no addition as cash credits was to be made

TPO directed to resolve TP dispute on services rendered by AE after considering invoice details give

IT/ILT : Where relevant details to compute T.P. adjustment on account of international transaction of payment of corporate charges could only be produced before Tribunal, matter be remitted back for reconsideration before Assessing Officer

Tribunal had to waive of pre-deposit in later years if pre-deposit was waived of earlier on similar

Service Tax : Where, in similar other matters, pre-deposit had been waived, hence, in view of peculiar fact situation, waiver application ought to be allowed by Tribunal

HC denied transfer of flat of liquidating-co in favour of employee as it wasn't occupied by him

CL: Where applicant was not in possession of quarter of company-in-liquidation, he could not seek execution of sale deed in respect of that quarter in his favour

High Court struck down CST Rule of Kerala requiring production of additional docs to avail of exempt

CST & VAT : Rule 11B(2)(c) of Central Sales Tax (Kerala) Rules, 1957 requiring production of additional documents for availing of exemption from payment of tax on subsequent sale than documents prescribed under section 6(2) of Central Act is invalid and ultra vires being inconsistent with Central Sales Tax (Registration and Turnover) Rules, 1957

No TDS on sums paid by EY to its group concerns to reimburse cost of services utilized in its busine

IT : Assessee was not liable to deduct TDS under section 195 on amount paid to foreign group concerns towards reimbursement of cost of administrative and management support services

No relief from disclosure under takeover code if Financial Institution acquires pledged shares on bo

CL : Proviso to Regulation 29(4) of the SAST Regulations,2011 only exempts a Public Financial Institution /Scheduled Bank from making disclosures in respect of deemed acquisitions of shares of a listed company by way of pledge referred to in Regulation 29(4). It does not exempt actual acquisitions by pledgee of invocation of pledge when borrower defaults

Transportation of Chicks within same State couldn't be objected to by revenue requiring its valuatio

CST & VAT : Where assessee was transporting chicks within State of Kerala and Competent Authority detained same on plea that value of chicks had not been disclosed at floor rate prescribed in two circulars, since circulars would be applicable only for import of chicks into State, chicks could not be detained on question of undervaluation

A trust couldn't be deemed as discretionary even if it allocated its income to a special fund held b

IT: Where as per trust deed 50 per cent income was to be received by one set of beneficiaries and balance 50 per cent of income was to be received by trustees on behalf of second set of beneficiaries and were to be accumulated as a special fund in hands of trustees for 19 years and same were to be paid after a period of 19 years to respective beneficiaries, it cannot be said that Trust was discretionary Trust and/or was not a specific Trust

Due date for filing of ST-3 Form for period April to Sep. 2014 has been extended from 25-10-2014 to

ST LAWS : Rule 7 of The Service Tax Rules, 1994 – Returns – Extension of Date of Submission of Form ST-3 from 25-10-2014 TO 14-11-2014

CBEC constitutes review committee of Commissioner of Central Excise and Service tax

ST LAWS/EXCISE & CUSTOMS LAWS : Section 86 of The Finance Act, 1994 – Appeals to Appellate Tribunal – Constitution of Review Committee of Commissionerates of Central Excise and Service Tax

Goods used in repairing of transformer wouldn't be includible in value of services if VAT was paid t

Service Tax : Where : (a) value of goods and materials used for repair of transformers was separately disclosed in agreement and invoices; (b) excise duty or VAT was paid on said goods, said goods were not includible in value of services for purpose of levy of service tax

Investment made on last day of FY proved that no exp. was incurred to earn exempt income for sec. 14

IT: No disallowance of interest could be made under section 14A where investment was made by assessee on last day of relevant year

New SEBI ESOP Regulations are notified; allow implementation of scheme through an irrevocable trust

SEBI/INDIAN ACTS & RULES : SEBI (Share Based Employee Benefits) Regulations, 2014

FinMin constitutes committee for comments on TARC recommendations in its previous two reports

IT : Constitution of Committees for Preparing Comments on TARC Recommendations on First and Second Reports

Board asks CCITs to monitor cases of non-filing of return by taxpayers who have filed e-returns duri

IT : Section 139 of The Income-Tax Act, 1961 - Return of Income – Measures for Revenue Augmentation – Calling for Returns of Income in Case of Non-Filers for A.Y. 2014

Discount to foreign buyer in lieu of advance payments was in nature of interest; liable to TDS

IT/ILT: Pre-payment discount given by assessee to foreign buyers in absence of any mention in purchase contract that assessee was obliged to give said discount, was in nature of interest and tax was deductible at source under section 195

Special brand rate of drawback was available even if assessee had claimed drawback at rate prevailin

Excise & Customs : In absence of any prohibition, manufacturer or exporter is not barred from seeking a determination of special brand rate under rule 7 merely because, at time of export, he had applied for and was granted drawback at all industry rate under rule 3; CBEC Letter F. No. 606/04/2011-DBK, dated 30-12-2011 clarifying to contrary was struck down

CLB could pass an order to clarify its order in case of bona-fide omission or ambiguity in original

CL : CLB may pass an order clarifying its own judgment order passed earlier