Time-limit prescribed under sec. 11A of Excise Act would also be applicable to recovery of interest

Excise & Customs : Time-limit for recovery of principal (duty) would also apply to recovery of interest; therefore, time-limit of section 11A of Central Excise Act, would apply for recovery of interest under section 11AA

HC denies rectification plea as revenue was pleading only on basis of contentions noted in past orde

IT : Where rectification application of revenue to disallow marketing expenses was based on contentions which were noted in earlier order of Tribunal, its dismissal would be proper

Registrars to keep separate registers for cases in which stay was granted and where no stay was gran

EXCISE & CUSTOMS LAWS : Section 35C Of The Central Excise Act, 1944 - Orders of Appellate Tribunal – Maintenance of Registers of Cases where Stay Granted/Not Granted

Govt. constitutes Indirect Tax Ombudsman at Chennai

ST LAWS/EXCISE & CUSTOMS LAWS : Indirect Tax Ombusman Guidelines, 2011 – Dispute Resolution and Taxpayers Services Through Indirect Tax Ombudsman, Chennai

CBEC gives discretion to authority to order pre-audit by clubbing artificial splitting up of rebate

EXCISE & CUSTOMS LAWS : Section 14A of The Central Excise Act, 1944 - Special Audit in Certain Cases – Clarification on Splitting up of Rebate Claims to Avoid Pre-Auditing

No VAT on sale of used car as it was a solitary transaction as assessee was dealing in timber

CST & VAT: Where assessee was a dealer in timber and during year it sold a used car, sale of car was a solitary transaction and it would not make assessee a dealer or a casual dealer in car

Exp. incurred by cable operator in laying cables for providing cable connections to viewers was reve

IT : Where assessee company providing cable connections, incurred expenditure in laying cables, said expenditure was to be regarded as revenue in nature

CUP method should be preferred over TNMM on availability of internal comparables

IT/ILT: Where rates charged by assessee to AE were comparable with rates charged by assessee to unrelated parties and rates charged by other parties to AE in earlier years, CUP method followed by assessee was most appropriate method

Subsequent demand notice was invalid as there was overlapping of ST demand on issuance of two show c

Service Tax : Where two show-cause notices had been issued by authorities of two different jurisdictions demanding service tax on same transactions under same category for common period, subsequent notice was invalid upto extent of overlapping

HC allows applicant-creditor to sell off property of liquidating-co. as per directions issued by Ape

SARFAESI: Where applicant-secured creditor sought for permission to sell properties of company-in-liquidation, it was permitted to do so following directions issued by Supreme Court in its earlier decision

Assessing authority can rectify error in its judgment only through revision and not by tax escaping

CAT & VAT: Where Assessing Authority at time of assessment did not include amount of profit disclosed in taxable turnover on plea that profit was exempted from tax and subsequently he reassessed assessee to tax on amount of profit, it was case of error of judgment rectifiable only by way of revision

Reassessment to tax income from house property upheld as ALV of property assessed at higher rate in

IT : Where Assessing Officer having completed assessment taking rental value of property at a particular amount, initiated reassessment proceedings finding that in earlier assessment year rental value accompanied by interest free deposit had been assessed at higher amount and said annual value would have only witnessed an increase during intervening period of two years, validity of proceedings so initiated deserved to be upheld

Appeal can be made against order of Commissioner (Appeals) if appeal was examined by Committee of Co

Excise & Customs : Committee of two Commissioners decides whether an appeal should be preferred, when impugned order is passed by Commissioner (Appeals); only when original adjudication order is passed by Commissioner, then a Committee consisting of two Chief Commissioners examines appealability of said order

No reassessment to deny sec. 10B relief on job-work activity if such fact was duly examined during a

IT : Where in original assessment proceedings assessee had, on a specific query raised by Assessing Officer, informed him that it was carrying out manufacturing/production activity on 'job work basis' and despite that Assessing Officer allowed deduction under section 10B, assessment could not be reopened on ground that assessee carrying out work on job basis was not entitled to deduction under section 10B

AO had rightly rejected books and made estimated addition to turnover after finding discrepancies du

CST & VAT : Where Assessing Officer conducted survey at business premises of assessee and found various discrepancies, he was justified in rejecting account books and making addition to turnover on estimate basis

ITAT directs AO to exempt gains on sale of land as assessee had wrongly taken agricultural land as c

IT: Where Assessing Officer in remand report had accepted that agricultural income from sale of standing trees had been arrived at based on relevant market value, claim of assessee was to be allowed

RBI issues guidelines on monitoring tools for intra-day liquidity management

BANKING : Basel III Framework on Liquidity Standards – Monitoring Tools for Intraday Liquidity Management

MCA revises fee schedule for filing petitions before CLB

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Company Law Board (Fees on Applications and Petitions) Amendment Rules, 2014 – Amendment in Schedule

Interest paid to different related parties at different rates couldn't be disallowed when it was pai

IT : Unless payment of interest was in excess of market rate, merely because assessee paid interest at different rates to different companies, payment of interest could not be held to be excessive and unreasonable

Materials used in tyre retreading weren't liable to ST; SC dismissed delayed appeal of revenue

Service Tax : Supreme Court dismissed Revenue's appeal on ground of delay, which was filed against Tribunal judgment holding that materials used in tyre retreading is not liable to service tax and are eligible for benefit of Notification No. 12/2003-ST

No auction on basis of notice published in newspaper having low circulation in locality where asset

SARFAESI : Auction sale on basis of notice published in newspaper having low circulation in locality where property was situated was not valid