No sec. 41(1) addition if liability towards old creditors was discharged in subsequent years

IT: Where liability towards old creditors shown in books of account was discharged in subsequent years, section 41(1) could not be applied to make addition of said amount

Sums paid for managing routine affairs of new branch attracts sec. 194J TDS as they were professiona

IT : Manage day-to-day affairs of new branch of assessee-company would be professional or managerial in nature, and payment made for same would be allowable expenditure subject to compliance of section 194J

HC condoned delay in filing of appeal as appellant-stock broker had sufficiently explained cause of

SEBI : Where appellant-stock broker company had sufficiently explained delay in filing appeal, delay was to be condoned

HC condoned delay in filing of appeal as appellant-stock broker had sufficiently explained cause of

SEBI : Where appellant-stock broker company had sufficiently explained delay in filing appeal, delay was to be condoned

In settlement of cases, 'co-operation' means full and true disclosure of facts pertaining to assesse

Excise & Customs : 'Co-operation' not only means participation; in context of settlement, it means true and full disclosure of facts pertaining to assessee; hence, where Settlement Commission found 10 aspects where information was withheld by assessee, order sending back case to Central Excise Officer was valid

In case of inherited property CII had to be taken of the year in which asset was acquired by previou

IT: When an asset is acquired by way of inheritance, cost of acquisition of asset should be calculated on basis of cost of acquisition by previous owner and said cost of acquisition has to be calculated on basis of indexed cost of acquisition as provided in Explanation (3) to section 48

ITAT rejects plea of improper/delayed service of notice as it was sent in time via speed post on pro

IT : If notice under section 143(2) has been sent through post and delivered on time on correct address, it is a proper service in time

Assessee could demand execution of comparable due to differences in FAR analysis even after selectin

IT/ILT : Where TPO made addition to assessee's ALP in respect of export made to AE by applying internal CUP method, in view of fact that Tribunal in earlier year had made certain adjustment to price charged to third parties so as to make it comparable with price charged from AE, following said order of Tribunal, matter was to be remanded back for disposal afresh

Assessing authority directed to supply copy of seized docs to assessee for enabling him to file repl

CST & VAT : Where Assessing Authority conducted survey upon assessee and seized various records and thereafter he issued show cause notice to assessee, Assessing Authority was directed to supply copies of documents being relied upon by him to assessee so as to enable it to submit effective reply

Time-limit of six months prescribed for taking credit for first time; not applicable for taking re-c

CENVAT CREDIT/EXCISE & CUSTOMS LAWS : Rule 4 of The Cenvat Credit Rules, 2004 - Conditions for Allowing Cenvat Credit – Clarification on Availment of Cenvat Credit after Six Months

Freight forwarding transaction was at ALP as assessee had chosen standard model of 50:50 to share pr

IT/ILT: Where assessee, along with its associated enterprise, offers multi modal transportation services to business to business shippers through global freight forwarding services in relation to both import and export, 50:50 business model of sharing profits in equal ratio with service provider at other end of transaction, is a standard practice

No reassessment to tax subsidy as revenue receipt if it was held as capital receipt in prior revisi

IT : Where subsidy received under West Bengal Industrial Promotion Scheme, 1994 was treated as Capital receipt in revisional proceedings taken under sec. 263 in earlier year, Assessing Officer could not reopen assessment during relevant year taking a view that amount in question was revenue receipt

Assessment in name of deceased person is void-ab-inito, says ITAT

IT: Assessment made in name of deceased person is non est and void ab initio

Any transaction involving acquisition of immovable property under FEMA norms shall be subject to Ind

FEMA/ILT : FEM (Acquisition and Transfer of Immovable Property In India) (Amendment) Regulations, 2014 – Insertion of Regulation 9

SC transfer various appeals pending before CESTAT benches to full bench to ensure uniform order

Service Tax : Supreme Court directed that various cases pending at Bangalore, Hyderabad and other places, be heard together by a Full Bench, presided over by President CESTAT so that in ultimate eventuate, uniform order is passed

No deemed seizure of agricultural land as it wasn’t a valuable article of which physical possession

IT : Unless valuable article or thing found as a result of search is of a nature that it is not possible or practicable to take physical possession of same, seizure of petitioner's immovable properties would not be necessary

No sec. 153A addition in respect of completed assessment when no incremental material was found duri

IT: No addition can be made in respect of assessments concluded on date of search unless some incriminating material is found during course of search

No penalty if there was no intent to evade tax and assessee had failed to mention invoice no. in dec

CST & VAT : Where Assessing Authority imposed penalty upon assessee under section 54(1)(14) of U.P. VAT Act on plea that column No. 6 of Form 38 had been left blank, since there was no intention to evade payment of tax, levy of penalty was not justified

No reference to Valuation Officer to ascertain undisclosed investment unless AO had rejected books o

IT : Where Assessing Officer made a reference to Valuation Officer without rejecting books of account of assessee, addition under section 69B was to be deleted

Appeal was not maintainable as it was signed and verified by the ex-Managing director of a company

IT : Where 'S' was neither Managing Director nor director of assessee company when appeal was filed before Tribunal, therefore, he was not an authorised person to sign and verify appeal filed on behalf of assessee company

ROC restores Co.'s name on an undertaking that it will comply with all statutory requirements therea

CL: Where petitioner-company had undertaken that statutory compliances shall be made and requisite statutory records and accounts will be filed with ROC once name of company is restored, name of petitioner-company was to be restored subject to payment of costs