ALP adjustment had to be made only for international transactions with the AEs without extending it

IT/ILT - ALP adjustments could be made only in respect of international transactions with AEs and could not be extended to transactions with non-AEs. Thus, TPO was directed to verify the computation of ALP adjustment and exclude the transactions with non-AEs while calculating ALP under TNM method.

Sum paid to NR to acquire software for in-house use without permission of commercial exploitation is

IT/ILT: Where assessee remits certain sum to its Denish concern for acquiring a software license without any permission of commercial exploitation thereof, remittance attracts royalty under section 9(1)(vi)

Services of erection of transmission tower are exempt from service-tax

Service Tax : Services in relation to civil structure to facilitate erection of electricity transmission tower for State Electricity Board are services 'in relation to transmission and distribution of electricity' and are exempt from service tax

CLB declared petitioner as lawful shareholder as he was pursuing his claim for transfer of shares si

CL : Where petitioner had purchased shares for a valuable consideration and had been pursuing his claim for transfer of said shares in his name since long, he was declared as lawful owner of said shares

HC quashed disciplinary proceedings against CA on alleged misconduct due to inordinate delay of ICAI

Advertisement given by petitioner-chartered accountant for purpose of seeking association with other international chartered accountant firms did not warrant a severe punitive action as alleged misconduct was not grave and ICAI erred in undertaking disciplinary enquiry after a lapse of 18 years when alleged misconduct was done

Lumpsum amount paid for transfer of know-how wasn’t royalty if payment wasn’t made for any particula

IT/ILT : Assessee had entered into an agreement with UK based company for supply and installation of machinery, which involved transfer of technical know-how. It had paid lumpsum amount in connection with transfer of technical know-how. Such payment could not be treated as royalty as it was not made for any particular period.

RBI vigilant on routing of overseas funds; debars Cos from giving guarantee to affiliates for overse

FEMA/ILT : Routing of Funds Raised Abroad to India

No penalty for failure to file undertaking by appellant as it hadn't violated cease and desist order

Competition Act : Imposition of punitive measure by CCI on petitioner for its failure to file undertaking without taking into account that petitioner had not violated its substantive direction to cease and desist from anti-competitive conduct was unjustified

No deemed transfer on handing over of possession of land to developer if he didn't perform his part

IT : When developer has not performed or there is unwillingness to perform his part of contract, it cannot be concluded that there is transfer of capital asset in terms with section 2(47)(v) read with section 53A of Transfer of Property Act 1882, merely because assessee has entered into a development agreement or even handed over possession of land to developer during assessment year in question

Former SC Judge 'G.S Singhvi' appointed as chairperson of Competition Appellate Tribunal

COMPETITION ACT : Section 53C, read with Section 53F of The Competition Act, 2002 – Appellate Tribunal – Composition Of - Appointment of Chairperson of Competition Appellate Tribunal

SEZ units/developers can route their applications for ST refund via SEZ Officer

ST LAWS/SEZ : Section 96J of The Finance Act, 1994 - Special Exemption from Service Tax in Certain Cases – Procedure of Service tax Exemption to SEZ

Prior to 7-12-2008, no ST refund on services used for export if assessee availed drawback on export

Service Tax : Prior to 7-12-2008, if assessee had availed of drawback of service tax paid under Drawback Rules, they become ineligible for benefit under Notification No. 41/2007-ST by way of refund of service tax paid on services used for export

Employee undertaking responsibility of transporting Cylinders held as sub-contractor; sec. 194C invo

IT : Where payment had been made to an employee of assessee who had undertaken responsibility of transporting cylinders and truck owners gave bill to him and in turn he paid to truck owners, he would be treated as sub contractor and assessee was liable to deduct TDS under section 194C

New undertaking won't be treated as existing one due to common management or accounts; sec. 10A reli

IT: Newly established undertaking means an undertaking of an assessee independent of all other undertakings that he is already possessing and mere fact that there is common management or common accounts would not lead to conclusion that they are not separate undertakings

ITAT erred in allowing deduction of unpaid excise duty relying upon its earlier order which was reve

IT: Where Appellate Authorities had deleted addition an account of excise duty payable by simply relying on order passed by Tribunal in earlier assessment year, since said order was reversed by High Court and further facts were also not clearly brought out in assessment order, matter was to be readjudicated

Duty based on production capacity: Liability arose from beginning of FY even if production started i

Excise & Customs : Where assessee admits that he was manufacturing Pan Masala without registration since Jan., 2011, prima facie, factory is deemed to be in operation since 1st April of that financial year i.e., since 1-4-2010 and duty is leviable accordingly

MAT credit should be reduced from tax liability before computing interest under secs. 234B and 234C

IT : MAT credit should be given to assessee before charging of interest under sections 234B and 234C

CLB is empowered to stay its proceedings on pending adjudication of any dispute in a civil suit

CL: CLB is empowered to stay proceedings before it, pending adjudication of any civil suit