A circular or an order or a direction issued by CBDT can’t mitigate sec. 127 powers of CCIT

IT : A circular or a direction or an order issued by the CBDT under section 119 of the Act cannot mitigate the powers of Principal Director General or Director General or Principal Chief Commissioner or CCIT or CIT under section 127 of the Act.

No addition as AO had valued stock by giving lesser discount and there had been tampering in invento

IT : Where stock was estimated by tampering inventory sheets, etc. and allowing lesser deduction which resulted in excessively high GP rate, addition was to be deleted

Sec. 158BD notice held valid as accommodation entry for sale of jewellery was found in books of asse

IT : Notice under section 158BD to assessee was justified where accommodation entry was found in books of a firm regarding sale of jewellery and fact that assessee did not sell jewellery was undisputed

Appeal can be filed on next working day if office of appellate authority is closed on last day of fi

Excise & Customs : Where last day of filing of appeal being 15-11-2013 (Friday) was holiday and 16th and 17th were also holidays being Saturday and Sunday, appeal filed on 18-11-2013 (Monday) was within prescribed period

Assessment held null and void as revenue couldn't demonstrative validity of sec. 143(2) notice: Mumb

IT: Assessment made on basis of invalid notice could not be treated to be valid assessment

CBDT springs surprise with sharp hike in fee for obtaining advance ruling; raises fee up to Rs.10 la

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Twelfth Amendment) Rules, 2014 – Amendment in Rule 44E and Insertion of Form No.34DA

Delay in filing appeal due to filing it before wrong forum was condonable

Service Tax : Where appeal was filed before wrong forum within stipulated time leading to delay in filing appeal before proper forum, said delay must be condoned

Appellant has to make timely disclosure to stock exchange even on receipt of shares on amalgamation

SEBI: Where as a result of amalgamation, appellant acquired shares of a listed company and thus, shareholding of appellant exceeded prescribed limits but he failed to make disclosure of same to relevant stock exchanges, imposition of penalty was justified

Forex loss incurred on purchase of raw material from AE is includible in computing operating mark-up

IT/ILT : Where assessee purchased material from its AE and pricing was done in foreign currency, in such a case, foreign exchange loss suffered due to currency fluctuation was to be included while computing operating mark up earned by assessee

RBI notifies 100% FDI in certain areas of Railway infrastructure

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Fourteenth Amendment) Regulations, 2014 – Amendment in Schedule 1

RBI notifies 49% FDI limit in Defence under Governmental route

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Thirteenth Amendment) Regulations, 2014 – Amendment in Regulation 14 and Schedule 1

Act of assessee of arranging foreign re-insures for Indian Insurance Cos wouldn't amount to export o

Service Tax : Where assessee used to identify re-insurer located abroad for Indian insurance companies and received commission/brokerage in Indian currency from Indian companies, said activity did not prima facie amount to export, as performance was in India and consideration was not in convertible foreign exchange

Entire cost of 'distribution right' re-sold in same year shall be allowed as deduction under Rule 9B

IT: Where assessee had purchased and sold 'distribution rights', they would include and consist of acquisition and transfer of rights to exhibit, broadcast and satellite rights, rule 9B(2)(a) would be applicable

Kerala HC imposed penalty on assessee for not disclosing correct income of abolished HUF in his hand

IT : Penalty to be leviable where if department had not taken up for scrutiny, additional income of assessee from HUF would have gone unnoticed and would have escaped from tax

Principal manufacturer can take credit of duty paid by job-worker on intermediate goods

Cenvat Credit : Since Notification No. 214/86-C.E. is conditional and non-mandatory, job-worker may forego said exemption and pay duty on intermediate goods; and in that case, principal manufacturer can take credit of duty so paid

Exp. on purchase of application software meant for enhancing productivity was revenue in nature

IT-I : While computing deduction under section 80HHE, 90 per cent of net interest income had to be reduced from profits of business and not gross interest income

Appeal can be filed on text working day if office of appellate authority is closed on last day of fi

Excise & Customs : Where last day of filing of appeal being 15-11-2013 (Friday) was holiday and 16th and 17th were also holidays being Saturday and Sunday, appeal filed on 18-11-2013 (Monday) was within prescribed period

Self trade of buying shares at higher price and selling them at lower price amounted to unfair tradi

SEBI : Self trades executed by appellant broker by buying shares at higher price and selling same at lower price were not normal trades and were violative of regulations 3 and 4 of PFUTP Regulations