Govt. again hikes excise duty on petrol and diesel

EXCISE & CUSTOMS LAWS : Section 5A of The Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Amendment in Notification No.12/2012-c.e., Dated 17-3-2012

Interest paid for acquiring property other than self occupied one would be deductible without any li

IT: Where assessee had availed loan from bank for acquiring property other than self occupied one, whole of interest payable on borrowed capital would be allowable

SC dismissed SLP against HC's order upholding addition on assessee's failure to explain unaccounted

IT : Where assessee claimed that stock was taken on loan and returned in same year to sister concern but no proof regarding actual movement of stock was made available, nor was any bill for loan of cargo was raised, addition to closing stock was just and proper

Addition couldn't be made on presumptions if seized cheques weren't found in name of assessee

IT: Where seized materials did not reflect name of assessee, revenue was not justified in drawing presumption under section 132(4A)

Royalty paid to AE in pursuance of an agreement approved by RBI would be deemed to be at ALP, says I

IT/ILT: RBI approval of royalty rates itself implies that payments are at arm's length, hence, transactions made under royalty agreement approved by RBI are at arm's-length

No evasion penalty under service-tax if dept. had invoked sec. 80 to waive off penalty under sec. 76

Service Tax : When section 80 has been found to be invocable for waiving penalty under section 76, it is not possible to argue that same (i.e. section 80) will not be invocable mutatis mutandis for waiving penalty under section 78

SC : No complaint of cheque dishonour against directors of Co. if they weren't in charge of business

Negotiable Instruments Act : In absence of allegation against accused directors that they were incharge of and responsible for conduct of business of company, complaint under section 138 against accused was to be quashed

SEBI modifies 'offer for sale of shares' mechanism; allows retail investors to place their bid at cu

SEBI : Modification to offer for Sale (OFS) of Shares throughs Stock Exchange Mechanism

RBI notifies amendments in Money Laundering Rules; asks NBFCs to adhere to revised norms

NBFCs : Know Your Customer Guidelines /Anti-Money Laundering Standards / Obligation of NBFCs Under Prevention of Money Laundering Act , 2002 – Amendment to Prevention of Money-laundering (Maintenance of Records) Rules 2013.

CBEC directs officials to forward representations through proper channel

EXCISE & CUSTOMS LAWS : Instructions to CBEC Officers for Submission of their Representations through Proper Channel

'Acche din' for taxpayers as CBEC begins to make indirect tax admin non-adversarial and taxpayer fri

ST LAWS/EXCISE & CUSTOMS LAWS : Action Plan to Evolve non-adversarial Indirect tax Administration

Sale of SIM cards/recharge coupons at discounted rate to distributors isn't commission and not liabl

IT: Sale of SIM card involves sale of right to services. Therefore, the relationship between the assessee and the distributor would be that of principal and principal and not principal and agent. Moroever, where SIM card is sold at discounted price, there is no payment of commission or brokerage to distributor. Hence, TDS u/s 194H is not applicable on sale of SIM cards and prepaid recharge coupons by Telecom Company to distributors at discounted MRP.

No reassessment to disallow sec. 80-IB relief if detailed enquiry was made by AO at assessment stage

IT: Where Assessing Officer allowed assessee's claim for deduction under section 80-IB(10) after making detailed enquiries, he could not initiate reassessment proceedings taking a view that said claim was wrongly allowed

SC dismissed SLP against HC's order holding that reassessment not to be made after 4 years due to re

IT : Reassessment proceedings could not be initiated after expiry of four years from relevant assessment year merely on ground that in view of retrospective amendment to provisions of section 80-IA, assessee was not entitled to deduction granted under said section earlier

Provision for leave encashment to be allowed only when it was paid before due date of filing return

IT : Deduction on account of leave encashment could be allowed only if it is actually paid on due date for filing return of income

Principal manufacturer can claim credit of duty paid on intermediate goods if job-worker forget to c

Cenvat Credit : There is no condition that for availing facility of rule 4(5)(a) of CENVAT Credit Rules, 2004, job-worker should avail full duty exemption under Notification No. 214/86-C.E.; hence, where job-worker foregoes exemption, duty paid on intermediate goods is eligible for credit in hands of principal manufacturer.

ITAT denied sec. 80-IB relief to assessee as it ceases to be a Small Scale Industrial undertaking

IT: Commissioner (Appeals) has to give convincing reasoning while upholding order of Assessing Officer

Rental income from property equipped with specialized machinery is house property income and not bus

IT: Income derived by assessee from leasing out of its building simplicitor was because of ownership of building and not from personal exertion; hence it was an income from house property and not a business income

Sec. 10A: ITAT directs AO to consider set-off of loss of STP unit after considering recent circular

IT : Where assessee, a STP Unit, claimed set off of loss relying upon CBDT Circular No. 07, dated 16-7-2013, matter was to be remanded for reconsideration

Interest on FD was adjustable against cost of machinery if FD was required to get LC for import of m

IT: Where production had not yet been started and hence, assessee kept available funds in FDRs for obtaining letter of credit required to import machineries, interest income, was liable to be adjusted against pre-operative cost of plant and machinery

HC grants credit of entire fuel as electricity generated out of fuel was used in multiple units of s

Excise & Customs : Word "factory" includes "all units/premises at same place"; therefore, if steam/electricity generated out of fuel (furnace oil) is used for more than one units (DTA & EOU) in same "factory", entire fuel/furnace oil would be eligible for input credit

Investment by Alternate Investment Funds in foreign securities shall be subject to FEMA norms, says

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfr or Issue of Any Foreign Security) (Fifth Amendment) Regulations, 2014 -Amendment in Regulatiion 2 and Substitution of Regulation 26

'Anand Grover' appointed as special public prosecutor for money laundering proceedings of 2G spectru

MONEY LAUNDERING : Section 46 of the Prevention of Money-Laundering Act, 2002 – Application of Code of Criminal Procedure, 1973 to Proceedings before the Special Court - Appointment of Special Public Prosecutor for Conducting Prosecution, Appeals/revisions or Other Proceedings out of Cases under the Said Act Arising out of 2G Spectrum Cases – Notified Special Public Prosecutor

No writ to challenge sec. 148 notice as assessee could file appeal after completion of reassessment

IT: Writ jurisdiction under article 226 cannot be invoked to challenge correctness or otherwise of notices issued under section 148; proper remedy is to file an appeal after reassessment order under section 147

Turnover would include freight if it was paid in advance at the time of preparation of railway recei

CST & VAT: Where assessee, a society, purchased coal from colliery and after transportation distributed same amongst members, since assessee paid freight to railways in advance at time of preparation of railway receipt, freight had to be included in turnover of assessee

No abuse of dominance by parties as they weren't dominant in broadband equipment based on GPON techn

Competition Act : Where OPs were not dominant in relevant market for broadband technology based on GPON technology, no case of abuse of dominance by OPs was made out