Subsidy granted by society to its members against bye-laws for increasing its output was deductible

IT : Providing subsidy towards pesticides, seeds, etc. being monetary benefits to its members/farmers in order to help them to grow more sugarcane was only for business purpose of cooperative society; expenditure was to be allowed

Salary earned by an employee on rigs located in continental shelf wasn't taxable prior to 1-4-1983;

IT : Since continental shelf did not form part of India prior to 1-4-1983, salary earned by an employee for services rendered on rig before 1-4-1983, in off-shore area, outside territorial waters of India was not chargeable to Income-tax

No concealment penalty on claiming incorrect sec. 80-IA relief if assessee had disclosed such fact

IT : Where assessee's claim deduction under section 80-IA on sales tax benefits which were not derived from its eligible business was disallowed but no information or statement given in return was found to be factually incorrect or inaccurate concealment, penalty was not be imposed

Sale on principal to principal basis shall be included in 'turnover' for purpose of tax audit under

IT : Where assessee was appointed as a distributor on principal to principal basis for sale of gas cylinder to consumers, sale of gas cylinder was to be included in turnover for purpose of section 44AB

Valuation of shares by a Valuer appointed by Court is binding on both parties to contract unless it

CL: Where company Court made it clear that only on agreement between rival shareholder groups on value of shares determined by valuation officer, merely because CLB had stated that valuation, once submitted, would be binding, sale of shares by respondent group at a non-acceptable rate could not be apprehended

No TP adjustment when average mean margin earned by comparables was lower than profit margin earned

IT/ILT: Where in course of transfer pricing proceedings, Tribunal found that average mean margin earned by comparables was lower than profit margin charged by assessee-company to its AE, addition made by Assessing Officer to total income of assessee by way of TP adjustment was to be set aside

No denial of adjustment of excess ST payment against future tax liability even on non-compliance ST

Service-tax : Adjusted excess service tax paid in some months against tax payable in following months cannot be denied merely on ground that procedure prescribed under Rule 6(4A) of Service-tax Rules, 1994 had not been followed.

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to trusts

IT : Section 10(23C)(iv)/(v) of The Income-tax Act, 1961 - Exemptions - Charitable Funds/Institutions/Charitable/Religious Trust - Notified Prescribed Authority – Supersession of Notification No. SO 851(E) [F.No. 153/41/2007-TPL], DATED 30-5-2007

Though income of Chamber of Commerce held as business receipt, yet sec. 11 relief available as profi

IT : Though income of Chamber of Commerce held as business receipt, yet Sec. 11 relief available as profit motive absent

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to educational institutions/hospitals

IT : Section 10(23C)(vi)/(via) of The Income-tax Act, 1961 - Exemption - University/Educational Institutions/Hospitals - Prescribed Authority - Supersession of Notification No. SO 852(E)[F.No. 153/41/2007-TPL], DATED 30-5-2007

Govt. relaxes FDI norms in construction development sector

FDI/FEMA/ILT : Consolidated FDI Policy Circular 2014 – Review of Foreign Direct Investment (FDI) Policy on Construction Development Sector – Amendment in Paragraph 6.2.11

CIT had to give hearing chance to assessee when it had rejected trust's registration relaying on rep

IT: Where Commissioner rejected application of assessee-trust for registration before expiry of six months from end of month in which application was received and order was also served on assessee within two weeks from date of order, order passed by Commissioner was not barred by limitation

Mere procedural laps doesn't lead to denial of eligible credit

Cenvat Credit : Where factum of receipt and use of goods is not disputed, non-following of procedure by itself cannot be held to be a ground for denial of credit

SLP dismissed against HC's order upholding special audit direction on 'DLF' due to incomplete and co

IT : Where High Court upheld direction for special audit on ground that assessee had failed to submit comparative details of expenditure in SEZ and non-SEZ units and affairs of company were not transparent, SLP filed against HC order was to be dismissed

Failure to Keep track of appeal filed before ITAT isn't a valid reason to condone belated appeal fil

IT : Assessee's contention that he was waiting for decision of Tribunal on appliction under section 254(2) but nobody could keep track on events and in meanwhile due date for filing appeal before High Court lapsed, could not be sufficient cause for condonation of delay of 1110 days in filing such appeal

Enhanced compensation received on transfer of tenancy rights in a land is liable to capital gains ta

IT : Where assessee was paid enhanced compensation on acquisition of land in which assessee was a tenant, capital gains was to be computed

"Export" and "deemed export" aren't distinguishable for purpose of Central Excise Law, says CESTAT

Excise & Customs : "Deemed export" and "export" are not found to be different; hence, Deemed exports are equivalent to exports, for purposes of benefits under Central Excise law

No concealment penalty on assessee when it had declared capital gains but disputed its tax liability

IT: Where assessee declared in return of income long-term capital gain on sale of its shareholding and only disputed its liability to pay tax by way of a note, levy of penalty was unjustified

Huge salary paid to director in lieu of his efforts to flourish Co.'s business couldn't be deemed un

IT : Where due to efforts of director of assessee-company, business of assessee had increased substantially and he was assisting assessee in its new hotel project, excessive salary payment to him was reasonable

Delay in filing appeal due to non-receipt of copy of order by assessee is condonable

CST & VAT (Haryana): As copy of order of First Appellate Authority was received by someone not authorised by it 30 days delay in filing appeal was be condoned

Imposition of one-sided terms on sale of plot by a developer dominant in real estate market wasn't j

Competition Act : Imposition of unfair and one-sided terms and conditions by OP, a dominant player in relevant market for development and sale of residential plot, in agreement was abusive in terms of provisions of section 4