HC directs assessee to respond to notices of department requiring info on exemption claimed by asses

CST & VAT: Tamil Nadu VAT : Where assessee in return filed claimed concessional rate of tax and also claimed exemption from tax and Assessing Authority issued on assessee various notices under section 25 of Tamil Nadu VAT Act requiring it to furnish details/documents and assessee filed writ petition to quash notices stating that same were issued in violation of provisions of section 22(2), assessee was directed to respond to notices

SC admits SLP against HC's order rejecting revisional proceedings on sec. 80-IB relief allowed by AO

IT: SLP granted against order of High Court where it was held that question as to when undertaking has commenced development and construction is a debatable issue and when Assessing Officer has taken one plausible view, revision could not be initiated

No ST on usage of spare parts/ consumables in servicing of vehicle if they have been charged to VAT

Service Tax : Cost of spare parts or accessories or consumable such as lubricants and coolants provided/used during servicing of vehicles, which was charged to VAT/sales-tax, is not includible in value of Authorised Service Station Services and is exempt under Notification No. 12/2003-ST, dated 20-6-2003

No appeal could be filed before HC to challenge an interim order of Tribunal unless it's followed by

IT : Assessee can question interim order of Tribunal in an appeal after final orders are passed by Tribunal by raising it as a ground in memo of appeal

Income earned by foreign co. was business profit and it wouldn't be taxable as foreign co. Had no PE

IT/ILT : Where assessee foreign company received fee from Indian company, said fee was to be considered as commercial profits pursuant to DTAA between them and as assessee had no PE in India, same could not be taxed in India

Welding electrodes used for repairing of plant and machinery are eligible for credit

Cenvat Credit : 'Welding electrodes' used in manufacturing plant for repairs and maintenance of plant and machinery for manufacture of excisable goods are eligible for credit as input/capital goods

Respondent's conduct of appointing additional director without intimating petitioner-director was op

CL: Where acts of respondents such as allotment of additional shares, appointment of additional director, etc. behind petitioner's back were oppressive to his legitimate rights, thus in view of bitter relations between rival groups, petitioner was to be directed to sell his shareholding in company

Govt. sets-up High Level Committee to ascertain areas where clarity is required in tax laws

IT/ILT/GST : Government Sets up a High Level Committee (HII) to Interact with trade and Industry on Tax Laws

RBI lays out guidelines for setting-up and operating 'Trade Receivables Discounting System'

BANKING : RBI Releases Guidelines for Setting up of and Operating TreDS

Meaning of 'person', 'resident in India' and 'NR' can't be derived from FEMA for norms on issue of s

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Fifteenth Amendment) Regulations, 2014 – Amendment In Regulation 2

Govt. sets-up High Level Committee to ascertain areas where clarity is required in tax laws - PIB

IT/ILT/GST : Government Sets up a High Level Committee (HII) to Interact with trade and Industry on Tax Laws

RBI doubles max ceiling limit of KYC compliant pre-paid wallet; raises validity period of gift cards

BANKING : Relaxations in Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India

Scrutiny notice served on next working day held valid as due date was Sunday; SC dismissed SLP

IT : Notice under section 143(2) having been served upon assessee on very next working day due date being Sunday, was valid

Sec. 263 limitation period would begin from date of assessment if impugned issue wasn't dealt with i

IT : Where jurisdiction under section 263 ought to be exercised with reference to an issue which was covered by original date of assessment under section 143(3) and it did not form part of re-assessment, limitation must necessarily begin to run from order under section 143(3)

SC: Tribunal doesn't have powers to dismiss appeal even due to absence of appellant in hearing

Central Excise : Tribunal cannot dismiss appeal filed by assessee for want of prosecution or for default; it ought to decide appeal on merits even if assessee or its counsel was not present when appeal was taken up for hearing

CCI has locus standi to present appeal against order of Single Judge staying investigation by Direct

CL : Since investigation by Director General forms part of regulatory jurisdiction exercised by CCI, any order hampering investigation process directly affects statutory functioning of CCI therefore, right to assail an order staying investigation cannot be confined only to informant, but CCI also being an equally aggrieved party, is entitled to do so

Credit allowed on capital goods use to manufacture exempted intermediate product as duty was paid on

Cenvat Credit : Cenvat credit cannot be denied on capital goods used in manufacture of exempt intermediate products, which are used captively in manufacture of finished goods chargeable to duty

Once source of deposit in bank account is explained, subsequent withdrawal thereof need not be expla

IT : Whether, once source of cash deposit in bank account is explained, subsequent withdrawal is not required to be explained

Wipro crafting artificial losses from sale of subsidiary shares to set off against taxable cap gains

IT: Where, it was evident that claim of capital loss was a colourable device to evade payment of tax on short term capital gains, capital loss claimed by assessee as against short term capital gains was to be disallowed

Dept. can't recover dues during pendency of stay if such pendency isn't attributable to assessee

Excise & Customs : Department cannot recover dues during pendency of stay applications before appellate authorities, if such pendency is not attributable in any manner whatsoever to assessees

Sec. 24: Assessee got chance to prove that new loan was taken to replay old one taken for constructi

IT : Where Assessing Officer disallowed interest on loan taken for repayment of an earlier loan taken for construction of building on ground that assesee failed to establish nexus between loan and building construction but assessee assured to establish same if opportunity was given, matter was to be remanded back

No denial of input tax credit on purchases merely due to emergence of non-taxable by-product

CST & VAT : Input credit of taxes paid on purchase of cotton seed used in manufacture of cotton seed oil cannot be denied proportionately on manufacture of by-product in form of cotton seed cake

IRDA, being a Govt. body won't be held as enterprise under Competitions Act on discharging its sover

Competition Act: Where informant sought a repeal of IRDA (Licensing of Bancassurance Agents) Regulations, 2012 on ground of abuse of dominance, allegations being general in nature besides being unsubstantiated and misconceived, no abuse of dominance was made out