MAT Cos weren't liable to pay interest under secs. 234B and 234C prior to verdict of SC in Rolta Ind

IT : No advance tax was payable on MAT computed under section 115JB; resultantly no interest under sections 234B and 234C could be levied

CIT made revision as AO had granted sec. 11 relief to a yoga ashram without considering proviso to s

IT : Where Assessing Officer allowed assessee's claim for exemption of income earned from yoga, ayurvedic treatment etc. without taking into consideration fact as to whether assessee's objects fell under category of 'advancement of any other object of general public utility', Commissioner was justified in setting aside said assessment order in exercise of his revisional power under section 263

Estimation of income by AO without disclosing to assessee materials relied upon by him wasn't justif

IT: Where some discrepancies were detected in books correctness of which was not contradicted by assessee Assessing Officer was justified in rejecting books of account

CHA isn't a better expert than Custom Officer in customs valuation matters

Excise & Customs : A CHA cannot be expected to be a better expert on customs valuation than customs officer; hence, his license cannot be revoked merely because he did not advise importer/revenue to add certain expenses in value, especially when there was no evidence that he was aware that said expenses were includible

Direct recovery had to be made by garnishee proceedings as assessee didn't pay duty within 30 days o

Excise & Customs : Rule 8 of Central Excise Rules, 2002 operates in such a manner that after 30 days of default in payment of duty, if assessee still utilizes credit, department is obligated to proceed against assessee to recover arrears in terms of Excise section 11; hence, recovery by garnishee proceedings was valid

No penalty for inadvertently filling 'no' response in column seeking info about tax audit

IT : Where assessee company at time of filing its e-return had inadvertently filled column regarding details of audit under section 44AB wrongly as 'No', penalty under section 271B would not be leviable

Exp. incurred by assessee on leasehold land to make it suitable for business was in nature of revenu

IT : Expenditure incurred for making leased land usable for business would be 'revenue expenditure'

TPO had to include Forex gain in operating revenue if forex loss was included in operating cost to c

IT/ILT: A company rendering high end services cannot be comparable to company rendering low end supportive services

HC directed tribunal to consider all correspondence/does on record for determination of extended per

Excise & Customs : Where Tribunal failed to consider all correspondence/documents on record necessary for determination of availability of extended period, High Court said order and remanded matter back to Tribunal for consideration afresh

Refreshment exp. incurred on customers aren't entertainment exp.; couldn't be disallowed

IT : Where Assessee received payment on damages for non-performance of contract by seller, said payment was to be treated as business income and not as speculative transaction

HC sets aside CBDT’s order u/s 119 refusing to admit belated refund claim filed by a habitual late f

IT : CBDT could not refute admitting belated refund claim filed by an assessee on the ground that assessee was a habitual late filer of return of income and wanted to avoid scrutiny by late filing, especially when there was no malafide intension of assessee behind late filing of return

Finmin notifies Sukanya Samriddhi Accounts Rules, 2014

IT/INDIAN ACTS & RULES : Sukanya Samriddhi Account Rules, 2014

The term 'deposit' under DICGC Act excludes amount transferred to 'Depositor Education and Awarenes

INSURANCE/SEBI : Exemption of Deposits Credited to Depositor Education and Awareness Fund in Terms of Section 2(g)(ia) of the DICGC Act, 1961

CCI tweaks norms relating to procedure for engagement of experts and professionals

COMPETITION LAW/INDIAN ACTS & RULES : Competition Commission of India (Procedure for Engagement of Experts and Professionals) Amendment Regulations, 2014 – Amendment in Regulation 8 and Substitution of Specified Words

Impermissible deposits by trust would lead to denial of sec. 11 relief only on income from deposits;

IT: In case of a charitable trust, it is only income from investment or deposit which has been made in violation of section 11(5) that is liable to be taxed and violation under section 13(1)(d) does not tantamount to denial of exemption under section 11 of total income of assessee-trust

ITAT grant benefit of reduced penalty of 25% as per-deposit was sufficient to cover all dues alongwi

Excise : If assessee had made pre-deposit in year 2000 as per stay order of Tribunal and matter was remanded back and fresh adjudication order was passed in year 2004 and said pre-deposit is enough to cover duty, interest and 25 per cent penalty, said adjudication order cannot levy penalty more than 25 per cent of duty

RBI releases charter of customers rights; advises Indian Bank's Association to frame 'Model Customer

BANKING : RBI Releases Charter of Customer Rights

Factoring charges couldn't be treated as interest to attract TDS under sec. 194A, rules Calcutta Hig

IT : Discounting charges of bill of exchange and factoring charges of sale could not be treated as interest; hence, assessee was not liable to deduct TDS on it

Rule 5 providing for deemed production would apply even after change in parameter leading to reducti

Excise & Customs : Rule 5 of Hot Re-rolling Steels Mills Annual Capacity Determination Rules, 1997 would apply even in case of change in capacity leading to reduction; hence, capacity for payment of duty would be capacity as so re-determined or actual production of financial year 1996-97, whichever is higher

Interest on occasional loan disbursal won't constitute business income; no set off of unabsorbed los

IT : Provision of section 94(8) can not be applied to assessment year 2004-05

VAT authorities couldn't deny amendment to registration certificate on change in constitution of ass

CST & VAT : UP VAT : Where assessee was initially registered under U.P. VAT Act as a proprietorship firm and subsequently constitution of proprietorship firm was changed to a partnership firm and thereupon assessee made application for amending registration certificate, rejection of application on plea that change in constitution was in contravention of provisions of Explanation (II) to section 17(14) and rule 35 was wrong

Jewellery found in search treated as unexplained as status of family didn't require its holding in h

IT: Excess of gold jewellery found during search would be treated as unexplained investment in absence of any explanation offered by assessee, that status of family and custom and practices of community required holding of such jewellery

RBI releases charter of customer rights; advises Indian Bank's Association to frame 'Model Customer

BANKING : RBI Releases Charter of Customer Rights

RBI asks banks to increase penetration of mobile banking usage

BANKING : Mobile Banking Transactions in India – Operative Guidelines for Banks

TP adjustment set aside as functionally inappropriate comparables were selected by TPO

IT/ILT: Where TPO made addition to assessee's ALP in respect of software development services rendered to AE on basis of arithmetic mean of comparables selected by him, some comparables being inappropriate on account of functional difference had to be excluded and consequently no transfer pricing adjustment would be required to be made

Commissioner (Appeals) had to hear appeal when writ was dismissed by HC on availability of appellate

Excise & Customs : When High Court dismissed writ petition holding, in clear terms, that appeal lies before Commissioner (Appeals), then, said Commissioner (Appeals) has no option to adjudicate maintainability of appeal; he was bound to proceed with hearing of appeal on merit

CLB directs minor group to sell their shares to controlling group as there was no solution for oppre

CL : Where there was effort to siphon off company's fund, further controlling group issued additional shares in oppressive manner and no amicable solution was possible, minor group was to be directed to sell their shares to controlling group