Letting out of property with various amenities is taxable as income from house property and not busi

IT: Rental income from premises leased out to tenants registered under Software Technology Parks Scheme with amenities/services by way of standby power (DG set), air conditioning water, etc., was assessable as income from house property and not as business income

Foreign currency loan advanced to AE has to be benchmarked at LIBOR and not at domestic prime lendin

IT/ILT: Where assessee had given a foreign currency loan to subsidiary located in USA, domestic prime lending rate would have no applicability and international rate being LIBOR rate would be appropriate in this case

Financing and bank charges form part of operating exp; to be included in calculating margin of compa

IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to AE, matter was to be remanded back for determination of ALP afresh after applying upper filter on turnover of comparables upto Rs. 200 crores and considering only segmental results of those comparables

TPO erred in reducing cash discount from selling price of goods sold to AE; to be treated as selling

IT/ILT: Where cash discounts had been offered after completion of sales and were entirely different in nature from trade discounts, they could not have been reduced from selling price and similarly outward freight and storage charges were to be treated as selling and distribution expenses instead of reducing same from selling price

Courts have to be careful in summary/summons trial while dealing with NI Act as wrong trial can have

Negotiable Instruments Act : Courts while dealing with matters under Negotiable Instruments Act, should keep in mind that difference between summary and summons trial for purpose of Negotiable Instruments Act is very subtle but has grave repercussions in case of mistaken identification of trial which is de novo trial in light of section 326 (3) of Criminal Procedure Code

SC admits SLP for deciding whether loss arising on sale of shares without actual delivery was specul

IT: SLP was granted against order of High Court where it was held that loss suffered by assessee-broker on sale of shares at lowest market price without taking physical delivery, through sister concern, amounted to speculation loss

TPO erred in regarding cash discount from selling price of goods sold to AE; to be treated as sellin

IT/ILT: Where cash discounts had been offered after completion of sales and were entirely different in nature from trade discounts, they could not have been reduced from selling price and similarly outward freight and storage charges were to be treated as selling and distribution expenses instead of reducing same from selling price

Penalty couldn't be levied when assessment was based on turnover disclosed in books of account

CST & VAT: Where Assessing Authority disallowed assessee's claim for concessional rate of tax and levied penalty upon it under section 12(3)(b), since turnover assessed was based on books of account, levy of penalty was not justified

'Orchid Infrastructure developers' isn't a dominant player in real estate market in presence of othe

Competition Act : Where other large renounced builders were present in relevant market for development and sale of residential units and informant was not dependent on OP-1 for booking a residential unit, OP-1 could not be said to be in a dominant position

HC sets aside ruling of AAR treating damages received by shareholder of ADR on alleged fraud as taxa

IT/ILT : Where Authority of Advance ruling determined that a settlement fund received by foreign-petitioner was taxable in India, based upon wrong premise that petitioner had accepted said receipts to be in nature of revenue receipts, ruling was to be set aside

HC identifies modus operandi of assessee of converting undisclosed income into exempted capital gain

IT: Purchase of shares being unverifiable and company being untraceable, modus operandi of activities was to be held to be conversion of undisclosed income into LTCG