Supreme Court directs Tribunal to refer question of law on set off of tax for consideration of High

CST & VAT : Where assessee, a registered dealer under Madhya Pradesh General Sales Tax Act, 1958, was carrying on business of manufacturing and selling of utensils and it claimed set off of tax under section 8(1) on goods purchased from one 'M' after payment of tax at full rate and lower authorities disallowed claim and High Court also rejected assessee's application made under section 44(2)(b), Tribunal was directed to refer question of law framed by assessee for consideration and decision by H

No revision by Dy. Commissioner against consequential order passed on directions of first appellant

CST & VAT: Kerala Sales Tax : Where First Appellate Authority modified order of assessment and thereupon Assessing Authority passed consequential order on assessee, suo motu power of revision available to Deputy Commissioner under section 35 could not be invoked to modify consequential order

Upfront fee paid to bank for converting rupee loan into foreign currency loan is allowable as revenu

IT : Where parts replaced by assessee did not have independent functioning, rather they were parts of total plant, expenditure on such replacement would be revenue expenditure

Share application money paid to AE couldn't be held as international transaction by deeming it as le

IT/ILT : Where assessee company made payment to its AE towards share application money thereby reflecting a capital investment and same not having been disputed by TPO, such a transaction cannot be subject to an arm's length price adjustment under plea of it being a transaction of lending or borrowing

AO rightly initiated reassessment when he came to know that loan raised by assessee was bogus; SLP d

IT: Where subsequent to completion of original assessment, Assessing Officer, on basis of search carried out in case of another person, came to know that loan transactions of assessee with a finance company were bogus as said company was engaged in providing accommodation entries, it being a fresh information, he was justified in initiating reassessment proceeding in case of assessee

SAT upheld penalty of Rs. 40 lakhs on appellant as he failed to make disclosure under Takeover Regul

SEBI: Where appellants acquired shares in excess of limit prescribed under regulation 10 of 1997 regulations, penalty of Rs. 40 lakhs imposed by Adjudicating Officer taking into consideration all mitigating factors could not be said to be unreasonable or excessive

HC deletes penalty for late issuance of TDS certificate as deductor was unaware of frequent amendmen

IT : For issuing TDS certificate belatedly under a bona fide belief that a consolidated TDS certificate was to be issued to deductees after closing of relevant financial year, no penalty was to be levied

ITAT invokes MFN clause to import make available clause from India-Portugese DTAA into the India-Swe

IT/ILT : Swedish company can claim Fee for Technical Services ('FTS') received from its Indian subsidiaries as tax-exempt if 'make available' condition is not satisfied on the basis of Indo-Portugese DTAA even though Indo-Sweden DTAA makes no reference to 'make available' condition. In view of the Most Favoured Nation clause ("MFN clause") in the protocol to the Indo-Sweden DTAA, a Swedish company can claim beneficial provisions for FTS contained in a later treaty such as Indo-Portugal treaty

Secretary of Tribunal can't prejudge issue of Tribunal's jurisdiction, says Madras High Court

CST & VAT: Tamil Nadu Sales Tax : Where assessee filed an application for rectification of a mistake allegedly crept into an order passed by Tribunal and Secretary of Tribunal returned same on certain ground, Secretary had no jurisdiction to prejudge issue

Block assessment under sec. 158BD had to be issued in reasonable time even in absence of limitation

IT: Where satisfaction as required under section 158BD was recorded by Assessing Officer other than Assessing Officer of searched person, block assessment was liable be quashed

Differential duty arising on issuance of supplementary invoices is liable to interest

Excise & Customs : Payment of differential duty at time of issuance of supplementary invoice to customer demanding balance of revised prices is liable to interest

CCI nods to proposed combination of Sun Pharma and Ranbaxy with a rider of divestment

Competition Act : CCI found proposed combination between drug companies i.e., Sun Pharma and Ranbaxy to be having appreciable adverse effect on competition in India in seven formulations

Security deposit made by affiliates in normal course of business won't constitute loan/advance under

IT : Security deposit made by affiliates in normal course of business won't constitute loan/advance under section 22(e)

Coaching center could take credit of mandap services used for award function if nothing was recovere

Service-tax : Coaching institutions may take input service credit on outdoor catering and mandap keeper services used for organizing a function to felicitate students who did exceptionally well in previous academic session, to the extent nothing has been recovered from the students

Claiming input credit without actual purchases showed wilful tax evasion; extended limitation period

CST & VAT: A.P. VAT - Where show cause notice issued to assessee alleged that it had committed wilful evasion of tax and findings recorded in assessment order also established that assessee had committed wilful evasion of tax, section 21(5) providing extended period of limitation of six years was applicable in instant case

RBI directs listed investee Cos to allocate limits for portfolio investment in defence sector within

FEMA/ILT : FDI in India – Review of FDI policy –Sector Specific conditions- Defence

RBI updates banks on revised FDI norms

FEMA/ILT : FDI in India – Review of FDI Policy –Sector Specific Conditions

Allowing use of photocopier available in business centers to hotel customers wasn't business support

Service Tax : Allowing use of photocopier, printer, etc. available in business center to customers of assessee, running a hotel, could not amount of Business Support Services, where Department could not show how which of services mentioned in category of Business Support Services were provided

HC directs Govt. to sanction fund for repairing building of ITAT bench, Ranchi as it was in dilapida

IT: Where petitioner filed instant Public Interest Litigation contending that building where Tribunal was sitting was in a very dilapidated and dangerous condition and despite a letter written to Central Government, no amount had been sanctioned, Government was to be directed to allocate amount forthwith

No assessment after issuing sec. 143(2) notice in absence of records mentioning its actual date of s

IT: Where in absence of record mentioning of a specific actual date on which assessee was served upon notice, assessment framed furtherance to said notice was invalid

CLB dismissed oppression plea as it was filed by petitioner as a counter-blast against dues payable

CL: Oppression and mismanagement petition filed as a counter-blast to dues payable by petition to company, is to be dismissed

'Maharashtra Cricket Association' is not involved in commercial activities on holding tournaments of

IT : 'Maharashtra Cricket Association' is not involved in commercial activities on holding tournaments of BCCI

'Sale of food' to be excluded while determining taxability under 'Outdoor Catering Services' : HC

Service Tax : Notification No.12/2003-S.T. applies to outdoor catering services also, hence, for determining taxability under said services, value of food 'sold' by assessee must, prima facie, be excluded

Prior to 13-7-2006, no interest on finalization of provisional assessment inspite of assessee's assu

Excise & Customs : Supreme Court stays judgment of Tribunal/High Court holding that since provision for interest relating to differential duty arising on finalization of provisional assessment was introduced from 13-7-2006, no interest could be demanded for prior period under Customs Act, inspite of assessee's assurance to pay interest

Assessee who had opted for compounded scheme had to be given hearing if law providing for such schem

CST & VAT : Kerala VAT - Where option of assessee for payment of tax at compounded rates was based on a particular provision of law as it stood at time of exercise of option and that basis was thereafter changed, assessee must be given an opportunity to reconsider his option