SLP granted against HC's order holding that receipts derived by Chamber of Commerce was entitled to

IT: Supreme Court granted Special Leave against order of High Court where it was held that receipts derived by a chamber of commerce and industry for performing specific services to its members, though treated as business income, would still be entitled to exemption under section 11, provided there is no profit motive

Madras High Court upheld legal sanctity of RBI's master circular relating to classification of asset

Banking Regulations Act- Master Circular issued by RBI pertaining to classification of assets as non-performing assets is valid

Entity set-up for providing housing and other infra facilities is charitable in nature; entitled to

IT : Where assessee, a Government authority, was set up for providing housing, said activities were charitable in nature

HC reduces predeposit considering the financial hardship of assessee

Service Tax : Where overall financial position of assessee, as reflected in Profit and Loss Account, showed erosion of profitability, High Court reduced amount of pre-deposit directed to be made by Tribunal

AO's order set aside as it didn't follow directions of DRP on re-allocation of segmental cost made b

IT/ILT : Where directions of DRP had not been properly considered by lower authorities, matter should be reconsidered afresh

No extended period of limitation as there wasn't any omission or failure of assessee to disclose ful

CST & VAT : Delhi VAT - Where Assessing Officer held that extended period of limitation of six years under proviso to section 34(1) would be applicable to instant case, since there was not any assertion in assessment order that there was concealment, omission or failure on part of assessee to disclose full particulars, extended period of limitation would not be applicable

TDI infrastructure wasn't a dominant player in real estate sector as there was no evidence to prove

Competition Law: Where, prima facie, no information was available to prove dominance of opposite party a real estate developer in relevant market, its conduct could not be examined under provisions of section 4

High Court denied to grant interest on interest on tax refund

IT : Once refund of amount collected towards advance tax and corresponding interest are paid in compliance with direction issued by a Court, an assessee cannot claim interest on interest independent of order on basis of which such payments are made

Assessee taking exemption couldn't challenge SCN even after transferring all properties to transfere

Excise & Customs : Where petitioner took exemption and later transferred all properties, rights and obligations to transferees, he could not challenge mere show-cause notice issued to him, as obligation under exemption notification could not, prima facie, be transferred

HC upheld VAT evasion penalty on consignee and deleted penalty on consigner as he wasn't owner of

CST & VAT: Kerala VAT : Where Intelligence Officer acting under section 47(2) of Kerala VAT Act detained a excavator while being transported on a lorry and thereafter Adjudicating Authority imposed penalty under section 47(6) both on consignor and consignee of excavator, penalty could be imposed only on owner of goods and since consignee was owner of excavator, penalty must be sustained on him

ITAT directs afresh adjudication to determine ALP of technical services as case was remanded earlier

IT/ILT: Matter remanded where in earlier year on similar fact situation, Tribunal directed for fresh TP adjudication

“Umbrella” of combined entity level TNMM can’t be used to benchmark separate transactions on combine

IT/ILT : Separate transactions such as sales and royalty payments under the combined umbrella of TNMM on an entity level is not permissible as it may result in "cross-subsidization", i.e., a probable addition on account of transfer pricing adjustment arising from one international transaction may be usurped by the income from the other international transaction giving higher income on transacted value. As the international transaction of royalty payment is a separate transaction and not closely

HC dismissed plea recalling stay on winding-up as respondent failed to comply with conditions of sta

CL : Where Court by its order stayed admission of winding up petition subject to fulfilment of some conditions by respondent company and company failed to comply with those conditions, application seeking recall of that order was to be dismissed

Agent's activity of marking products of foreign principle in India tantamounts to export of service

Service Tax : Where assessee-agent was providing Business Auxiliary Services to principals located outside India by marketing their product in India and was receiving remuneration in foreign exchange, said activity amounted to 'export of service'

Exp. incurred on raising of equity capital for extension of undertaking was to be amortized under s

IT: Where assessee had invested substantial amount in extension of undertaking by raising additional equity shares capital, expenses incurred towards raising of equity shares capital would be eligible for amortisation under provisions of section 35D

Determination of fraud and suppression to levy penalty is a question of fact in which High Court can

Excise & Customs : If lower authorities and Tribunal, on appreciation of entire material on record, set aside penalty concurrently holding that there was no fraud, suppression, etc., same being a pure question of fact, High Court cannot interfere

High Court extends due date of making pre-deposit for statutory body

Service Tax : Where assessee, being a statutory body functioning under Administrative control of Government of India accepted pre-deposit but sought extension of time, High Court granted requisite extension of time to make pre-deposit

RBI allows Indian AIFs to invest overseas

FEMA/ILT : Overseas Investments by Alternative Investment Funds (AIF)

Hiring of cab is different from renting of cab; hiring of cabs is not liable to ST under 'rent-a-cab

Service Tax : Unless control of vehicle is made over to hirer and he is given possession for howsoever short a period to deal with vehicle, there would be no 'renting'; hence, 'hiring' of vehicles on per km. basis without transfer of possession and control is not liable to service tax under 'rent-a-cab services'

No input credit as registration certificates of vendors were cancelled and there was no physical mov

CST & VAT: Gujarat VAT : Where First Appellate Authority dismissed appeal on ground of non payment of amount of pre deposit and against impugned order assessee filed appeal and also challenged assessment order and made submissions on merits against assessment order, Tribunal was right in considering appeal on merits against assessment order

SLP granted against HC's order holding reassessment after 6 years as time barred due to inapplicabil

IT: SLP was granted against order of High Court where it was held that in absence of opportunity of hearing given to assessee, deeming provision provided in Explanation 3 to section 153 did not get attracted and, thus, notices for reopening were time-barred