RBI directs co-operative banks to alert customers before levying penal charges due to fall in minimu

BANKING : Levy of Penal Charges on Non-Maintenance of Minimum Balances in Savings Bank Accounts

RBI reduces interest rate on Special Deposit Scheme

IT/BANKING : Special Deposit Scheme 1975 – Payment of Interest for the Calendar Year 2014

Sales tax waived off on premature payment of deferred sales tax not taxable under Sec. 41(1)

IT : Where assessee due to certain scheme made premature payment of deferred sales tax and on such payment entire liability to pay tax stood discharged, section 41(1) was not applicable

Loss on sale of shares couldn't be held as sham if sanctity of loan restructuring by issuing shares

IT : Loss on sale of shares couldn't be held as sham if sanctity of loan restructuring by issuing shares wasn't doubted

Non-holding of regular classes by educational institution doesn't lead to denial of sec. 11 relief

IT: Mere non-holding of regular classes or charging of fees cannot be criteria for denying section 11 exemption

Cellular Co. to deduct tax under sec. 194H from commission paid to distributors on sale of prepaid c

IT : Cellular telephone service provider to its distributors on prepaid connections, is liable to TDS under section 194H

Capital gain earned by a French resident from sale of India shares wasn't taxable in India due to In

IT/ILT : Income earned by assessee, a French resident, from sale of shares of Indian companies, could not be taxed under head 'capital gain' due to benefit conferred in terms of article 14(6) of India-France DTAA

Act of Super Cassettes to impose minimum charges on licensing of music to private FM radio stations

Competition: Where OP licensed Bollywood music to private FM radio stations and violated competition norms by imposing unfair conditions of minimum commitment charges (MCC) upon private FM radio stations in its existing agreements, it amounted to abuse of dominant position

Time-limit of 1 year was applicable for refund claim filed under sec. 11B even when ST was paid by m

Service Tax : Time-limit of section 11B applies to service tax paid by mistake, if assessee makes an application for refund under section 11B

Though Toll road couldn't be considered as plant, yet it would be considered as building for depreci

IT: Toll road would not qualify as a 'plant' so as to entitle assessee a higher rate of depreciation

Govt. changes location of Debt Recovery Tribunal of Delhi

DRT : Section 3 of The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 – Tribunal – Establishment of – Notified Change in Location of DRT No.I, II and III, Delhi w.e.f. 28-11-2014

Govt. orders 'BSV Prakash' to hear urgent matters in absence of Dhan Raj, member of CLB, Kolkata ben

COMPANIES ACT, 2013 : Hearing of Urgent and Mentioning Matters Requiring Interim Directions in Respect of Cases Allocated to Member (Technical), CLB, New Delhi; who was Transferred and Posted as Member (Technical) In CLB, Kolkata; By Member (Judicial), CLB, New Delhi During Absence of said member (Technical)

ITAT directs AO to decide taxability of receipts after considering definition of 'FTS' under India-S

IT/ILT: AO was not justified where he had only considered applicability of definition of term 'Fees for Technical Services' under section 9(1)(vii) and had not considered applicability of definition of 'Fees for Technical Services' under DTAA between India and Singapore and had also not examined as to which of provisions was beneficial to assessee

ITAT sets aside order of CIT(A) as it admitted additional evidence without allowing AO to examine it

IT : Where in order to prove genuineness of share transactions, assessee brought additional evidence such as personal details, PAN etc. of share applicants on record, Commissioner (Appeals) could not admit said evidence without giving Assessing Officer an opportunity to examine same on merits

Bombay HC waived off pre-deposit on issue of inclusion of scrap value retained by job-worker in asse

Excise & Customs : Where department confirmed demand on ground that value of scrap retained by assessee/job worker is liable to be included in computing assessable value of job-work done by assessee, High Court directed appeal to be heard on merits without insisting on pre-deposit

Mere disallowance of exp. won't attract concealment penalty if assessee had made claim under bona fi

IT : Expenditure claimed for establishing airport being disallowed as not related to business of development authority, no concealment penalty could be levied

No penalty leviable on assessee when he availed of benefit of Service Tax Dispute Resolution Scheme

Service Tax : If assessee availed benefit of Amnesty scheme and tax liability is determined, then he is not liable to pay any penalty under sections 76 and 77

Assessing authority couldn't deny payment of compounded tax due to shifting of place of business by

CST & VAT: Kerala VAT : Where assessee filed application under section 8(f) of Kerala VAT Act for compounding rate of tax, Assessing Authority could not refuse permission to pay tax at compounding rate or cancel permission already granted on ground of shifting place of business by assessee

PAN doesn’t disclose real identity of an individual; SLP dismissed against sec. 68 additions

IT : Where false evidence had been adduced by assessee to give colour of genuineness to bogus entries through bank accounts and deposits which were mostly by cash, Assessing Officer was justified in making addition under section 68

Tribunal couldn't remand matter when all facts and evidences were available before it, says Bombay H

Excise & Customs : Where all facts and evidences, necessary for final disposal of appeal, are available before Tribunal and matter has heard at length before Tribunal, Tribunal should decide appeal on merits and cannot remand matter back

Tribunal rightly denied full stay on tax demand in absence of evidence showing financial hardship of

CST & VAT : U.P. VAT : Where Assessing Authority raised huge tax demand upon assessee and Tribunal granted stay of disputed amount to extent of 80 per cent, since no documentary evidences of financial hardship were available on record, there was no infirmity in order of Tribunal

Combination created to construct integrated fuel facility at Airport won't have an adverse effect on

Competition Act : Where proposed combination created to construct and manage an integrated fuel facility at Mumbai Airport was not likely to have an appreciable adverse effect on competition in India, same was to be approved

MS tanks are eligible for credit as capital goods as they are parts or components of eligible plant

Cenvat Credit : MS Tank is not a plant, machinery, apparatus, equipment etc; however, since same is used within factory in manufacturing, same is eligible for credit as capital goods viz. parts/components of eligible plant/machinery, etc.

No penalty for making wrong claim in original return if it was corrected in return filed in pursuanc

IT : Penalty under section 271(1)(c) was not leviable on account of wrong claim made by assessee in his original return of income, which was corrected in return of income filed under section 153A