SEBI gets discretionary powers to allow AMCs to launch two new schemes per year

SEBI/INDIAN ACTS & RULES : SEBI (Mutual Funds) (Second Amendment) Regulations, 2014 – Amendment In Regulation 21

SEBI tweaks definition of venture capital undertakings; includes Core investment Cos in infra sector

SEBI/INDIAN ACTS & RULES : SEBI(Foreign Venture Capital Investors) (Amendment) Regulations, 2014 – Amendment in Regulation 2

Stay order not to be interfered with if it was rightly passed by Dy. Commissioner(A) on basis of ava

CST & VAT: Kerala VAT - Where Deputy Commissioner (Appeals) on basis of available materials and with proper application of mind had passed orders on stay applications of assessee, such orders did not call for interference

Legal grounds can be raised for first time before Commissioner (Appeals) as they aren't additional e

Service Tax : Contention that 'assessee was not service-provider but was service-recipient' is not 'a piece of evidence', it is a 'pleading, a ground of appeal' and goes to root of jurisdiction; hence, same can be raised for first time before Commissioner (Appeals) and he cannot reject it citing Rule 5 of Central Excise (Appeals) Rules, 2001

ITAT upheld penalty as assessee had claimed long-term capital gain by mentioning wrong year of acqui

IT : Where short-term capital gain on sale of land was wrongly claimed as long-term capital gain by substituting year of acquisition, penalty under section 271(1)(c) was rightly levied on assessee

Generation of steam is a form of power; captive steam generation units eligible for sec. 80-IA relie

IT : Deduction under section 80-IA is allowable in respect of captive power consumption units

Forward contract of Forex made by diamond merchant was speculative as it wasn’t made for export/impo

IT : In order that forward transaction in commodities may fall within proviso (a) to section 43(5), it is necessary that raw materials or merchandise in respect of which forward transaction have been made by assessee must have a direct connection with goods manufactured or merchandise sold by him

Contributions wrongly treated by trust as exempted corpus donation under bona-fide belief doesn't at

IT : Where assessee-trust under bona fide belief treated voluntary contributions as corpus donation, Assessing Officer could not pass a penalty order under section 271(1)(c) while taking a view that said amount was taxable as income under section 12

VAT dues of a Co. couldn't be recovered from personal assets of its director

CST & VAT : Uttar Pradesh VAT - Tax dues of a company cannot be recovered from personal assets of its directors

CIT had no jurisdiction to revise original order which was merged with rectification order under Sec

IT: Where assessment order passed under section 143(3) was rectified by an order under section 154, original order so passed merged with rectification order and, thereupon, Commissioner had no jurisdiction to revise said order under section 263

SEBI asks FFIs to register for FATCA compliance before Jan 1, 2015 to avoid withholding tax of 30%

SEBI/ILT : Registration for the Purpose of Foreign Accounts Tax Compliance Act (FATCA)

Supply of fuel to aircrafts on foreign run from fuelling Station, registered as warehouse is eligibl

Excise & Customs : In case of supply of Aviation Turbine Fuel (ATF) to Aviation Fuelling Station (AFS, being a registered warehouse) and subsequent supply from AFS to aircrafts amounts to 'export' and is eligible for rebate under rule 18

Re-assessment initiated against 'ITC Hotels' held void as notice wasn't duly served on it: High Cour

IT: Unless notice is served on assessee, proceedings under section 147 is one without jurisdiction.