Principal amount forgone by depositor after settlement couldn't be taxed under sec. 41(1) in hands o

IT : Balance amount which was not repaid under arrangement between assessee-NBFC and depositors after setting their claims did not constitute an income and assessee was not liable to pay tax

ITAT denied sec. 80P relief to society it was a primary cooperative bank as per Banking Regulation A

IT: Where assessee had fulfilled all three basic conditions to be regarded as a primary co-operative bank, it was a co-operative bank, and, therefore, provisions of section 80P(4) were applicable and he was not entitled for deduction under section 80P(2)(a)(i)

Payment made to casual labourers working under direct control of contractor won't attract sec. 194C

IT : Where issue relating to payments to labourers without deducting tax at source was concluded in assessment proceedings under section 143(3) and no incriminating material relating to said issue was discovered in search, Assessing Officer could not disallow said payment under section 153A on basis of change of opinion that tax was required to be deducted while making payments in question

Advance received from subsidiary-Co. to meet business liabilities wasn't deemed dividend in hands of

IT: Where subsidiary company advanced money to assessee-company to meet their business liabilities, said amount could not be deemed dividend income of assessee-company

Sum paid by assessee to its foreign parent Co. for engineering services provided via third party was

IT/ILT : Where assessee in course of rendering software development services to its parent company located abroad, made payment of engineering services availed by said parent company from another Indian company and made it available to assessee, payment so made was to be regarded as 'fee for included services'

High Court reduces pre-deposit to 10% of duty after relying upon new provision inserted by Finance A

Excise & Customs : Where demand alleging clandestine removal was confirmed on basis of electricity consumption and Tribunal ordered pre-deposit of 25 per cent of duty, considering financial position of assessee and substituted section 35F of Central Excise Act, 1944, pre-deposit was reduced to 10 per cent of duty

SC denied stay on long pending suits as respondent's claim against appellant-bank could be ensured b

RDBFI Act : Where suits filed by respondent against appellant-bank were pending since long and respondent had made a monetary claim, satisfaction of which could be ensured by an order which may be passed in recovery proceedings, application for stay of suits was to be rejected

Exp. incurred on sales which doesn't lead to any brand promotion can't be brought within ambit of 'A

IT/ILT : Expenditure incurred in connection with sales which does not lead to brand promotion, cannot be brought within ambit of advertisement, marketing and promotion (AMP) expenses for determining cost/value of international transactions

Even purchase of superstructure without transfer of rights in land would provide sec. 54F relief

IT : Assessee was entitled for section 54F deduction on purchase of share in a farmhouse though right in land on which said property was constructed was not transferred

Uttarakhand HC denies quashing of notification which blacklisted Cyprus for not sharing tax informat

IT/ILT : While exercising the writ jurisdiction under Article 226 of the Constitution of India, the High Court ordinarily should not proceed to look into as to whether informations sought by the Indian Authorities were ever declined by the Government of Cyprus or Government of Cyprus is ready and willing to supply the informations sought by the Indian Authorities. Moreover, there seems to be no valid reason to disbelieve the satisfaction so recorded by the Indian Authorities. Hence, relief

Rent received from building constructed on leasehold land is business income and not income from hou

IT : Expenditure incurred on construction of building on leasehold land should be treated as a revenue expenditure

RBI asks banks to comply with new depository scheme; prescribes form to report issue/transfer of DRs

FEMA/ILT : Depository Receipts Scheme

RBI asks banks to display interest rates and processing charges of loans on their websites

BANKING : Display of Information by Banks

Expat employees deputed to Indian group Co./LLP can receive salary in foreign currency accounts; RBI

FEMA/ILT : FEM (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000 - Remittance of Salary

Delhi High Court reads down first proviso to sec. 2(15); rescues genuine charities from its clutches

IT : The correct interpretation of the proviso to section 2(15) of the Act would be that it carves out an exception from the charitable purpose of advancement of any other object of general public utility and that exception is limited to activities in the nature of trade, commerce or business or any activity of rendering any service in relation to any trade, commerce or business for a cess or fee or any other consideration. In both the activities, in the nature of trade, commerce or business

SEBI to do away with 25% participation of shareholders for delisting when all shareholders are conta

SEBI : SEBI Board Meeting - Issuance of Partly Paid Shares and Warrants by Indian Companies; Amendments in SEBI (Issue and Listing of Debt Securities) Regulations, 2008, SEBI (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008, SEBI (Delisting of Equity Shares) Regulations, 2009, etc.

No addition of notional interest on receipt of interest-free deposit by lessor without determining f

IT: Even though the interest-free deposits received by lessor had the effect to deflate or inflate the rent agreed between the parties but AO could not make addition of notional interest in annual value of property without finding out the effect of interest free deposits and without determining the fair market rent expected to be fetched by the property under section 23(1)(a)

Interest can be demanded from importer as per terms of bond on non-fulfilment of export obligation

Excise & Customs : Though there is no provision for levy of interest under Foreign Trade (Development and Regulation) Act, 1992, but, interest may be charged as a condition of bond, which is a contractual obligation; hence, in case of non-fulfilment of export obligation as per Foreign Trade Policy, interest may be levied as per terms of Bond

Tribunal rightly remands case as AO hadn't considered every doc submitted on behalf of assessee: HC

CST & VAT : U.P. VAT - Tribunal was justified in remanding matter where 57 loose parcha submitted on behalf of assessee was not considered by Assessing Authority

No reassessment by AO to deny capital gains exemption under India-Denmark DTAA on basis of surmises

IT/ILT : No reassessment where reasons recorded for reopening fell in realm of surmises to deny capital gains exemption under India-Denmark DTAA