Loan received from minor son treated as unexplained as assessee failed to explain source of loan

IT : Where assessee explained source of loan taken from his minor sons being amount gifted to them by their uncle, since assessee's brother categorically denied making any gift, amount in question was rightly added to assessee's taxable income

Forex gain on export dues couldn't be taxed on receipt basis if assessee was maintaining accounts on

IT : Where assessee, an exporter, was following mercantile system of accounting, gain on account of foreign exchange difference on outstanding export bills would accrue to assessee when it became entitled to receive sale consideration in foreign exchange irrespective of time of receipt

Verification of credentials of loan applications is prima facie covered under Business Auxiliary Ser

Service Tax : Verification of credentials such as address, work place, tele verification residence etc. of loan applicants and also their evaluation is prima facie covered under Business Auxiliary Services and liable to service tax

Rebate of duty available on inputs even if final products were exported without payment of duty unde

Excise & Customs : Where goods have been exported without payment of duty availing benefit of DEPB scheme, benefit of rebate under rule 18 of Central Excise Rules, 2002 in respect of duty paid on inputs is not available

Commissioner can't impose fine under Delhi VAT Act; such power vests in Courts of criminal jurisdict

CST & VAT : Delhi VAT : Commissioner or his delegates do not have power or jurisdiction to impose fine under section 70(5) of Delhi VAT Act and such power vests with Courts of criminal jurisdiction

No sec. 14A disallowance on interest payments if assessee had interest-free funds to make tax free i

IT : Where assessee was having sufficient interest free funds and, no interest bearing loan was used for non-business purpose, there would be no disallowance of interest expenditure

Verification of credentials of loan applications is prima facia covered under Business Auxiliary Ser

Service Tax : Verification of credentials such as address, work place, tele verification residence etc. of loan applicants and also their evaluation is prima facie covered under Business Auxiliary Services and liable to service tax

Pre-depositing of fee is mandatory even for entertaining an appeal against interim order of DRT

SARFAESI : Condition of making pre-deposit in terms of second proviso to section 18(1) is mandatory even for entertaining an appeal against an order passed by Debt Recovery Tribunal on an interlocutory application

Co. providing software development services isn't comparable to a Co. providing various software rel

IT/ILT: Where in course of transfer pricing proceedings, TPO made certain adjustment in respect of cost allocation from AEs, in view of fact that in appellate proceeding assessee sought to file certain additional evidence in support of its claim that cost allocation had been made at arm's length price, matter required readjudication