Interest on borrowings used by investment co. to invest in securities is an allowable exp.: HC

IT : Where borrowed amount was invested in shares and debentures for purpose of business, interest paid thereupon would be allowed as deduction under section 36(1)(iii)

Transactions between head office and foreign branch aren't international transactions under TP provi

IT/ILT : Since the branch office in Canada is only a branch office and not a separate entity distinct from the assessee, the transactions between the head office and branch office in Canada cannot be considered as international transaction

Assessment was time barred as department failed to obtain Commissioner’s permission to extend time-p

CST & VAT: Odisha VAT - Where Competent Authority conducted audit at business premises of assessee and submitted Audit Visit Report to Assessing Authority on 12-12-2006 and Assessing Authority issued on assessee a notice dated 23-8-2007 and later he passed assessment order under section 42 on 18-6-2008, order of assessment was barred by limitation

Now resident investor can re-book foreign currency swaps to hedge exchange rate

FEMA/ILT : Risk Management and Inter Bank Dealings: Foreign Currency (FCY) - Inr Swaps

Department couldn't recover its dues from buyer who had purchased property in auction under SARFAESI

Excise & Customs : Buyer of property in auction from bank under SARFAESI Act cannot be asked to pay central excise dues of original owner of property because rights of bank are superior to rights of Department and even proviso to section 11 is inapplicable, as such buyer cannot be regarded as 'successor'

Mere issuance of ads by banks to launch gold loan products wasn't indicative of any anti-competitive

Competition Act : Where informant alleged that scheduled commercial banks had entered into anti-competitive arrangement to determine price and control gold loan business, and, there was nothing on record to suggest that alleged agreement had been arrived at by these banks in concert, no case of contravention of provisions of section 3 was made out

Receipts from allowing usage of building constructed on leasehold land along with facilities is busi

IT : Where a company was permitted to commercially exploit property belonging to assessee and to use facilities thereon supplied by assessee, income received by assessee would constitute its business income

HC remands case to ITAT as it had reversed finding of CIT(A) without assigning any reasons

IT: Where Tribunal without assigning any cogent reasons reversed finding of Commissioner (Appeals) that revenue had not produced material in support of its claim that assessee had shown lesser gross profit, matter was to be re-adjudicated