Unabsorbed research exp. claimed as revenue exp. can’t be carried forward if hit by Sec. 79

IT: If assessee did not capitalize scientific research expenditure and claimed it as revenue expenditure, any unabsorbed portion of such research exp. would be in nature of business loss and not in nature of unabsorbed depreciation - Therefore, it would be subject to restriction imposed under Section 79 in case of closely held company

No sec. 14A disallowance when investment was made out of sale proceeds of shares and not from borrow

IT: Where assessee purchased shares from his own funds which were shown as investment and valued at cost price, income earned on sale of those shares was taxable as 'short term capital gain'.

Assessee can't claim interest on interest on income tax refund, says Kerala High Court

IT: Assessee cannot claim interest on interest on amount that are due to him by way of refund

Demanding security equivalent to maximum penalty to release seized goods wasn’t justified, says High

CST & VAT : U.P. VAT - Where Assessing Authority seized goods of assessee under transport and demanded security equal to 40 per cent of value of goods for releasing same, demand of security equivalent to maximum percentage of penalty was unjustified at stage of seizure

HC didn’t accept argument of penalty wavier as it was raised for the first time before it

CST & VAT : Kerala VAT - Where, contentions raised before High Court were not raised before the lower authorities, High Court's judgment levying minimum penalty equal to amount of tax needed no interference

No penalty on appellant alleging violation of FEMA norms when he had explained all remittances

FEMA : Where all remittances made by appellants had been explained and there was likelihood that appellant company had utilized remittances for import as claimed by it, violation of provisions of FEMA had not been established and impugned order imposing penalty was to be quashed

TPO couldn't determine ALP at Nil merely because assessee didn't derive any benefit from services re

IT/ILT : TPO cannot determine arm's length price of payments made by assessee to its AE at 'NIL' for reason that assessee did not derive any benefit from services rendered by AE

No sec. 69C addition alleging payment to Petroleum Minister merely on basis of statement of his secr

IT : Where statement made by additional private secretary of 'S' before enquiry officer did not establish payment by assessee to 'S', invocation of section 69C was not justified