Provision not in force during relevant period, cannot be used to deny credit

Cenvat Credit : Where notification restricting credit was not in force during relevant period, credit could not be denied to assessee

Non-supply of docs relied upon by deptt. to prove clandestine removal of goods results in denial of

Excise & Customs : Where demand of clandestine removal was based on railway documents and statements of witnesses, non-supply of said documents and not allowing cross-examination of said witnesses would violate principles of natural justice; hence, matter was remanded back

No reassessment alleging understatement of closing stock if all material facts were disclosed at ass

IT : Where assessee had disclosed all material facts pertaining to closing stock, reopening of assessment on ground of understatement of closing stock was not justified

Refund had to be granted in cash and not by way of re-credit when factory of assessee was closed dow

Cenvat Credit : Where assessee's factory is closed, refund of amount paid by assessee by using credit, must be granted in cash and not by way of re-credit

RBI relaxes loan norms on low-cost housing; allows addition of stamp duty/other charges in Loan-to-

BANKING : Review of instructions on housing loans

Brought forward loss not to be reduced while computing sec. 80-IA relief if it was set-off against o

IT : Where assessee was engaged in generation of power and its carry forward losses had already been set off against other income of business enterprise, deduction under section 80-IA was to be allowed

Tribunal dismissed appeal on assessee’s failure to submit proof of mandatory pre-deposit

Excise & Customs : Where assessee failed to submit proof of mandatory pre-deposit as per section 35F(iii), as amended by Finance (No. 2) Act, 2014, his appeal could not be entertained by Tribunal; hence, appeal was dismissed for said non-compliance

No denial of bad-debts claim merely because assessee doesn't have license to conduct money lending b

IT : Merely because assessee does not have license to conduct money lending business, could not be ground to deny deduction of bad debt in respect of amount lent in ordinary course of this business