Interest rate of Sukanaya Scheme and 5 Year Senior Citizen Saving Scheme increased by 0.1% w.e.f. Ap

IT : Small Savings Schemes – Interest Rate on – Revised Rates of Interest Applicable on Specified Small Savings Scheme Effective from 1-4-2015

HC dismissed winding-up plea as Co. was solvent and giving livelihood to more than 6,000 employees

CL: Petition filed by petitioner, being a trustee of bond-holders, for winding up respondent-company could not be admitted as respondent-company was working and giving direct source of livelihood to more than 6,000 employees and its assets were more than its liability and even if debt was admitted, bona fide of respondent-company to revive same and pay of debts could not be doubted

Assessee couldn't claim cost against revisional order passed by CIT, even though such order was unsu

IT : An assessee is entitled to depreciation on assets entire amount of which has been claimed as deduction on account of application for charitable purposes

Penalty imposed under VAT Act without assigning any reasons was liable to be set aside

CST & VAT : Assam VAT - Where Assessing Authority had imposed penalty upon assessee under section 90 and no reasons had been assigned as to why penalty had been imposed, penalty order was liable to be set aside

Now banks can use 50% of counter-cyclical provisioning buffer held as on Dec 31, 2014 for making pro

BANKING : Utilisation of Floating Provisions/Counter Cyclical Provisioning Buffer

CBDT opens window for roll back requests for another 3 months for existing APAs or pending applicati

IT/ILT : Section 92cc of The Income-Tax Act, 1961 - Advance Pricing Agreement (Apa) – Clarification On Applications And Agreements Filed Or Entered Into Prior To 1-1-2015

I-T Dept. issues list of 18 tax defaulters who are either not traceable or have no assets; total arr

IT/ILT : List of Defaulters of Income /Corporate Tax

Only software sold via internet is liable to service tax and software sold on a media doesn't attrac

Service Tax : Software sold electronically through internet is liable to service tax; but, software sold after loading same on physical media is 'goods' and not liable to service tax

SC: Profit derived from business of captive generation of power was deductible from book profits for

IT: Where assessee was mainly engaged in manufacture and sale of urea and was additionally engaged in captive power generation, profits derived from captive power plants were to be reduced from book profits for determining tax payable for purposes of section 115JA

AO to determine unexplained income on basis of highest peak of debit/credit on seized dairy, directs

IT : Where Assessing Officer did not consider explanation tendered by assessee regarding transactions recorded in seized diary and also overlooked working of peak credit given by assessee, income was directed to be determined on basis of highest peak of unexplained receipts and payments

HC directs AO to pass order on merits as assessment order was passed without giving hearing chance t

CST & VAT: Tamil Nadu VAT - Where Assessing Authority passed assessment orders under section 27 without affording opportunity to assessee, Assessing Authority was to be directed to pass orders on merits after providing opportunity of personal hearing to assessee

AO couldn’t treat exp. on launching of brand as deferred revenue exp. if it was in nature of revenue

IT : Where assessee follows mercantile system of accountancy, expenses due and payable are to be allowed, as an expenditure is not confined only to money actually paid towards a liability, but also covers a liability accrued, although discharge could be at a future date

Assessee was allowed to cross-examine witness who had certified serving of notice by affixing it on

Excise & Customs : Where department claims that notice/order was served by pasting on premises of assessee under a mahazar and assessee challenges that witnesses affixing their signatures on mahazar were not residents of that area, then, assessee may be granted an opportunity to cross-examine witnesses

Financial hardship need not be considered in stay application if case was against revenue as per Sup

IT : Where assessee raised plea that it being an agent of State Government its income was not taxable in view of article 289 of Constitution, unconditional stay would be granted pending disposal of appeal before Commissioner (Appeals)

No penalty on taking wrong credit under bona-fide belief which was formed due to interpretation of H

Cenvat credit : Even if assessee has taken credit wrongly in contravention of statutory provision but if same was with a bonafide reason or belief by interpretation of a judgment of a High Court, same does not amount to intention to evade and, therefore, penalty under rule 15(2) of CENVAT Credit Rules, 2004 cannot be levied

Market interest rate applicable to currency in which loan is repayable to AE has to be used to compu

IT/ILT : The arm's length interest rate for loan to overseas subsidiary should be computed based on the market determined interest rate applicable to the currency concerned in which the loan has to be repaid. Interest rates should not be computed on the basis of interest payable on the currency or legal tender or the place or country of residence of either party. There is no justification or cogent reason for applying PLR which is applicable to loans in Indian rupee for outbond loan from Indian

Special Courts can try all offences under IPC and Companies Act based on same transactions or facts

IT/ILT : The arm's length interest rate for loan to overseas subsidiary should be computed based on the market determined interest rate applicable to the currency concerned in which the loan has to be repaid. Interest rates should not be computed on the basis of interest payable on the currency or legal tender or the place or country of residence of either party. There is no justification or cogent reason for applying PLR which is applicable to loans in Indian rupee for outbond loan from Indian