ITAT not justified in deleting additions if assessee failed to prove identity of supplier for certai

IT : Where Assessing Officer made addition to assessee's income under section 69C in respect of bogus purchases, in view of failure of assessee to even prove existence of suppliers, Tribunal could not delete impugned addition and direct Assessing Officer to assess income at net profit rate of 6 per cent

Service recipient may claim refund of wrongly paid service tax without any time-bar

Service Tax : Where service recipient had wrongly paid service tax to builders, though not actually leviable, service recipient could claim refund of said tax without time-bar, as section 11B cannot apply to refund of such tax

AO is bound to follow order of CIT(A) unless it is set-aside or modified by higher authorities

IT : Order of lower judicial authority merges with that of appellate authorities and lower authority is bound to give effect to order of higher/appellate authority unless it has been set aside or modified, as case may be, by higher/highest Court to said appellate authority

ITAT not justified in deleting additions if assessee failed to prove identify of supplier for certai

IT : Where Assessing Officer made addition to assessee's income under section 69C in respect of bogus purchases, in view of failure of assessee to even prove existence of suppliers, Tribunal could not delete impugned addition and direct Assessing Officer to assess income at net profit rate of 6 per cent

Pre-April 2014 application money won't be held as deposits if Co either allot shares or returns mone

COMPANIES ACT, 2013/INDIAN ACTS & RULES :Companies (Acceptance of Deposits) Amendment Rules, 2015 – Amendment in Rules 2, 3 & 5 And Substitution of Form DPT-3

RBI eases norms for participation of residents in exchange traded Forex derivatives

FEMA/ILT : Risk Management and Inter-Bank Dealings – Revised Guidelines Relating to Participation of Residents in Exchange Traded Currency Derivatives (ETCD) Market

IRDA lays guidelines on fees for granting acknowledgement of receipt of notice of transfer of policy

INSURANCE : Guidelines on Fee for Granting Written Acknowledgement of Receipt of Notice of Assignment or Transfer of a Policy of Insurance

IRDA unveils guidelines for charging fees for cancellation of policy or change of nomination by poli

INSURANCE : Guidelines for Charging Fee from Holder of a Policy of Life Insurance for Registering Cancellation or Change of Nomination

Fee paid by 'Bajaj Allianz' to NR surveyors wasn't FTS as they didn't make available technical know-

IT/ILT : Where assessee-company engaged in business of general insurance, appointed non-resident surveyors who carried out surveys outside India, since said surveyors did not make any technical know-how available to assessee, payments made to them was not taxable in India as 'fee for technical services'

Surcharge and Cess is to be computed after deducting MAT credit from tax liability

IT : 'Tax payable' is to be arrived at by deducting credit under section 115JAA from 'gross tax payable' and on this amount of 'tax payable' surcharge and cess are to be computed

IRDA revises premium rates for Third Party Insurance Covers for Financial Year 2015-16

INSURANCE : Order of Irda on Premium Rates for Motor Third Party Liability Insurance Covers for Year 2015-16

High Court : Additional ground raised first time which is beneficial to assessee should be considere

IT : Tribunal should consider additional ground if same is beneficial to assessee

Sec. 234B interest was leviable due to increase in income even when no interest was charged in asses

IT : Interest under section 234B can be charged when income of assessee is modified under section 154 even if no interest had been so charged at time of framing regular assessment on nil income

ST couldn't be demanded from assessee due to acceptance of ST liability on basis of wrong understand

Service Tax : Merely because, in statements, assessee, based on their wrong understanding, agreed that service is taxable, same cannot be basis for demand; demand has to be made in accordance with law, taking into account contracts entered into by assessee with various parties involved in transaction

Interest earned on FD before its maturity couldn't be taxed if assessee was maintaining books on cas

IT: Where assessee had followed cash system of accounting and interest earned on fixed deposit was not received in relevant year, same would not be added in income of relevant year

Non-furnishing of PAN by NR doesn't attract higher TDS rate of 20% u/s 206AA if tax rate under DTAA

IT/ILT : TDS on payments to non-residents who do not furnish PAN shall deducted at DTAA rate if such rate less than 20%