HC nods to appointment of Special Officer in lieu of provisional liquidator due to indication of rev

CL: Where there existed a prima facie case for winding up and strong case of indebtness of company which had been established and State was of view that if assets of company were properly managed, there could be a chance of revival, order appointing Official Liquidator as Special Officer in lieu of provisional liquidator was to be confirmed

HC upheld imposition of interest on HMT since it had deposited lower amount of tax

CST & VAT : CST - Where assessee, a public sector undertaking, had deposited tax on inter-State sale of tractors at rate of 2 per cent, whereas it was required to pay tax at rate of 4 per cent and thereupon Assessing Authority demanded additional tax and also levied interest upon assessee, levy of interest was justified

Issue as to availability of concessional rate of duty on imports isn't appealable before High Court

Excise & Customs : Issue 'whether benefit of concessional rate of duty as per notification is available to assessee and what will be rate of duty but for notification in question' is not appealable before High Court

Mistake apparent from records when income having been offered to tax wasn't considered in scrutiny a

IT/ILT: Where assessee himself had offered dividend income and paid tax thereon at rate of 15 per cent but Assessing Officer had not considered this income while making order under section 143(3), there was apparent mistake in assessment order which could be rectified under section 154

Interest paid after execution of slump sale and initiation of business operations couldn't be capita

IT : Where at time of acquisition of assets, assessee had no income to reduce its tax liability by way of enhanced WDV of assets, Assessing Officer was in error in invoking Explanation 3 to section 43 for disallowance of excess depreciation

No reassessment by AO solely on basis of ground raised in assessment without having any tangible mat

IT: Where Assessing Officer raised query with regard to bad debts claimed by assessee and after satisfaction passed original assessment order, re-assessment without recording any tangible material was unjustified

Issuance of credit note to purchaser due to excess billing couldn't partake the character of bad-deb

IT : Where assessee, having found that it had charged higher amount in respect of certain export, issued credit notes to purchasers and correspondingly revised debts, it could not be said to be a case of writing off of debt

AO couldn't presume suppression of sale consideration of property transferred merely on basis of DVO

IT : Where full value of consideration received as a result of transfer of a 'capital asset' is less than stamp value, then, such stamp value is to be substituted with full value of consideration

Addition of unexplained investment in building held as stock-in-trade would be allowed as deduction

IT : Where building was already sold by developer and alleged excess amount of investment on building was actually in nature of expenditure, net tax would be nil

Department must prove service of order to assessee by way of documentary evidence

Service Tax : Department must produce documents to prove service of orders, failing which assessee's claim that 'impugned order was not received until he applied for it' must be accepted

SEBI stipulates net worth of 2 crores for applicants seeking to act as trustees of Securitized debt

SEBI/INDIAN ACTS & RULES : SEBI (Public Offer and Listing of Securitised Debt Instruments) (Amendment) Regulations, 2015 – Amendment in Regulations 4, 11, Schedule III and Schedule V

Sahoo Committee recommends lifting of cap on ECBs and their hedging by all borrowers

FEMA/ILT : Comments Invited on Sahoo Committee's Report on Foreign Currency Borrowings

Receipts predominantly for use of property rather than incidental services taxable as income from ho

IT : Where shops situated in hotel premises which included commercial complex also, were let out on rent without any dominant incidental services as part of this arrangement for purposes of running offices and commercial establishments, it was not a case of anything more than simple letting out of property as emphasis was on property itself rather than services; rental income is to be taxed under the head 'income from house property'

Donation of educational trust not to be held as capitation fee without enquiring from students; sec.

IT : Denial of exemption u/s 11 to "capitation fees disguised as donations" has to be based on relevant material

Sahoo Committee recommends lifting of cap on ECBs and their hedging by all borrowers - Sahoo Committ

FEMA/ILT : Comments Invited on Sahoo Committee's Report on Foreign Currency Borrowings

High Court allows Sec. 54 relief on provisional booking of a house as it amounts to acquisition of '

IT: Even where assessee acquired property by provisional booking, he was eligible for section 54 deduction for cost of improvement along with cost of investment

SLP dismissed against HC's order denying sec. 154 rectification as re-computation of turnover requir

IT : SLP dismissed against order of High Court where it was held that since recomputation of turnover of assessee would not be confined to arithmetical or adding figures, rather explanation and answers would be required, said determination could not be undertaken under section 154

No reassessment on pretext of wrong allocation of exp. between units if sec. 80-IA relief was grante

IT: Assessing Officer having allowed assessee's claim for deduction under section 80-IA/80-IB in course of assessment under section 143(3), could not initiate reassessment proceedings merely on basis of change of opinion that there was inappropriate allocation of expenses between various units eligible for deduction

Section 50C won't apply to an encumbered property, says ITAT

IT : Where property held by assessee was encumbered and, thus, she was not absolute owner of property, while computing capital gain arising from transfer of such a property, market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration by applying provisions of section 50C

SetCom’s order wasn’t to be interfered with due to error in computing penalty unless exercise of pow

IT: SLP dismissed against High Court ruling that even if there was an error of law or fact in calculating penalty by Settlement Commission, discretion exercised by it requires no interference unless exercise of power made by Settlement Commission was perverse requiring interference under article 226 of Constitution

Govt. exempts excise duty/ST on goods/services supplied against Duty Credit Scrips issued under new

E&C : Implementation of Merchandise Exports from India Scheme (MEIS) under Foreign Trade Policy 2015-2010

Order of SetCom need not be interfered even if there is error in computing penalty unless exercise o

IT: SLP dismissed against High Court ruling that even if there was an error of law or fact in calculating penalty by Settlement Commission, discretion exercised by it requires no interference unless exercise of power made by Settlement Commission was perverse requiring interference under article 226 of Constitution

Seller was liable to CST for inter-state supply of goods occurred due to lease agreement between buy

CST & VAT : CST - Where assessee, a manufacturer of gas cylinders, entered into an agreement of sale with one 'R' for supply of cylinders to it and further 'R' had a lease agreement with one 'L' for leasing of cylinders after procurement and assessee on basis of purchase order given by 'R' supplied cylinders to 'L', transaction of supply of cylinders was in nature of inter-State sale and not inter-State lease

Tribunal has to follow guidelines laid out by HC for earlier period while passing order for later pe

Cenvat Credit : Where, in passing orders for subsequent period, adjudicating authority did not follow guidelines set by High Court for disposal of refund claim in respect of earlier period, matter was remanded back to adjudicating authority

High Court upheld sec. 69 additions as assessee failed to explain source of investment

IT : In view of failure of assessee to explain source of investment for earning certain undisclosed income, reasonable addition suggested by revenue on account of unexplained investment on estimate basis was to be confirmed

Provisional booking of a house property is a 'capital asset'; sum incurred on its improvement is ded

IT: Even where assessee acquired property by provisional booking, he was eligible for section 54 deduction for cost of improvement along with cost of investment