A merchant banker isn't functionally comparable with an investment advisor for TP study

IT/ILT: Merchant banking and investment banking services are functionally different from investment advisory support services

Sum appropriated by co-operative bank towards education fund out of earlier year wasn't deductible

IT :Where assessee, a co-operative bank, credited one per cent of profits earned in earlier years to Co-operative Education Fund maintained by National Co-operative Union, since amount paid was not out of profits of year which were subjected to tax it could not be allowed as deduction

Losses of eligible business were to be reduced while computing sec. 80-IA relief even if they were a

IT: While computing profits from eligible business for allowing deduction under section 80-IB, deduction of losses set off against profits from other business has to be taken into consideration

Co. having huge turnover and brand value in comparison to assessee is excludible from list of compar

IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to its AE, in view of fact that some of comparables selected by TPO were inappropriate on account of turnover, brand value and functional difference as they were involved in development of softwares, impugned addition was to be set aside and, matter was to be remanded back for disposal afresh

Decision by third judge due to difference of opinion between two judges couldn’t be termed as decisi

IT : Decision of the High Court u/s 259(2) by referring to a third Judge where the two Judges hearing the appeal differ in opinions is not the same as a decision rendered by a Bench of three Judges with one dissenting. Therefore, past Division Bench judgments of the same HC would bind the third Judge(referee Judge) who is hearing on the point of difference between the two Judges

'Digital decoder' and 'set-top box' are analogous; taxable at 5% under Rajasthan VAT Act

CST & VAT: Rajasthan VAT - Digital decoder and set-top box are one and same product and in terms of notification dated 12-7-2004, digital decoder is liable to be taxed at rate of 5 per cent

Sale proceeds of diamonds weren't unexplained when assessee had furnished details of buyer and manne

IT : Where in support of sale of diamonds not only particulars of persons who purchased diamonds were furnished but also manner of payment was disclosed, impugned addition made under section 68 in respect of sale proceeds of diamonds was to be set aside

Govt. directs Development Commissioner to allow setting-up of power plants only in non-processing ar

SEZ : Guidelines for power generation in Special Economic Zones

Chemicals used in developing photos couldn't be held as sale under Rajasthan Sales Tax Act

CST & VAT : Rajasthan VAT - Where assessee was doing business of photography and it purchased chemical after payment of tax and used same in photographic work, whatever chemical had been used while preparing photographs could not be said to be a sale directly or indirectly to customers by assessee

Even investment in name of partners would provide sec. 54EC relief to partnership firm

IT : Where partners of assessee-firm introduced land and building as their capital contribution to firm, said land and building became property of firm and, therefore, capital gain arising on sale of said property was taxable in hands of assessee-firm

Sec. 54F relief available in entirety if investment exceeds sale proceeds, irrespective of usage of

IT: Where even before sale of agricultural land, assessee borrowed housing loan and started construction on site belonging to him and after sale of agricultural land, amount spent towards construction of house was more than consideration received, assessee was entitled to benefit of section 54F

Govt. directs Development Commissioner to allow setting-up of power plants only in non-processing ar

SEZ : Guidelines for power generation in Special Economic Zones

SEBI grants 18 months' time to Cos of non-operational Stock Exchanges to obtain listing in a recogni

SEBI : Exclusively listed companies of de-recognized/non operational/exited stock exchanges

SC: High Court's direction to Court receiver to sell property was void as DRT was established to set

RDBFI Act : In view of fact that DRT had been established in Mumbai and proceedings before High Court were automatically transferred to it in view of section 31, it was impermissible in law for High Court to direct Court receiver to sell property of respondent in public auction by executing Court decree, which action of Court receiver was void ab initio in law

HC didn't interfere with depreciation allowed on asset which was purchased and leased back without o

IT : Where assessee purchased assets from an unrelated party and leased them back to said party and there was no overvaluation of assets so as to claim higher depreciation for reducing tax liability, Explanation 3 to section 43(1) could not be applied to deny depreciation

Supervising of member co-operatives by apex co-operative in discharge of statutory obligation isn't

Service Tax : Where assessee, an apex co-operative and a nodal agency, was Supervising or Guiding or Managing its member-cooperatives in discharge of its obligations under State Act/law, said activity did not amount to 'Management Consultancy Service' and was not liable to service tax

Now AD- banks need to use 'Virtual Private Network' for accessing e-Biz portal for reporting under F

FEMA/ILT : Foreign Direct Investment (FDI) – Reporting under FDI scheme on e-Biz platform