No revision by CIT if AO had duly verified that sum deposited in bank account of director was income

IT : Where Assessing Officer had duly inquired about sum deposited in bank account of assessee and took a conscious decision that said sum represented income of company in which assessee was director, in absence of any cogent material which proved that decision taken by Assessing Officer was erroneous, revision order passed to tax same in assessee's hand was to be set aside

Income derived from sale of shares by assessee carrying on his profession of doctor was taxable as c

IT: As amendment made in section 40A(3) by Finance Act, 2008 was prospective in operation; Assessing Officer was not justified in levying taxes on basis of said amended provision in assessment year 2005-06

Exp. incurred by Discovery, a program producer, to advertise channels was allowable as it was one of

IT : Where one of functions of assessee was to procure advertisements to be aired on channels, advertisements expenses on same were allowable

No addition of unexplained investment in residential units on basis of report of District Valuation

IT: Where District Valuation Officer indicated higher investment in residential unit than investment shown by assessee, addition as undisclosed investment only on that basis was not justified

Alleged market manipulation by shareholders doesn't lead to suspension of trading of company

SEBI : As a market regulator, SEBI is bound to take action against those who have prima facie indulged in market manipulation and it is not open to SEBI to direct Stock Exchanges to suspend the trading in securities of companies if they satisfy certain parameters fixed by SEBI which have no bearing whatsoever with alleged market manipulation

ALP of cost of services reimbursed to AE couldn’t be held as ‘nil’ if assessee derived benefit from

IT/ILT : Where reimbursement of engineering and software licencing expenses made to parent company located abroad was for benefit derived by assessee company, TPO was not justified in determining ALP of said payments at nil

SEBI releases discussion paper on overseas investments by 'Venture Capital Funds' and 'Alternative I

SEBI : Consultative Paper on Guidelines on Overseas Investments and Other Issues – Clarifications For AIFs/VCFs

Assessee is entitled to interest on refund granted through appellate order

VAT/CST : Gujarat Sales Tax/VAT : Refund allowed on modification of assessment order in appeal, can be said to be granted as per 'modified assessment order' and therefore, assessee is entitled to interest on delayed grant of such refund

HC set aside transfer order under sec. 127 as it contained reasons not specified in show cause notic

IT : Where reasons specified in order transferring assessees cases to other jurisdiction were totally different from what was spelt out in show cause notices, impugned order was to be quashed and set aside

Burden of proof to take credit lies on assessee; failure to prove receipt of inputs would lead to de

Cenvat Credit : Burden of proof to take credit lies on assessee; hence, where department found that input supplier did not have manufacturing facilities and was passing on credit without supply of goods and even assessee failed to prove receipt and consumption of goods in his factory, credit could not be allowed to assessee

No denial of sec. 10A relief by AO in ninth year relief alleging that there was reconstruction of ol

IT : Where assessee's claim for deduction under section 10A was allowed in respect of three units in initial years, claim so raised could not be rejected in nineth year on ground that said units were mere restructuring/reconstruction units which came into existence on account of transfer of old business