Interest earned on proceeds of public issue, deposited in bank, wasn't eligible for sec. 10B relief

IT : Assessee, registered as EOU, was entitled to claim exemption under section 10B in respect of interest earned on bank deposits kept for opening letters of credit while interest given by banks in respect of moneys received on behalf of assessee against public issue of shares and interest from temporary ICDs kept with other companies out of proceeds of public issue of shares were not

Processing of synthetic soft drink syrup by fountain machine tantamount to manufacture of soft-drink

CST & VAT : Uttar Pradesh VAT - Where assessee purchased synthetic soft drink concentrate syrup and by use of fountain machine converted it into soft drink, soft drink was outcome of a process to manufacture and was rightly taxed being manufactured soft drink

Even corporate advisory services, rendered at cost would assume nature of income in hands of NR paye

IT/ILT : Even corporate advisory services, rendered at cost would assume nature of income in hands of NR payee

Issue of validity of charges of suppression or evasion isn't question of law; can't be adjudicated i

Service Tax : Issue of : (a) invocability of extended period or (b) validity of charge of suppression or (c) validity of charge of intention to evade, is a 'question of fact' or at least, 'a mixed question of law and fact' and not a 'pure question of law'; hence, same cannot be adjudicated in writ

Supreme Court set aside cryptic and vague order of HC allowing suit for holding EGM without recordin

CL: Where High Court had taken a specific stand that in view of provisions of Companies Act suit was not maintainable, then checkered history between contesting parties could not have decided maintainability of suit

Commission paid to NR agent for procuring export orders outside India didn’t fall within the ambit o

IT/ILT : Assessee, a manufacturer and exporter, cannot be fastened with liability to deduct TDS on payment of commission to non-resident agents for procuring export orders outside India

Tribunal can't order full pre-deposit by disregarding High Court's judgment in favour of assessee

Cenvat Credit : When, at prima facie stage, applicant puts forth an arguable case along with a High Court judgment in its favour, Tribunal cannot order full pre-deposit by distinguishing and disregarding said judgment by holding it to be per incuriam

WDV of building on leasehold land couldn’t be claimed as current repairs if assessee didn’t construc

IT: Where assessee had not constructed any building or had modified existing building after taking premises on lease, assessee's claim of written down value of said building on leasehold land as current repair would not be allowed

HC orders regularization of temporary employee of I-T department as he had completed prescribed peri

Service Matters : Where services of daily wage employees of Income-tax Department who had completed 10 years of service was regularized in 2007, denial of regularisation of service of petitioner who had completed 8 years of service till then and 15 years of service till date would be violative of human right

TPO gets flak from ITAT for disallowing royalty paid to AE without proving that assessee was contrac

IT/ILT : Where assessee was a manufacturer and paid royalty for using technological know-how of foreign holding company and it was selling manufactured goods to both AEs, and third parties, assessee could not be held as contract manufacturer so as to disallow royalty payment

Revisional authority could suo-motu disallow exemption for which assessee wasn't eligible

CST & VAT : Maharashtra VAT - Where Assessing Officer did not levy sales tax on brass sheets manufactured by assessee and further assessee being aggrieved by certain other disallowances made by Assessing Officer preferred appeal and later Revisional Authority initiated revisional proceedings and came to conclusion that brass sheets would not be eligible to exemption from levy of sales tax, since appeal had been filed aggrieved by other disallowances and there was no decision in said appeal

Provision for leave salary is a contractual liability and not a statutory liability; not hit by sec.

IT : Depreciation was to be allowed on goodwill acquired on acquisition of other concern on going concern basis

Assessee was liable to pay duty along with interest on his failure to rebut shortage in stock of fin

Excise & Customs : If shortage in stock of final product is evidenced by statement of assessee's manager as well as by mahazar recorded in presence of independent witnesses, assessee must duty thereon with interest

Gift held as unexplained as assessee failed to prove its genuineness and that it was given out of lo

IT: Where assessee could not prove genuinenes of gift claimed to have been received from an NRI and also factum that transaction was out of love and affection, a sine qua non to establish a genuine gift, amount was added to assessee's income under section 68

Profit on sale of shares held as Cap Gain as purchases made out of own funds & not borrowed funds me

IT : Where assessee earned income from sale of shares, in view of fact that said shares were purchased out of assessee's own funds and kept as investment all along amount in question was to be taxed as capital gain

CIT(A) to dispose of stay application as its Jurisdiction to deal with application for stay order is

IT : Where no stay application in respect of demand was pending either before Assessing Officer or before Commissioner, Commissioner (Appeals) should dispose of stay application filed in appeal