Commissioner cannot cancel registration certificate by exercising powers under different section

CST & VAT: Gujarat VAT - Where assessee was granted registration under Gujarat Sales Tax Act and Deputy Commissioner issued on him a notice under section 75 read with section 100 of VAT Act to show-cause why registration be not cancelled and further he by an order cancelled registration, Deputy Commissioner exercised powers under a wrong provision which was not available to him

Law prevalent at time of making payments would decide TDS liability; no disallowance due to retro-am

IT/ILT : Where assessee made payments to foreign parties for monitoring and supervision of discharged cargo, in view of fact that retrospective amendment brought to section 9(1)(vii) by Finance Act, 2010 was not in existence at time when payments were made, amount in question was not taxable in India as fee for technical services

No Sec. 14A disallowance without any material indicating that interest-bearing funds were used to ea

IT: Where Assessing Officer disallowed an amount by holding that interest bearing funds had been used to earn tax free dividend, etc., but there was no tangible material to record his satisfaction, disallowance made was unjustified

HC quashed writ filed by petitioner against categorizing loan as NPA as he had already availed right

SARFAESI : Where remedy under section 17 was available to petitioner against impugned action of respondent under section 13 and same had been availed by petitioner, writ petition against impugned action was to be dismissed

CIT can’t pass order on application seeking approval or renewal u/s Sec. 80G after 6 months of recei

IT: If an application for approval/renewal under section 80G is not disposed off within six months from date of application, Commissioner has no jurisdiction to pass an order either granting approval or rejecting it

No revision by CIT alleging discrepancy in stock if AO had verified actual quantity of stock during

IT : Where Assessing Officer found that assessee maintained correct and proper books of account and assessment order was passed after considering actual quantity of stock from books as well as that physically available, revision was not justified

Concealment penalty deleted as impugned issue on basis of which penalty was levied was held as quest

IT : Where High Court admitted substantial question of law in respect of which penalty was levied, impugned order of penalty was to be deleted

Mere book adjustment can’t be deemed as contravention of Sec. 269SS/269T

IT : Making book adjustment of funds by assessee firm with sister concern without making payment of cash, could not said to be violation or contravention of section 269SS and section 269T

Now NBFCs can distribute Mutual Fund products without seeking permission from RBI

NBFCs : Modification of Guidelines on Distribution of Mutual Fund Products By NBFCs

SEBI prescribes monthly stress testing of liquid funds and money market mutual fund schemes

SEBI : Guidelines on Stress Testing of Liquid Fund and Money Market Mutual Fund Schemes

IRDA allows insurers to withdraw deposits held in Gilt Accounts under Insurance Act, 1938

INSURANCE : Withdrawal of Deposit under Section 7 of Insurance Act, 1938

SEBI mandates display of 'Riskometer' in mutual fund schemes to show level of risk

SEBI : Review of System of Product Labeling in Mutual Funds

Govt. revises exemptions for various sectors

EXCISE LAWS : Section 5A of the Central Excise Act, 1944, Read with Section3(3) of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 - Concessional Rate of Central Excise Duty on Specified Goods - Amendment in Notification Nos.62/1995-C.E. and No.63/1995-C.E., both Dated 16-3-1995

CBEC instructs field formations for expeditious clearance of export of relief items to Nepal

EXCISE LAWS : Expeditious Clearance of Export Goods to Nepal in Wake of Emergency Relief Operations Undertaken in India

HC admits promoter's plea to sanction arrangement scheme in lieu of winding-up as it wasn't against

CL : Where scheme of arrangement and reconstruction for company in liquidation appeared to be fair, scheme was to be sanctioned and proceedings of liquidation were to remain permanently stayed

Issue whether assessee and its buyer are “related” is appealable before Apex Court and not High Cour

Excise & Customs : Issue whether assessee and its buyer are 'related' is not appealable before High Court and is appealable before Supreme Court, as said issue has relation to 'value of goods for purposes of assessment'

TPO could use data available at TP audit though it wasn’t available to assessee at time of preparati

IT : Companies with RPT in excess of 15 per cent of total revenues are to be excluded from set of comparables

EC and SHEC credit availed after February 28, 2015 can be utilized for payment of Basic Excise Duty

EXCISE LAWS : Cenvat Credit (Second Amendment) Rules, 2015 – Amendment in Rule 3

Govt. exempts service-tax on Pradhan Mantri Insurance schemes and Atal Pension Yojna

ST LAWS : Section 66B of the Finance Act, 1994 - Charge of Service Tax on or after Finance Act, 2012 - Mega Exemption Notifications - Amendment in Notification No.25/2012-ST, Dated 20-6-2012

SEBI mandates display of 'Riskometer' in mutual fund schemes to show level of risk to principal

SEBI : Review of System of Product Labeling in Mutual Funds

RBI does away with requirement of banks to submit statements on disputed leasehold premises

BANKING : Acquisition of Accommodation on Lease/Rental Basis by Commercial Banks for Their Use (I.E. For Office and Residence of Staff) – Liberalization of Guidelines

Rental income taxable as business income if main object of Co. as per MOA is to earn income by letti

IT : Where in terms of memorandum of association, main object of assessee-company was to acquire properties and earn income by letting out same, said income was to be brought to tax as business income and not as income from house property

Tribunal couldn’t decide appeal on merits if appeal was dismissed commissioner due for want of pre-d

VAT/CST : Gujarat VAT : Where appeal before Appellate Commissioner was dismissed for non-compliance with pre-deposit, Tribunal can decide appeal thereagainst only upon validity of pre-deposit and not on validity/merits of assessment

Commerciality test can't determine genuineness of charitable nature of educational institution u/s 2

IT : Commerciality is not a test to determine genuineness of charitable nature of education activities of a trust or institution under amended provision of section 2(15)

Voltage Stabilizer is an energy saving device; entitled to higher rate of depreciation

IT: In case of assessee, engaged in manufacturing automobile components, depreciation was to be allowed at rate of 100 per cent in respect of micro processor based pressure indicating system and voltage stabilizer as said items were covered under Entry III(3)(iii)(B)(c) and Entry III(3)(iii)(E)(c) of Appendix - I relating to depreciation

No penalty on distributing gifts without tax deduction due to bona-fide belief that they weren’t in

IT: Where assessee-corporation acted under bona fide belief that gift coupons being in nature of mementos to commemorate conferment of awards to assessee, were not in nature of salary liable to TDS, penalty for short deduction of tax in respect of gift was not justified

Profit on sale of import license isn't eligible for deductions under sections 80-I and 80-IA

IT : Income from Advance License Benefit Receivable is taxable in subsequent year in which it has accrued to appellant