Tribunal couldn’t reduce penalty by simply observing that penalty was on higher side, rules High Cou

Excise & Customs : Reduction of penalty by merely observing that 'penalty is on higher side' and without disclosing as to how penalty is on a higher side, must necessarily be held to be arbitrary and matter must be remanded back for consideration afresh

Claim for Cenvat refund must be filed within one year from 'date of export'

Cenvat Credit : Refund application under rule 5 of CENVAT Credit Rules must be filed within 1 year from 'date of export' as per section 11B; hence, refund claim filed beyond that but within 1 year from 'last date of concerned quarter' is time-barred

Solatium should also be taken into consideration while computing market value of an asset as on 1-4-

IT : Solatium is also to be taken into account for purpose of computing fair market value of land

ITAT directs AO to determine whether settler and beneficiary of trust are same before invoking sec.

IT : Where from orders of revenue authorities it appeared that there was confusion about facts whether settlor and beneficiary of trust were one and same and whether income arising from sale of shares by assessee-trust and distributed to beneficiaries was offered to tax by beneficiaries and assessed accordingly, matter was remanded for fresh consideration

Reassessment was void if CIT sanctioned initiation of reassessment without recording his satisfactio

IT : Where Commissioner simply put 'approved' and signed report thereby giving sanction to Assessing Officer to reopen assessment, it did not amount to recording of proper satisfaction in terms of section 151(1)

CAT dismisses complaint of Adidas against Nike as later had taken permission of ICC to use Sachin’s

MRTP : Where pursuant to sponsorship agreement with International Cricket Association Nike was permitted to use names of a number of cricketers including Tendulkar on its sports products for purpose of advertising, it could not be said that Nike had violated separate agreement between Adidas and Tendulkar entered for advertising Adidas sports product; unfair trade practice could not be alleged

Sec. 153A proceedings won't restrict additions only to incriminating materials found during search,

IT: During assessment under section 153A, additions need not be restricted or limited to incriminating material, found during course of search

AO couldn’t make disallowance by resorting to rectification proceedings for debatable issues

IT: Where rectification pertaining to computation of deduction under section 80HHC was highly debatable, rectification could not be resorted to under provisions of section 154

Non-consideration of issue not pressed before ITAT couldn't be considered as its apparent mistake

IT : Once assessee had withdrawn challenge on a particular issue by not pressing it before Tribunal, non-consideration of said issue would not be considered as mistake on part of Tribunal

Delhi HC disagrees with Special Bench’s decision in LG’s case; rejects ‘bright line’ test to determi

IT/ILT: Where AO/TPO accepts comparables adopted by assessee, with or without making adjustments, as a bundled transaction, it would be illogical and improper to treat AMP expenses as a separate international transaction - If functions performed by tested parties and the comparables match, with or without adjustments, it would mean that AMP expenses are duly accounted for - It would be odd to accept comparables and determine or accept transfer price and still segregate AMP expenses as an interna

Immunity under special Act to NRI and donee from disclosure of source of investment not extended to

IT : Immunity provided to bond holders of India Development Bond in US dollars under section 6 of Remittance of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunity and Exemptions) Act, 1991, is not available to gifts found to be bogus routing unaccounted money of bond holder through such bonds, by purchasing bonds for consideration in India