Govt. notifies ‘Dosti Corporation (Pinnacle), Mumbai’ for the purposes of deduction u/s 80-IA

IT : Section 80-IA, Sub-Clause (iii) of Sub-Section (4) of The Income-Tax Act, 1961 - Deductions - Profits and Gains from Industrial Undertakings, or Enterprises Engaged in Infrastructure Development, etc. - Notified Undertaking – Dosti Corporation (PINNACLE), Mumbai

Cos with related party transactions of upto 15% of revenue can be selected as comparables

IT/ILT : While determining ALP of international transactions entered into by assessee with its AE on basis of TNMM, companies having related party transactions upto 15 per cent of total revenue can be included

Dept. can invoke extended period of limitation provided assessee's action constitutes suppression of

Service Tax : Where adjudication order does not specify acts/omissions constituting 'suppression', mere bald statement that 'suppression with an intent to evade service tax was well-established' amounts to a 'non-speaking order' and, therefore, consequent invocation of extended period of limitation is bad

Loss arising on intra-day trading in shares wasn’t speculative if such transactions were in nature o

IT : Before disallowing assessee's claim of loss on account of intraday trading in shares as speculative loss, a clear finding was to be given as to whether intraday purchases and sales made were jobbing transactions

HC admits winding-up plea for part of the amount as exact amount of unpaid liability wasn’t clear

CL: Where defense raised by respondent-company against winding up proceedings initiated against it by appellant-company on its inability to pay transportation charges were not clear and appellant also could not support its claim being strictly as per approved rate, petition was admitted for part amount

Orissa VAT Audit assessment isn't possible after completion of assessment of escaped turnover

CST & VAT: Orissa VAT - Audit assessment under section 42 cannot be made after completion of assessment of escaped turnover under section 43 for self same tax period(s)

Sum Received in lieu of relinquishment of right to sue 'Coca-Cola' was capital receipt: ITAT

IT : Relinquishment of right to sue is neither a capital asset nor taxable under section 28 and receipt of any sum against relinquishment is a capital receipt

Now SCs/RCs can fix resolution period of BIFR approved restructuring proposals similar to other secu

NBFCs : Resolution Period for BIFR/CDR/JIf Cases

SEBI issues master circular for Depositories

SEBI : Master Circular for Depositories

Cenvat credit could be used to pay service tax under reverse charge on GTA service prior to 01-03-20

Service Tax : Prior to 1-3-2008, Cenvat Credit may be used to pay service tax payable under reverse charge on Goods Transport Agency's Services

Sec. 69 additions deleted as purchase of land was funded by advance sum received from buyers of anot

IT : Where assessee was an intermediary engaged in developing land owned by others and selling them in plots to buyers, no addition could be made on ground that assessee made investment in purchasing lands

AO gets flak from High Court for initiating proceedings for assessee-in-default after 9 years

IT : Initiation of proceedings under section 201 against assessee after 9 years from end of relevant financial year was time barred

Excise exemption available to Indian manufactures has to be extended to CVD payable by importers, ru

Excise & Customs : Rate of CVD would be only that which an Indian manufacturer would pay under Excise Act; hence, where cars manufactured in India are eligible for excise exemption in India in hands of 'manufacturer', said exemption would extend to CVD on imported cars payable by 'importer' and cannot be denied to 'importer' merely because 'excise exemption notification' uses word 'manufacturer'

SC admits. SLP to decide if satisfaction against other than searched person can be recorded even aft

IT : SLP granted against order of High Court where it was held that Assessing Officer is bound to record satisfaction within meaning of section 158BD within two year time period stipulated in section 158BE(1)

FM’s Statement in Rajya Sabha on issue of MAT on FIIs; Committee constituted to give recommendations

IT/ILT : Section 115JA of the Income-Tax Act, 1961 – Minimum Alternate Tax (MAT) – Text of Statement Made by Finance Minister in Rajya Sabha on 7-5-2015 Relating to Mat on FIIs

CBDT's instruction for filing appeal would also apply to pending appeals; ITAT considers National Li

IT: Monetary limits for filing revenues appeals as per the latest instructions u/s 268A shall apply not only to prospective appeals but also to pending appeals. Monetary limits for filing revenues appeals as per the latest instructions shall apply to pending appeals unless the exception indicated in the instructions exists at the time of hearing the appeal.

Principle of unjust enrichment applies to duty paid on captive goods if their cost is included in fi

Excise & Customs : Capital goods used for pollution control must be regarded as used in manufacture, hence, refund of excess duty paid on such capital goods is hit by doctrine of unjust enrichment; to rule out said doctrine, assessee must demonstrate that, in costing of final product, cost of capital goods was not taken into consideration

Profit arising from sale of scrap resulting out of manufacturing process would be eligible for sec.

IT-I: Interest income earned from fixed deposits made out of profits and gains of undertaking would not be treated as income derived from business of industrial undertaking for purpose of granting relief under section 80-IC