Income from letting out of equipment and rendering of services to oil exploration co. is taxable und

IT/ILT : Income of assessee, a foreign company, from hiring of equipments and rendering services to entities engaged in oil exploration in India, was to be taxed on presumptive basis under section 44BB

SLP admitted against HC’s order holding that rule 8D was applicable as mixed funds were utilized for

IT : SLP granted against order of High Court where it was held that since funds utilized by assessee being mixed funds, interest paid on borrowed fund relatable to investment made in tax free funds was to be computed under provisions of rule 8D(2)(ii)

Grinding of wheat into wheat products like Maida, Atta, Suji amounts to manufacture; not liable to S

Service Tax : Conversion of wheat into wheat products (maida, atta, suji and bran) using process such as cleaning, grinding, milling, etc. amounts to 'manufacture' and not liable to service tax under Business Auxiliary Services

Proceedings before SetCom should abate if delay in passing order is due to any reason attributable t

IT : Only such proceedings would abate under section 245HA(1)(iv) which had been delayed on account of any reason attributable on part of applicant

Freight was includible in value of goods as assessee failed to prove that freight was charged separa

CST & VAT : Rajasthan VAT - Where assessee sold diesel to railways and delivered same by road through tanks at delivery point, since assessee was unable to lead any evidence to effect that freight was charged separately and was paid separately by railways, freight formed part of sale price

SAT upheld penalty on failure of Co. to obtain registration of SCORES within stipulated time

SEBI : Failure to obtain SCORES Login ID and password for redressing investor grievances within time stipulated by SEBI would constitute violation of section 15C

No reassessment to disallow exp. due to verdict of SC in other case if impugned issue was examined i

IT: Where Assessing Officer and Transfer Pricing Officer were not only aware of payment of royalty but had taken same into consideration at every stage, reopening of assessment on ground that on account of Supreme Court's ruling part of royalty was to be treated as capital expenditure, would be case of change of opinion which is not permissible in law

Subway doesn’t have dominant position in fast foods restaurant chains due to presence of Pizza Hut,

Competition Act : Due to the presence of many competitors in the market of fast food restaurant chains, like Pizza Hut, KFC, Mc. Donald's, Cafe Coffee Day, etc., consumers have several options to choose from. Subway neither has strength to operate independently of its competitors, nor the ability to affect its competitors and consumers. Therefore, Subway does not enjoy a dominant position in the relevant market of fast food restaurant chains

ITAT not to hear appeal ex-parte if new date wasn't intimated to assessee after adjournment of previ

IT : Where request for adjournment of hearing was made by assessee and it was not clear as to whether assessee was put on notice about new date of hearing, Tribunal ought not to have heard appeals ex parte

Deptt has to prove payment as bogus in order to deny credit availed on such payment

Cenvat Credit : Supplementary duty paid by job-worker at direction of assessee-principal on 'excess value', cannot be denied as credit in hands of assessee, unless transaction itself is questioned as bogus and department proves that there was no payment of excess value and duty thereon by assessee to job-worker

No denial of depreciation due to non-usage of plant in particular period once it had been used for b

IT : Where assessee company paid management consultancy fees and had filed evidence in support of said services rendered to assessee, matter was to be readjudicated to decide claim under section 37(1)

No disallowance of interest on loans if it was shown that borrowed funds were utilised to earn busin

IT : Where in case of assessee, engaged in construction activities, there was clear nexus of utilization of borrowed fund for earning income in form of interest, rent and business income of construction, his claim for deduction in respect of interest on borrowed capital was to be allowed

Export transactions can't be compared with domestic transactions for TP study

IT/ILT : Profit margins of transaction of export of parts and components could not be compared with domestic sale of manufactured products in computing ALP

Goods purchased by branch office and transferred to head office situated in other State wasn't 'inte

CST & VAT : CST - Where branch office of assessee situated in State of Andhra Pradesh had purchased Beedi leaves by participating in auction conducted by Forest Department of Andhra Pradesh and received them subsequent to payment made to seller and thereafter transferred said leaves to head office in State of Maharashtra, transaction was not an inter-State sale under section 3(a)

CLB isn't empowered to enquire that acquirers acting in concert acquired shares in violation of Take

CL: CLB, in exercise of its rights and powers conferred upon it by virtue of provisions contained in section 59(4) is not empowered to make investigation/enquiry into allegation that acquirers acting in concert have acquired shares in violation of Takeover Code

State development authority works with predominant object of public welfare; out of ambit of proviso

IT : Proviso to section 2(15) was not applicable to assessee-city development authority established for providing housing, roads, sewerage system, etc.

Now non-resident ECB lenders can undertake swap transactions with overseas banks to extend loan in I

FEMA/ILT : External Commercial Borrowings (ECB) Denominated in Indian Rupees (INR) – Mobilisation of INR

Trading limit under rupee drawing arrangement raised to Rs 15 lakhs

FEMA/ILT : Rupee Drawing Arrangement – Increase In Trade Related Remittance Limit

NBFCs can use historical spot gold price data published by Commodity Exchange for valuation of gold

NBFCs : Lending against Security of Single Product – Gold Jewellery

Banks gets one more year to spread losses on early sale of NPAs

BANKING : Prudential Norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances – Spread Over of Shortfall

Deptt. couldn't allege suppression if all facts were conveyed to it through applications/certificate

Excise & Customs : Extended period cannot be invoked, if details of clearance made without payment of duty to 100 per cent EOU were already informed to department vide CT-3 certificates and department was aware of all facts

Brought forward business loss is to be set-off while computing income u/s 10A

IT : Post amendment from assessment year 2001-02, claim of set-off of business loss for assessment year 2002-03 against profits of erstwhile section 10A unit for assessment year 2005-06 were allowable

Value of free of cost supplies made by recipient isn't includible in gross amount charged for abatem

Service Tax : For availing 67 per cent abatement in respect of construction services by service provider, value of 'free of cost' supplies made by service recipient would not form part of 'gross amount charged'.

Sum paid for transmission of electricity couldn't be held as 'FTS'

IT : Where in terms of agreement, assessee purchased electricity from UPPCL which was transmitted through UPPTCL, payment of transmission charges was not payment for fee for technical services, therefore provisions of section 194J were not attracted