Profit rightly estimated on gross receipt as assessee failed to produce evidence in support of expen

IT : Where a civil contractor did not produce salary and wage register and other evidences in support of expenses incurred, Assessing Officer was justified in estimating profit at 8 per cent of gross contract receipts

Tribunal can't condone delay in filing applications for 'Rectification of Mistake'

Excise & Customs : There is no power to condone delay in filing Rectification of Mistake (ROM) applications; hence, ROM applications beyond 6 months from date of final order, must be rejected as barred by limitation

No mandatory pre-deposit of duty for disputes arose before August 6, 2014

Excise & Customs : In cases where lis between assessee and department commenced prior to introduction of mandatory pre-deposit in section 129E (i.e., before amendment by Finance (No. 2) Act, 2014 i.e., before 6-8-2014), same would be governed by erstwhile section 129E and mandatory pre-deposit would not apply thereto

ITAT slams AO for not adjudicating on contention that sum paid to AE wasn't taxable on grounds of mu

IT/ILT: Revenue should have adjudicated assessee's plea relating to non-taxability of payment made to foreign associate on basis of principle of mutuality

Addition of dehydrated vegetables and spices to raw rice to sell it as 'rice and spice' doesn't amou

Excise & Customs : Mere addition of dehydrated vegetables and certain spices to raw rice to sell it as 'rice and spice' would not make it a different product, as its primary and essential character still remains same; hence, it is not manufacture

COMPAT could revive application alleging unfair trade practice if same was filed prior to repeal of

Competition Act : Inability of MRTP Commission to dispose of application for revival of complaint containing allegations of unfair trade practices till repeal of MRTP Act cannot operate as detriment of complainant and Tribunal would have jurisdiction to entertain revival application

Trade advances given to shareholder won’t be held as deemed dividend

IT : Even if trade advance is given to shareholder or a concern out of accumulated profits, same would not fall within ambit of provisions of section 2(22)(e)

Sec. 80-IA: Profit on sub-leasing of land was deductible, being integral part of business of develop

IT : Assessee-company was incorporated as a Special Purpose Vehicle (SPV) for developing operating and maintaining toll roads. Assessee entered into a concession agreement with Taj Expressway Development Authority (TEA) in terms of which assessee was to develop, operate and maintain six lane access controlled expressway toll road, it was granted by TEA, rights for land development of 25 million sq. mts. of land along proposed Expressway for commercial amusement, industrial, institutional and res

Provision for obsolete stock was excludible for computing operating margin if it wasn't made by any

IT/ILT: Where assessee had created a provision for obsolete stock which had not been made by any comparable company, to determine ALP of international transaction of assessee, provision being an extraordinary item, suitable adjustments be made

Deptt. has to adjust legible tax credit against tax liability even if assessee has claimed excess cr

CST & VAT : Gujarat VAT - Once on assessment or reassessment a final amount of input tax credit is assessed and determined, a dealer is entitled to adjust such input tax credit against its output tax liability of current year

Brought forward losses couldn’t be set-off against interest income as such income wasn’t proved as b

IT : In absence of any material to show that interest income was business income, such income could not be treated as business income of assessee in order to allow set off of brought forward business loss from earlier years against said interest income

Provisional figures of census data are to be considered to determine status of bank as 'rural branch

IT: In order to determine status of a bank as a 'rural branch' for allowing claim of deduction under section 36(1)(viia) even provisional figures of census data available on first day of relevant financial year can be taken into consideration and if figure shown in provisional population total exceeds 10,000, then bank would not be entitled to benefit granted for rural branch

IRDA unveils report of expert committee on health insurance

INSURANCE : Report of Expert Committee on Health Insurance

ICSI appoints Atul Hasmukhrai Mehta as new nominee of National Advisory Committee on AS

COMPANIES ACT, 1956 : Section 133 of the Companies Act, 2013, Read with Section 210A of the Companies Act, 1956 - Central Government to Prescribe Accounting Standards - Constitution of National Advisory Committee on Accounting Standards - Notified Persons – Amendment in Notification No. SO 2425(E) [F.No.1/5/2001-Cl.v (Part V)], Dated 18-9-2014

Govt. withdraws old Ind AS notified in 2011

COMPANIES ACT, 1956/AAA/INDIAN ACTS & RULES : Companies (Accounting Standards) (Amendment) Rules, 2011 - Notified Ind AS – Rescission of Notification No. GSR 179(E), Dated 3-3-2011 and Notification No. GSR 650(E), Dated 29-8-2011

Interest paid on tax dues couldn't be set-off against interest earned on tax refund

IT : Where power is generated through steam and said industrial undertaking complies with all other conditions as stipulated under section 80-IA, it would be an eligible undertaking for claiming deduction in terms of section 80-IA(4)

No revision to disallow interest due to borrowings in making FD as this case was revenue neutral

IT : Where assessee used a part of loan taken from bank for making fixed deposits, even if income from interest on 'fixed deposit' was considered as income from other sources, still interest incurred by assessee on borrowings used for making said deposits would be allowable as deduction

AO to transfer VAT collected on activation on SIM cards to ST Deptt. as such transaction is a servic

CST & VAT : Haryana VAT - Where collection of VAT from assessee was without authority of law and Service Tax department had raised service tax demand upon assessee for period for which Assessing Authority had levied and collected VAT, Assessing Authority was to be directed to transfer amount of VAT to Service Tax department

Manufacture of 'route markers' by cutting pipes and painting would be valid activity u/s 80-IC

IT : Manufacturing of 'Route Markers' by undertaking process of cutting stainless steel pipes of larger sizes with electrical cutter including painting and welding of pipes, amounts to 'manufacture or production' entitling assessee to deduction under section 80-IC