No transfer u/s 2(47) if developer was given only license to enter into property without transferrin

IT: Where assessee entered into a development agreement and had given only licence to developer to enter into property but no possession thereof was given, transfer of property did not take place on date of execution of development agreement

No transfer u/s 2(47) id developer was given only license to enter into property without transferrin

IT: Where assessee entered into a development agreement and had given only licence to developer to enter into property but no possession thereof was given, transfer of property did not take place on date of execution of development agreement

No recovery of duty on violation of conditions for claiming exemption if duty isn't mentioned in not

Excise & Customs : In case of violation of exemption notification, notice demanding duty may be issued under that notification; hence, where neither notice demanded duty nor option to pay redemption fine in lieu of confiscation was exercised by assessee under section 125, no duty could be demanded

Concealment penalty levied as loss on sale of fixed assets was claimed in P&L account and in IT retu

IT : Where against basic principle of accountancy, assessee claimed capital loss on sale of fixed assets in profit and loss account and had not revised return voluntarily, penalty for concealment of income was justified

Refund arising due to retro-reduction in duty can be filed within 1 year of issue of notification re

Excise & Customs : Where rate of excise duty reduced retrospectively vide Notification dated 31-10-2000, time-limit of 1 year to file refund claim would start from 31-10-2000

CAT orders CCI to reconsider charges of abuse of dominance by BCCI

Competition Act : Where Commission did not independently consider issue of abuse of dominance by BCCI and disposed of information by simply relying upon its previous order, impugned order of Commission was to be set aside and matter was to be remitted to Commission for consideration afresh

No reassessment to disallow alleged excess deduction of exp. if its details were made available duri

IT: Where assessee made available details of labour charges which was duly accepted by Assessing Officer during regular proceedings, re-opening of same for current year on basis of material obtained during subsequent year, was unjustified

ITAT imposes cost on CAs for intimidating RTI application when appeal is heard and pending for order

IT : ITAT imposes costs on assessee's counsels(CAs) and forwards matter to HC for punishment for contempt and to ICAI for disciplinary action for relying on a seemingly improbable proposition that an anonymous letter was received by him from benami employee of the Income Tax Department mentioning that some conspiracy was hatched by some income tax officers against the assessee which fact was not born out by record and not filing comprehensive affidavit as per Rule 10

No disallowance due to cash payment exceeding Rs. 20,000 for purchase of goods as assessee had no ba

IT : Where assessee had no bank account at place of purchase and cash payments were made on demand of seller, disallowance under section 40A(3) was not justified

RBI fixes USD 2,50,000 for remittances by individual for aggregate of certain current account transa

FEMA/ILT/INDIAN ACTS & RULES : Fem (Current Account Transactions) Amendment Regulations, 2015 – Substitution of Rule 5 & Schedule III

On sale of asset acquired after partition of HUF, CII had to be taken of the year in which asset was

IT : Where capital asset was property of HUF prior to 1-4-1981 and assessee acquired absolute ownership on 19-5-1998 by way of partition, assessee was entitled to calculate capital gains tax by taking Cost Inflation Index for financial year 1981-82

ITAT directs AO to made TP adjustment on proportionate turnover based on ratio of transactions with

IT/ILT : Where following binding judicial precedent assessee argued that TP adjustment could be made only on proportionate turnover in respect of transactions with AE, but argument of assessee were not considered by lower authorities, matter was to be remanded

RBI asks banks to create awareness among agricultural borrowers for hedging of commodity price risk

BANKING : Hedging of Commodity Price Risk – Creating Awareness Among Borrowers

No transfer of property under income-tax Act on execution of power of attorney without any considera

IT : Where owner of property executed power of attorney in favour of assessee without any consideration and thereafter property was registered in name of assessee's wife for certain sum, since property rights had not been handed over to assessee, he could not be treated as owner of property for computing capital gain in his hands

No rectification application for an issue not raised at the time of hearing of main case

Excise & Customs : No rectification of mistake application can be filed raising issue, which was not argued at time of hearing of main case

No ‘transfer’ arose if possession of asset was never given under an agreement to sell

IT : Where there was nothing to show that possession was ever delivered by assessee to purchaser in part performance of agreement for sale, there was no transfer within meaning of section 2(47)(v)

RBI hikes limit of forex remittance for Individuals to USD 2,50,000

FEMA/ILT/INDIAN ACTS & RULES : Fem (Current Account Transactions) Amendment Regulations, 2015 – Substitution of Rule 5 & Schedule III

RBI doubles limit of forex drawl for capital account transactions

FEMA/ILT/INDIAN ACTS & RULES : Fem (Permissible Capital Account Transactions) (Third Amendment) Regulations, 2015 – Amendment in Regulation 4

No interest on differential duty if it is paid prior to finalization of provisional assessment

Excise & Customs : In case of provisional assessment, if differential duty is paid even prior to finalization of provisional assessment, no interest can be demanded under Rule 7(4) of Central Excise Rules, 2002, because amount determined as payable on finalization is 'NIL'

No addition of notional interest on belated payments of customers if builder didn’t have right to re

IT : Section 68 permits an addition to be made only where any sum was found to be credited in books of account of assessee for that year

High Court denied excise exemption to assessee as he had violated condition of not availing credit

Excise & Customs : If assessee : (a) avails conditional exemption subject to non-taking of credit, (b) violates condition of exemption by taking credit and (c) does not reverse credit at any time before or after removal of goods, then, assessee would not be entitled to said exemption and it would be a case of 'clandestine removal

Trust working for relief of poor on behalf of NGOs like UNICEF or Care India would be entitled to Se

IT : Where assessee-society was engaged in providing consultancy, workshop training program, conducting research for and on behalf of NGOs related to WHO, UNO, etc. as these had no experience, said activity would fall within scope of section 2(15) entitled for exemption

Manufacturers exporting goods via Port of Mundra are also eligible to receive duty free intermediate

EXCISE LAWS/NNT : Exemption to Gold Potassium Cyanide used Within Factory of Production for Manufacture of Gold Jewellery – Amendment in Notification No. 44/2001-C.E., Dated 25-9-2001