No penalty on seizure of gold if assessee admitted that it was derived out of undisclosed income and

IT : Where assessee made statement regarding seized unaccounted gold and explained manner in which same was derived and treating its value as income paid tax, penalty was not to be levied under section 271(1)(c)

Value of duplicate CDs manufactured on job-work will not include royalty paid by distributor for Mas

Excise & Customs : Where assessee was manufacturing and selling duplicate CDs to distributor using Master CD supplied by such distributor, royalty paid by distributor to producer of music for such Master CD, cannot be included as 'additional consideration' in value of such duplicate CDs

Income from share transactions is taxable as business income if assessee is dealing with large volum

IT: Where assessee was dealing in large volume of shares for which one has to devote considerable time and resources and has to carry out activities in a systematic manner, he would be considered as trader of shares and income from share transactions would be assessed as business income

MCA amends rules to incorporate changes made by Companies Amendment Act, 2015

COMPANIES ACT, 2013/INDIAN ACTS & RULES/AAA : With a view to incorporate the amendments as laid down under Companies Act (Amendment), 2015, the Government has amended the corresponding Companies Rules. Amendments relates to easing of doing business in India. Key changes are as under:

Buyer can't be denied refund of CVD on department's apprehension that importer may have claimed refu

Cenvat Credit : Where department has not even alleged that CVD paid by importer has been claimed as refund by him, buyer of said goods cannot be denied credit of such CVD merely because importer's invoice does not contain declaration that 'refund of CVD has not been claimed'

Non delivery of plot on complainant's failure to make payment wasn't abuse of dominance by developer

MRTP : Where complainant had paid 25 per cent of cost of plot allotted to it by respondent but condition of payment of balance price together with interest was a condition precedent for delivery of possession of plot, complainant had no right to seek possession of plot without paying balance price with interest

No reference to DVO to determine construction cost of factory without rejecting books of assessee

IT : Where books of account in respect of cost of construction are maintained, reference to DVO cannot be made without rejecting said books of account on some legal or justified basis

No reassessment on basis of info received from DIT, Investigation without recording his own satisfac

IT: Where in reassessment, Assessing Officer made additions on account of unsecured loans merely on basis of information from DIT Investigation without recording his own satisfaction for issuing reassessment, reassessment was not valid

Exp. incurred on stamp duty and registration charges for raising share capital was deductible under

IT : Where assessee entered into a 'Common Loan Agreement' in terms of which lender bank agreed to finance a part of maintenance of a road project, in view of fact that as per terms of said agreement, assessee was required to keep certain amount as fixed deposit with bank, interest income earned on same was to be taxed as business income

Firm needed not to explain source of income of partners who had made capital contribution; sec. 68 a

IT: Partnership firm is not required to explain source of income for partners regarding amount contributed by them towards capital of firm

Default of assessee to disclose material facts amounts to suppression; triggers invocation of extend

Excise : Where declaration and periodical returns, being vital documents submitted by assessee, did not mention that 'sewing thread' was cleared on 'hanks', they suppressed a material fact which, to their knowledge, would not bring their sewing thread within exemption Notification; hence, extended period was invocable

Security Holograms are classifiable as 'printing matter' (4901) and not as 'self-adhesive product'

Excise & Customs : Security Holograms are classifiable as 'printed matter' (4901) and not as 'Self-adhesive product' (3919) because primary use is 'security' and adhesiveness is incidental

Funds remitted by NR to India out of income accrued outside India aren't taxable in India

IT/ILT : Provision of section 5 does not permit taxation of amounts remitted to India from sources outside India which are not incomes under provisions of Act

Nomination under Companies Act/Depositories Act isn't a 'super will' that displaces the law of succe

Companies Act : Nomination under sections 109A and 109B of the Companies Act,1956 (corresponding to section 72 of the Companies Act,2013) or under Be-law 9.11 of the Depositories Act,1996 only provides the company or depository a legally valid quittance so that it does not remain answerable to a raft of succession litigations and an endless slew of claimants under succession law. The company or depository gets a legally valid discharge but the nominee continues to hold in a fiduciary capacity

MCA fixes May 29, 2015 as enforcement date of provisions of Cos Amendment Act, 2015

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Section 1 of The Companies (Amendment) Act, 2015 – Act – Enforcement of – Notified date on Which Provisions if Sections 1 To 12 and 15 To 23 of Said Act Shall Come into Force

Circular denying benefit of zero rating on goods used in works contract carried out at SEZ isn't unc

CST & VAT: Tamil Nadu VAT - Circular No. 9 of 2003, dated 24-7-2013 sets out statutory provision and benefit of zero rating which accrues to dealer under section 18 and it is neither contrary nor ultra vires of provisions of VAT Act, not is it violative of article 14 of Constitution or irrational

Purchase of tenancy rights giving possession, control and transferable right in flat would provide s

IT: Where assessee had substantial rights over property which were almost identical to ownership of property, exemption under section 54F was to be allowed

HC upheld reassessment initiated to examine tax implications of deferred revenue on warranty claims

IT: Initiation of reassessment for examining tax implications of deferred revenue on warranty claims is justified