High Court denied to interfere with Tribunal's remand order as it was based on factual findings

IT : Where assessee had income from various sources but did not file income-tax return despite several opportunity and Assessing Officer passed assessment order which was upheld by Commissioner (Appeals) while Tribunal remitted matter back to Assessing Officer without deciding any issue, order of Tribunal could not be interfered with

First Appellate Authority was justified in dismissing appeal, being delayed beyond 210 days

CST & VAT: Karnataka VAT - Where assessee filed appeal under section 62 before First Appellate Authority late by 287 days along with application seeking condonation of delay, since First Appellate Authority was not empowered to condone delay beyond 210 days, he was justified in dismissing appeal as barred by limitation

No tax or MAT on donee-co. in respect of gift received from another concern; ITAT affirms gifting po

IT : Where assessee received certain amount from 'R' Ltd. on account of dividend receivable by four concerns against their shareholding in 'R' Ltd., since there was no dispute about genuineness of transaction because receipt of amount was duly authorised by respective Memorandum and Articles of Association of assessee and donor companies, it was to be regarded as gift; it is neither taxable as income from other sources under section 56 nor as capital gain nor as income under section 2(22)(e)

Mere supervision of loading of goods without any clearing/forwarding as such doesn't amounts to C&F

Service Tax : Merely supervising and liaisoning with coal company and railways to see that material required by cement companies is loaded as per schedule, cannot amount to clearing and forwarding agent's services, as there is no 'clearing activity' and 'forwarding activity' performed

CCI dismissed complaint as it was filed due to trade rivalry between parties

Competition Act : Where dispute between informant and opposite parties appeared to business dispute and trade rivalry, there was no competition issue involved in matter

Losses of eligible units couldn't be set off against income from units not eligible for exemption un

IT : Where loss suffered by assessee in a unit entitled for exemption under section 10B, cannot be set off against income from any other unit not eligible for such exemption

Dominion over the property is sufficient to claim depreciation even if conveyance deed isn't yet exe

IT : Where Assessing authorities treated certain items of income as 'income from other sources' and without any elaborate discussion about nature of those items of income, denied benefit of exemption under section 10(23G), matter was to be remanded to decide true nature of income

RBI unveils guidelines on compensation of non-executive directors of private sector banks

BANKING : Guidelines on Compensation of Non-Executive Directors of Private Sector Banks

RBI allows banks to cross hold long-term bonds among themselves to finance infrastructure and afford

BANKING : Issue of Long Term Bonds by Banks for Financing of Infrastructure and Affordable Housing – Cross Holding

CBDT's recent instruction for filing appeal by revenue would also apply to pending cases, says Delhi

IT : In view of CBDT Instruction No. 5 of 2015, dated 10-7-2014, where tax effect of appeal filed by revenue before Tribunal was less than Rs. 4 lakhs, appeal was to be dismissed

AO shall recorded his satisfaction before invoking his jurisdiction to assess any other person under

IT : Recording of satisfaction of Assessing Officer(s) is a pre-condition for invoking jurisdiction under section 153C

RBI doubles Forex remittance limit for resident-individuals under Liberalised Remittance Scheme

FEMA/ILT : Liberalised Remittance Scheme (LRS) for Resident Individuals – Increase in Limit from Usd 125,000 to Usd 250,000 and Rationalisation of Current Account Transactions – Remittance Facilities for Persons Other Than Individuals

No SSI-exemption even if other's brand name which was used on goods related to goods different from

Excise & Customs : Even if goods are different, so long as brand name or trade name of some other company is used, benefit of SSI-Notification would not be available

Exp. on acquisition of know-how wasn't covered u/s 35AB if it was in nature of revenue exp, rules Gu

IT : Expenditure incurred for acquisition of technical know-how for running business for a short period was revenue in nature allowable under section 37(1); applicability of section 35AB would not arise

Zinc Dross having 96% zinc content arising during manufacture of galvanized tubes is excisable

Excise & Customs : Zinc Dross (having 96 per cent zinc content) arising in course of manufacture of galvanized tubes is a 'manufactured by-product' and liable to duty

Credit of foreign TDS can't be denied even against tax levied on corresponding income eligible for s

IT/ILT: In view of amendment made to section 10A by Finance Act, 2000 with effect from 1-4-2001, assessee was entitled to get credit of tax deducted at Japan in respect of income exempt in India by virtue of para (2a) of article 23 of India-Japan DTAA

RBI doubles the Forex remittance limit by resident-individuals under Liberalised Remittance Scheme

FEMA/ILT : Liberalised Remittance Scheme (LRS) for Resident Individuals – Increase in Limit from Usd 125,000 to Usd 250,000 and Rationalisation of Current Account Transactions – Remittance Facilities for Persons Other Than Individuals

Karnataka VAT : AO had to consider revised return filed belatedly as it showed additional tax liabil

CST & VAT : Karnataka VAT - Where Assessing Authority passed assessment order ignoring assessee's revised returns on ground that they were not filed within prescribed period, in view of Commissioner's circular dated 7-7-2008, matter required to be remanded back to Assessing Authority for considering revised returns