No condonation of delay on ground that assessee's consultant withheld papers of appeal

Service Tax : Where assessee sought condonation of delay on ground that his earlier consultant withheld back papers for a long time, Tribunal rejected said claim as unacceptable and denied condonation on ground of gross negligence and inaction on part of assessee

Gift not to be deemed as unexplained when gift deed and bank certificate were furnished to prove its

IT : Where assessees received certain amount as gift from NRI through cheque and they produced bank certificate and gift deed regarding same, addition of said gift as unexplained income was not justified

Credit on capital goods allowable even if they are not owned by assessee

Cenvat Credit : For taking credit of duty paid on capital goods, it would not be necessary that capital goods shall either be owned by assessee or those shall be acquired by finance from financing agency

Gujarat Gas Co. isn't dominant player in supply of gas due to presence of GAIL, Indian Oil Corporati

Competition Act: Where reserves, surplus, turnover and assets of OP's competitors such as GAIL, IOCL and GSPC were much larger than OP and consumers were not entirely dependent on OP for supply of natural gas, OP was not dominant in relevant market

No deemed dividend as assessee wasn't substantial shareholder on date of advance as he had already g

IT : Where Assessing Officer made addition to assessee's income under section 2(22)(e) finding that assessee had taken loan from company in which he was holding 38.8 per cent shares, in view of fact that assessee had already gifted 30 per cent shareholding to his wife and son, impugned addition deserved to be deleted

Delay in filing appeal by assessee thinking that appeal was filed by its tax department wasn't condo

IT: Where assessee filed its appeal with a delay of 373 days taking a plea that it was under a bona fide belief that appeal had been filed by concerned head of its taxation department within prescribed time, it being a case of gross negligence on part of assessee, appeal was to be dismissed being barred by limitation

Buyer may take credit of duty indicated in invoice even if full duty isn’t passed on to him

Cenvat Credit : Residual Fuel Oil (RFO) is different from Low Sulphur Heavy Stock (LSHS) even though classifiable under same tariff heading; hence, credit restrictions applicable to LSHS do not apply to RFO

Excise duty is excludible from sales as well as cost while determining operating margin under TP stu

IT/ILT : In course of determination of ALP, excise duty being a pass through cost has to be excluded from sales as well as costs for both assessee and comparable companies while computing operating margins

Govt. eases approval norms for foreign equity inflows via Govt. route; amends Consolidated FDI polic

FDI/FEMA/ILT : Consolidated FDI Policy Circular of 2015 Effective from 12-5-2015 – Review of the Investment Limit for Cases Requiring Prior Approval of Foreign Investment Promotion Board (FIPB)/cabinet Committee on Economic Affairs (CCEA) – Amendment in Paragraph 5.2

Investments made by NRIs in securities to be treated as domestic investments; Govt. amends consolida

FDI/FEMA/ILT : Consolidated FDI Policy Circular of 2015 Effective From 12-5-2015 – Review of Foreign Direct Investment (FDI) Policy on Investments by non-Resident Indians (NRIS), Persons of Indian Origin (PIOS) and Overseas Citizens of India (OCIS) – Amendment in Paragraph 2.1.27 and Insertion of Paragraph 3.6.2 (vii)

Protocol to India-Denmark DTAA mandates furnishing of info. even if held by banks or financial insti

IT/ILT : Section 90 of the Income-Tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Denmark – Amendment in Notification No. GSR 853(E), Dated 25-9-1989

Interest couldn't be levied under Secs 234A/234B/234C if AO didn’t mention relevant provision in ass

IT : Counter sales of goods effected against convertible foreign exchange to foreigners which does not involve clearance at customs is to be treated as export out of India and, hence, eligible for benefit of section 80HHC

Interest under Act couldn't be levied if AO failed to mention relevant provision in assessment order

IT : Counter sales of goods effected against convertible foreign exchange to foreigners which does not involve clearance at customs is to be treated as export out of India and, hence, eligible for benefit of section 80HHC

Grant of refund after due examination by lower authorities couldn’t be said to be prejudicial to rev

IT: Where applicability of provisions of sections 11 and 13 was examined by both lower authorities, relief granted by Assessing Officer in assessment/refund Form ITNS 150 could not be prejudicial to interest of revenue

Unjust enrichment doesn’t apply to amounts paid under investigation for which no SCN was issued

Excise & Customs : Excess credit : (a) reversed by assessee under protest and in course of investigation and (b) for which no show-cause notice has been issued, cannot be retained by department without any demand having been raised; refund thereof is not hit by bar of unjust enrichment under section 11B

Reassessment proceedings couldn't be upheld when original order was set-aside by CIT under sec. 263

IT : Where during assessment industrial undertaking established in backward area disclosed that it earned interest, dividend and rent from investments made out of surplus funds accumulated from profits of business and Assessing Officer allowed section 80HH deduction, reopening of assessment was to be set aside

Assembling of components of genset amounts to manufacture for sec. 80-IB relief

IT : Assembling of various components of gensets amounts to 'manufacturing' for purpose of allowing deduction under section 80-IB

Department must execute Tribunal's order even if time-limit for filing appeal against such order has

Excise & Customs : Time-limit for filing appeal does not operate as stay of order impugned; therefore, even if said time-limit has not expired, Tribunal order must be executed by Department and failure therein may be challenged in writ jurisdiction

RBI cuts bank rates by 25 basis points

BANKING : Change in Bank Rate – Penal Interest Rates which are Linked to Bank Rate

Govt. issues revised list of major initiatives on improving ease of doing business in India

CL : OTHERS : Major Initiatives on Improving 'Ease of Doing Business' in India