No best judgment assessment on basis of docs seized by CBI without making available such docs to ass

IT: Where documents seized by CBI were not made available to assessee prior to passing of best judgment assessment, such assessment would not be valid

MCA notifies list of provisions which shall not be applicable to Nidhi Companies

Companies Act, 2013 : Section 406, read with Section 462, of the Companies Act, 2013 – Nidhi – Exemptions to

Now Cos with charitable object to hold only one Board Meeting after every six calendar months: MCA

Companies Act, 2013 : Section 2(8), read with Section 462, of the Companies Act, 2013 – Charitable Companies – Exemptions to

Unlisted Govt. Cos and Govt. Cos engaged in defense production exempted from purview of Loan/Investm

Companies Act, 2013 : Section 2(45), read with Section 462, of the Companies Act, 2013 – Government Companies – Exemptions to

Private Companies will heave a sigh of relief as MCA has relaxed restrictive provisions of Companies

Companies Act, 2013 : Section 2(68), read with Section 462, of the Companies Act, 2013 – Private Companies – Exemptions to

Imported LCDs aren't classifiable as 'parts of electricity meter' even if used in making such meters

Customs : Liquid Crystal Display (LCD) imported by assessee for use in manufacture of electricity meters are classifiable as 'LCD not constituting articles provided for in other headings' under Heading 9013.80 and not as 'parts of electricity meters' under Heading 9028.90

ALP of 'Soyabean' and 'Sunflower' oil is to be determined on basis of rate quoted in Commodity Excha

IT/ILT : In a case where a comparable uncontrolled transaction is possible to identify and locate, CUP method would be most reliable measure of arm's length price in relation to tested international transaction

CCI imposes hefty penalties on ‘GSK’ and ‘Sanofi’ for collusive bidding in supply of vaccine for Haj

Competition Act: The Competition Commission of India has imposed a penalty of Rs. 60 Crores (approx.) on 'GlaxoSmithKline Pharmaceuticals' and a penalty of Rs. 3 Crores (approx.) on 'Sanofi' for collusive bidding in supply of a meningitis vaccine to the Government for Haj pilgrims. Both the parties have been directed to deposit the amount of penalty within 60 days of the receipt of order.

Grant provided to Bank which was incurring losses and debarred from carrying out banking business wa

IT: Where Government provided grant of certain sum to a co-operative bank on account of RBI's restrain on it to carry out normal banking business, such transaction of financial assistance would be capital receipt

Sub-contractor wasn't liable to pay service tax if contractor had paid tax on full value of services

Service Tax : Where tax on services provided by sub-contractor has been paid by contractor, prima facie, no service tax can be demanded from sub-contractor

Extended period could be invoked to recover duty from purchaser of DEPB scrip if it was originally p

Excise & Customs : If extended period could be invoked against original holder of fraudulent/forged DEPB, same could be invoked against successor/purchaser; hence, demand invoking extended period against buyer of fraudulent DEPB scrip was valid

CBDT calls for speedy disposal of rectification applications

IT : Section 154 of the Income-tax Act, 1961 – Rectification of mistake – Apparent from records – Expeditious disposal of applications for rectification under section 154 during Financial Year 2015-16

Third member can't go beyond scope of reference; he has to consider only difference of opinion of me

IT : Where pursuant to search conducted at premises of sister concern of assessee, Assessing Officer relying upon information supplied by Director, Bureau of Investigation, made addition to assessee's income on account of suppression of sales, since seized books of account pertained to sister concern which were never confronted to assessee, impugned addition made solely on basis of unsubstantiated information deserved to be deleted

Interest paid on loan which was used by firm to settle liability of retiring partners wasn't allowab

IT: Where assessee-firm borrowed money from bank for settling liability of retiring partners, deduction of interest under section 36(1)(iii) on borrowed fund was not allowable

Tag of assessee-in-default can’t be removed even if assessee makes payment of tax in reasonable time

IT : ITAT reduced penalty under section 221 as assessee had made payment of self-assessment tax within 5 months from the date of filing of return. However, denied to follow the decision in the case of DCIT v. Kamala Mills Ltd. (ITA No. 7775 to 7777/Mum/2004 dated 31.10.2007) in which it was held that assessee shouldn't be treated as assessee-in-default if he makes payment of tax in reasonable time. ITAT noticed that decision in the case of Kamala Mills (supra)was contrary to the express provisi