Age of 70 years isn’t an automatic mid-stream disqualification for Managing Director

Companies Act: Section 196(3) does not operate as an aberration in the appointment of any Director made prior to the coming into force of the 2013 Act, even in a case where the Managing Director crosses the age of 70 years during the term of his appointment; it also does not interrupt the appointment of a Managing Director appointed after 1st April 2014 where at the date of such appointment or re-appointment the Managing Director was below the age of 70 years but crossed that age during his tenu

Tax Board can't review its own order in garb of rectification

CST & VAT: Rajasthan VAT - Where Tax Board by an order passed under section 37 reversed its earlier order and upheld claim of assessee, since impugned order appeared to be reviewing its own order in garb of rectification and coming to a different conclusion than what was reached earlier, impugned order was liable to be set aside

Debt assigned to a bank by a NBFC can't be enforced by the assignee-bank under SARFAESI Act

SARFAESI ACT : In view of the scheme of the SARFAESI Act, Objects and Reasons and various provisions of the SARFAESI Act, a debt which is assigned to a Bank or Financial Institution by Non-banking Financial Company is not covered within the definition of the term “borrower” and therefore cannot be enforced under Section 13 of the said Act. Only debts which are assigned to a Bank from another Financial Institution or to the Financial Institution from a Bank can be enforced by the assignee under t

No addition on basis of seized bank statement if AO failed to prove that statement belonged to asses

IT: During course of survey, where one bank account statement was impounded but there was no evidence that it was related to assessee, addition made based on said statement was unjustified

Adjudication order resulting in gross injustice can be challenged in writ when appeal before CCE(A)

Service Tax/Excise/Customs : Even if appeal before Commissioner (Appeals) is barred owing to expiry of his maximum permissible condonable period, adjudication order may be challenged in discretionary writ only if : (A) said order is without jurisdiction or passed in flagrant disregard to law or rules or procedure, or, in violation of natural justice; and (B) it has resulted into gross injustice

Board constituted under Maharashtra Private Security Guards Act is entitled to trust's registration

IT : Assessee Board constituted as per Maharashtra Private Security Guards (Regulations of Employments and Welfares) Act 1981 is entitled to registration under section 12A(1)(a)

Cap gain arose on sale of shares as they were held since decade and shown as investment in audited a

IT: Where shares sold by assessee were held by it a decade back which had been reflected in audited accounts as investment and it was never considered as part of stock-in-trade, income arising from sale of such shares had to be assessed under head 'capital gain'

CBDT directs Pr. CCsIT to update seniority list of ITOs by following ruling of Apex Court in case of

IT/ILT : Updating of all India inter se seniority list of ITOs due to revision in compliance to Supreme Court judgment dated 27-11-2012 in case of N.R. Parmar & Others vs. UOI & Others [2012] 28 taxmann.com 249 (SC)

Time spent in pursuing remedy before wrong forum is excludible from time-limit to file revision requ

Excise & Customs : Time spent in pursuing remedy before wrong forum bona fide should be excluded, as per section 14 of Limitation Act, in computing period of limitation for filing revision application before Central Government

CBDT sets target of 1 crore new taxpayers for FY 2015-16

IT/ILT : Target for new taxpayers for Financial Year 2015-16 and strategy to achieve said target

AO couldn't reject books of account if all details of stock including wastage were available before

IT: Where all details, including details of wastage involved in manufacturing activity, were available before Assessing Officer, assessee's books of account could not be rejected on ground that assessee was not maintaining stock register and production register

No penalty if decision of HC relied by assessee to claim deduction was reversed by SC just before fi

IT : Where assessee claimed deduction under section 80-IC based on High Court decision, and, said decision was later reversed by Supreme Court a few days before return filed by assessee, levy of penalty under section 271(1)(c) was not justified

Govt. aligns conditions of three exemption notifications of Excise

EXCISE/NT : NOTIFICATIONS NO.34/2015-C.E., NO.35/2015-C.E., AND NO.36/2015-C.E., ALL DATED 17-7-2015

Feet operated water pumps' can't be regarded as 'mechanical appliances'

Excise & Customs : Feet operated water pumps for lifting of water pumps, are classifiable as 'other pumps for liquids' [Heading 8413.80] and not as 'mechanical appliances of a kind used in agricultural or horticulture' [Heading 8424.10]