'EMI' method allowed to compute income from hire purchase transactions even if books weren't maintai

IT : Where a hire purchase agreement was entered into between assessee and purchasers for purchase of vehicles on hire purchase basis, while computing taxable income assessee could follow Equated Monthly Instalment (EMI) method, even though he had maintained books of account on Sum of Digits (SOD) method

Govt. establishes 'Serious Fraud Investigation Office' under Companies Act, 2013

COMPANIES ACT, 2013 : Section 211 of the Companies Act, 2013 – Serious Fraud Investigation Office – Establishment of – Notified Serious Fraud Investigation Office

Undue delay in allotment of shop and illegal demand of maintenance charges by developer was an unfai

MRTP : Where respondent had unreasonably delayed allotment of shop/showroom to complainants and illegally demanded maintenance charges on quarterly basis and disconnected supply of electricity, respondent was guilty of practicing unfair/restrictive trade practices

Mere use of own name on goods doesn't make those goods as 'branded'

Excise & Customs : Where goods were cleared with superscription 'manufactured and packed by SVS & Sons' on packaging, said use of assessee's own name on goods does not make those goods 'branded'; said goods can be regarded as cleared without any brand name and eligible for exemption accordingly

Rents of unsold flats weren't business incomes just because they were shown as stock-in-trade in wea

IT : Where assessee-property dealer, disclosed rental income derived from letting out of unsold flats as 'income from house property', rental income could not be treated as business income merely because assessee in wealth tax proceedings claimed said unsold flats is its stock-in-trade

‘1081’ is notified as Cost Inflation Index for Financial Year 2015-16

IT/ILT : Section 48 of the Income-tax Act, 1961 – Capital gains – Computation of – Notified cost inflation index u/s 48, explanation (v)

No transfer can take place under an unregistered Joint Development Agreement

IT : There can be no "transfer" u/s 2(47)(v) of the Act read with sec 53A of the Transfer Of Property Act,1882 under an unregistered agreement in view of sub-section (1A) of section 17 of the Registration Act,1908 .Also, there is no transfer under the said provisions if possession is delivered to developer in his capacity as licensee for the development of property and not in his capacity as transferee

No denial of credit of insurance service/repair service used for motor car to firm even if car is in

Cenvat Credit : Credit of insurance/repair of motorcar is available to assessee-firm even if car is in name of partner, provided car is shown as assets in books of firm and depreciation and other expenditure thereon is incurred/borne by firm

If rebate is allowed on export then differential duty can't be demanded on supplementary invoice iss

Excise & Customs : Where goods are exported on payment of duty under claim of rebate and rebate has been allowed, assessee cannot be asked to pay differential duty on supplementary invoice raised for price-difference on such 'completed export'

ITAT rejects 'bright line test' for AMP expenditure; follows ratio of High Court in case of 'Sony Er

IT/ILT : Following Order passed by jurisdictional High Court, it was to be held that TPO could not make addition to assessee's ALP in respect of AMP expenses incurred on behalf of AE by working out non-routine AMP expenses on basis of bright line test

Mere absence of 'dissolution clause' in trust deed doesn't lead to denial of trust's registration

IT : Where genuineness or bona fide of assessee-trust was never doubted in earlier years, registration of same cannot be refused on mere ground that trust deed did not consist of 'dissolution clause'

No denial of credit of insurance service and repair service used for motor car to firm even if car i

Cenvat Credit : Credit of insurance/repair of motorcar is available to assessee-firm even if car is in name of partner, provided car is shown as assets in books of firm and depreciation and other expenditure thereon is incurred/borne by firm

Cash deposits made to make bogus purchases couldn't be held as unexplained under sec. 68

IT : Where assessee had not produced its books of account on plea that same were destroyed by fire and failed to satisfactorily explain various discrepancies/deficiencies pointed out by Assessing Officer, book results were rightly rejected

Premium received by society on transfer of plots wasn't taxable as it was utilized for benefit of it

IT : Where assessee-society received contribution from outgoing members as premium on sale of plot, since said amount was to be utilised for benefits of members of society, it could not be regarded as 'taxable income' in hands of assessee

CIT rightly made revision as AO failed to examine accrual of capital gains in development agreement

IT : Where in pursuance of development agreement, assessee handed over possession of land to developer, there was 'transfer' in terms of section 2(47)(v); and failure on part of Assessing Officer at time of assessment to make any or examining issue of accrual of capital gains would render assessment order erroneous and prejudicial to interest of revenue

Amendments to framework for revitalizing distressed assets in the economy shall also apply to NBFCs:

NBFCs : Early recognition of financial distress, prompt steps for resolution and fair recovery for lenders : Framework for revitalising distressed assets in economy – Review of guidelines on Joint Lenders' Formum (JLF) and Corrective Action Plan (CAP)