No reassessment merely on basis of audit objection if AO had made scrutiny assessment with due care

IT : Where Assessing Officer applied his mind by making a deep scrutiny while framing original assessment under section 143(3), mere audit objection could not form basis to reopen completed assessment

New pre-deposit requirement applies to all appeals filed on or after Aug. 6, 2014

Excise & Customs : New mandatory pre-deposit law under excise section 35F and customs section 129E is constitutionally valid and irrespective of date of issue of notice/order, it would apply to all appeals filed on or after 6-8-2014; however, High Courts have discretionary writ power to waive pre-deposit

Acknowledgement of dues via email deemed as admission of liability

CL: Where in e-mail respondent-company had acknowledged to pay outstanding dues to petitioner-company but had failed to pay same, respondent was unable to discharge admitted liability and, thus, winding up petition against it was to be admitted

Vessel operating between Indian ports as part of its international voyage would get benefit of Artic

IT/ILT : A vessel operating within Indian Ports as part of larger international voyage would get benefit of article 8 of India-Singapore DTAA

Exemption on captively used capital goods can't be denied even if they are sold after such use

Excise & Customs : Capital goods, manufactured by assessee and captively used within factory are exempt under notification 67/95-CE; demand thereon cannot be sustained on ground that they were sold

Dept. had to return documents seized and relied upon in show cause notice before proceeding with adj

Central Excise : Before proceeding with adjudication of show-cause notice, department must return back documents seized and relied upon in notice

Loss incurred by exporter on forex derivative wasn't speculative; could be set off against other bus

IT : Where assessee, an exporter of garments, entered into forex derivative transactions through its bankers to hedge its foreign currency risk, loss incurred on such transactions could be considered as business loss which could be set off against other business income

Notice to revoke Customs Broker's licence is void if issued after 90 days from receipt of offence re

Excise & Customs : As per regulation 22 of Customs Brokers Licensing Regulations, 2013, notice seeking revocation of license must be issued within 90 days from receipt of offence report; notice issued beyond that period is void and in such case, renewal of license cannot be withheld

CCI notifies revised 'Form I' for filing of notice for proposed combination by parties

COMPETITION ACT/INDIAN ACTS & RULES : Competition Commission of India (Procedure in Regard to the Transaction of Business Relating to Combinations) Amendment Regulations, 2015 – Amendment in Regulations 5, 6, 8, 9, 13, 14, 17, 19, 30, Schedule I and Schedule II

Manufacturing of a new product after taking fresh approval from SEZ authority wasn't splitting-up of

IT : Manufacturing of a new product with a new technology at an existing place after taking fresh approvals from SEZ authorities does not amount to splitting up or reconstruction of an existing business so as to deny exemption claimed under section 10B

RBI relaxes branch authorisation policy; now banks can merge/close/shift branches at their discretio

BANKING : Relaxations in Branch Authorisation Policy

SEBI calls for detailed monthly report from Clearing Corporations

SEBI : Monthly Report for Clearing Corporations

Exemption to job-work service is optional; ST paid on such service can be claimed as credit by princ

Service Tax : Service tax exemption to job-work activity/services is optional and not mandatory; therefore, job-worker may decide not to avail of exemption under Notification 8/2005-ST and pay service tax on said activity and in such a case, principal manufacturer can take credit of said service tax

RBI hikes exposure limit for participation in corporate bonds by 'Standalone Primary Dealers'

NBFCs : Exposure Norms Limit for Standalone Primary Dealers (SPDs)

EBI calls for detailed monthly report from Clearing Corporations

SEBI : Monthly Report for Clearing Corporations

Levy of VAT on Indian liquor sold by hotels in Tamil Nadu is constitutionally valid

CST & VAT: Tamil Nadu VAT: Levy of VAT on Indian-made liquor sold by hotels/clubs is constitutionally valid, irrespective of the fact that VAT was imposed without giving benefit to set-off of tax-suffered turnover at the time of purchase. This is so since liquor is non-vatable goods and provisions imposing non-vatable tax on goods had not been challenged.

Revenue couldn't adjust refund against outstanding tax demand without issuing notice to assessee

IT : Where a sum was recovered from bank account of assessee by issuing a garnishee order and amount due on refund was adjusted against a tax demand without giving a notice to assessee, since Department had unilaterally adjusted refund amount, same would be remitted to account of assessee

RBI withdraws additional interest on deposits of armed forces group insurance

BANKING : Interest Rates on Deposits – Deposits of Army Group Insurance Directorate (AGID), Naval Group of Insurance Fund (NGIF) and Air Force Group Insurance Society (AFGIS)