Granting of advances held as principal business as it was carried on larger scale than business of s

IT: Since activity of granting loans and advances was on a larger scale than business of buying and selling shares, granting loans and advances was to be treated as principal business of assessee

Refund claim of service recipient can't be withheld due to non-furnishing of NOC from service provid

Excise & Customs : Where refund claim is filed by service recipient, department cannot withhold refund on ground that service recipient must first furnish NOC from service provider; hence, service recipient is entitled to interest for period of delay

Measures taken by CBEC to improve ease of doing business in India

SERVICE TAX : Measures Taken by CBEC to Improve ease of doing Business

No interest payable on delayed refund of fine/penalty

Excise & Customs : Interest on delayed refunds would be payable to assessee only on amount of duty and not on refund of fine and penalty

TDS default on capital exp. won't attract disallowance

IT/ILT : Where assessee made payment to a non-resident for purchase of software which had been capitalized in block of asset, in such a case, even though assessee did not deduct tax at source on such payment, still section 40(a)(i) could not be invoked for disallowance of depreciation on amount so capitalized

Additions made on failure of assessee to prove that sum was received as beneficiary of discretionary

IT : Where genuineness of Trust, trustee as well as money being withdrawn out of capital funds was not proved, claim of assessee that it received amount as a beneficiary of discretionary trust and that amount was capital receipt was to be rejected

Transportation cost isn't includible in assessable value if ownership of goods is transferred at fac

Excise & Customs : Where ownership of goods is transferred at factory gate, then, if assessee undertakes transportation work, thereafter, at instance of buyer and delivers goods at site, transportation charges cannot be loaded in assessable value

No denial of sec. 80-I relief on 'other income' as same had direct nexus with industrial activity of

IT : AO should compute disallowance as per rule 3 while ascertaining perquisite value on account of motor car

Providing facilities of infrastructure, staff, and waste disposal doesn't amount to management consu

Service Tax : Provision of facilities such as infrastructure, staff, waste disposal, etc. cannot be regarded as 'services connection with management' or 'advice/consultancy'; hence, same cannot be regarded as 'management consultancy'

CBDT announces new norms for granting reward to informants helping in tax recovery from defaulters

IT/ILT : Guidelines for Grant of Rewards to Informants Leading to Recovery of Irrecoverable Taxes, 2015

Lease payment for allotment of plot for 80 years doesn't attract TDS under sec. 194-I

IT : Where assessee took a plot of land on lease for a period of 80 years, since in terms of lease deed, assessee could sell, mortgage or sublet said land, payment of lease premium was to be regarded as payment made for acquisition of land, and not for merely use of land below; said payment was not liable to TDS under section 194-I

HC imposed cost on revenue and condoned its unintentional delay in filing notice of motion for resto

IT : Unintentional delay on part of revenue in filing notice of motion for restoration of appeal was condoned subject to revenue paying certain cost to assessee

Interest on receivables allowed as deduction in computing excisable value

Excise & Customs : In computing value liable to excise duty, interest on receivable is earned by manufacturer, is eligible for deduction

A broker can set off loss incurred on derivative trading against its commission income from sale-pur

IT : Assessee, a share broker, loss incurred in trading of derivative transaction i.e. future and options, was to be regarded as 'business loss' and thus same could be set off against its commission income earned on sale and purchase of shares

CBDT announces new norms for grating reward to informants helping in tax recovery from defaulters

IT/ILT : Guidelines for Grant of Rewards to Informants Leading to Recovery of Irrecoverable Taxes, 2015