Income in Form 26AS doesn't show that it belongs to assessee if fraudster obtained it in assessee's

IT : Merely because a payment was reflected in Form 26AS and was shown to have been made to assessee, it could not be brought to tax as it could not be established that assessee was actual beneficiary of said payments and thus, addition made was to be deleted

Post-sale reduction in sale price won't lead to payment of less sales tax

CST & VAT: Rajasthan VAT - Where assessee had sold goods at a specified value and later on under an agreement value of goods was reduced by purchaser of goods and differential amount was recovered by him from subsequent bills of assessee, claim of assessee that sales tax was required to be paid on lower value of goods could not be accepted

Allahabad bench of CESTAT has started functioning from September 1,2015

EXCISE : Constitution of Regional Bench of CESTAT at Allahabad to Hear Appeals Arising from Territories within State of Uttar Pradesh

Excise duty on brought-out items can't be recovered if their value wasn't considered in computing de

Excise & Customs : Where : (a) bought-out items are mentioned in annexure to show-cause notice, but, (b) while computing demands raised in notice, no excise was demanded thereon, no recovery can be made on bought-out items

Comparables excluded as they were carrying out diversified activities and were huge in size as compa

IT/ILT : Where TPO made addition to assessee's ALP for rendering software development services to its AE, since two comparables selected by TPO were found improper as they carried out significant research and development activities and were huge in size and volume, impugned addition was to be set aside

CBDT lays down criteria on manual selection of scrutiny cases for FY 2015-16

IT/ILT : Section 143 of the Income-Tax Act, 1961 - Assessment - General – Compulsory Manual Selection of Cases for Scrutiny During Financial Year 2015-16

Mere mentioning of land as agricultural in revenue's record doesn't establish that it wasn't a capit

In absence of fulfilment of fundamental fact that land was used for agriculture, merely mentioning of land as agricultural land in purchase deed or sale deed or even in revenue records cannot establish case of assessee that land sold by it was an agricultural land

AO couldn't rectify his order on debatable issue of allowing interest on refund on excess self asses

IT : Where Assessing Officer by rectification order, withdrew interest granted to assessee-company on refund, as said issue was a debatable issue, Assessing Officer erred in assuming jurisdiction under section 154

Exemption notification comes into force from midnight of its issuance date unless otherwise specifie

Excise & Customs : Unless otherwise specified, notification issued on a particular date takes effect from said date; hence, Notification, dated 13-6-2008 would be effective from 00.00 hours of 13-6-2008

AO had to consider objections of assessee even if return wasn't filed within 30 days of service of r

IT : Where Assessing Officer disposed of objections raised by assessee in response to notices issued under section 148 not on merits but on ground that assessee had not filed return of income within a period of 30 days from date of receipt of notices, such orders are to be quashed and set aside

CBDT issues guidance note on reporting requirements under FATCA

IT/ILT : Section 285BA of the Income-Tax Act, 1961, Read with Rules 114F to 114H of the Income-Tax Rules, 1962 – Furnish Statement of Financial Transaction or Reportable Account – Obligation to – Guidance Notes on Implementation of Reporting Requirements under Rules 114F to 114H of Said Rules

Identify dismissed cases wherein retro-effect given to Instruction on filing of departmental appeal:

IT/ILT : Section 268A of the Income-Tax Act, 1961 – Appeals and Revision – Filing of Appeal or Application for Reference by Income-Tax Authority - Filing Review Petition/miscellaneous Application before High Court/ITAT

No reassessment on change of opinion that excess cost of acquisition was allowed in computing capita

IT: Where assessment was reopened in absence of cogent reasons and merely on basis of change of opinion regarding estimation of indexed cost of acquisition, same was not justified

Even misdeclaration of non-dutiable diamonds would lead to confiscation and penalty

Excise & Customs : Diamonds being a very sensitive commodity, its import may not have duty implication but can have other implications of money transactions; hence, misdeclaration of non-dutiable diamond would also attract confiscation and penalty

IRDA notifies norms on maintenance of insurance records

INSURANCE/INDIAN ACTS & RULES : IRDAI (Maintenance of Insurance Records) Regulations, 2015

RBI directs Financial Institutions to ensure compliance with reporting requirements under 'FATCA'

BANKING/IT/ILT : Reporting Requirement under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)

Notional interest to be worked out by applying LIBOR if export proceeds were received from AE beyond

IT/ILT : Where assessee received certain amount from AE for rendering EPC services beyond normal period of 60 days, notional interest had to be worked out by applying LIBOR interest rate for computing transfer pricing adjustment

Credit is available on inputs used in manufacture of exempted intermediate goods if final product is

Cenvat Credit : Inputs used in manufacture of exempted intermediate product are eligible for credit, if final product manufactured therefrom is dutiable

Now summons can be served via email or fax under Securities Contract Regulations

SEBI/INDIAN ACTS & RULES : Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2015 – Amendment in Rule 7

Govt. notifies norms for annual reporting and returns to be filed by Pension Fund Authority

CORPORATE LAWS/INDIAN ACTS & RULES : Securities Contracts (Regulation) (Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer) Amendment Rules, 2015 – Amendment in Rule 7

Assessee should get gist of enquiry and adverse material gathered against him before transfer of cas

IT : In matter of transfer of cases under section 127 assessee should know gist of enquiry carried out against him and he is to be supplied adverse material gathered against him in order to enable him to contest show cause notice and for that purpose he is to be given a pre-decisional hearing

Assessee need not reverse credit for 'exempted by-product'

Cenvat Credit : 'Spent Sulphuric Acid', arising as a by-product is manufacture of 'Acid Slurry', cannot be regarded as a final product; therefore, even if it is partly cleared under exemption, input credit cannot be denied under Cenvat rule 6

Over 6 years delay by AO in issuing sec. 158BD intimation would vitiate search proceedings

IT : Where Authorised Officer conducted search under section 132 on 24-8-1998 and thereafter Assessing Officer issued intimation under section 158BD on 9-10-2005, proceedings under section 158BD were vitiated

Job-worker may take credit of CVD on basis of bill of entry which is in name of principal manufactur

Cenvat Credit : Where imported consignment is directly received in factory of job-worker, job-worker may take credit of CVD paid on imports, on strength of bill of entry, even if said bill of entry is in name of principal manufacturer

Export incentive excluded by assessee-company is also excludible from operating income of comparable

IT/ILT : While determining ALP, if export incentive entitlement is excluded from operating income of assessee company, such exclusion has to be made from operating income of comparables also