Cutlery items, wax, wood and timber are now taxable at 5% under Delhi VAT

VAT/INDIAN ACTS & RULES : Delhi Value Added Tax Act, 2004 – Amendment in Third Schedule

Petitioner reinstated as director as illegal shares were allotted among respondents to remove petiti

CL: Where petitioner had been removed as director of company without following due process of law and resolution to increase authorised share capital of company and further allotment of shares had been done by respondents to gain control over company, such transfer of shares was to be cancelled and petitioner was to be reinstated as director of company

AO can make addition even in respect of an issue which comes to his notice after issuance of valid r

IT: If notice under section 148(2) is found to be valid, then addition can be made on all grounds or issues which may come to notice of Assessing Officer subsequently during course of proceedings under section 147, even though reason for notice for 'such income' which may have escaped assessment, may not survive

Govt. accepts recommendations of Shah Panel; MAT inapplicable on FIIs/FPIs

IT/ILT : Section 115Jb of the Income-Tax Act, 1961 – Special Provision for Payment of Tax by Certain Companies – Government Accepts Recommendations of Justice A.P. Shah Committee to Clarify Inapplicability of MAT to FIIs/FPIs

Dept. can't withhold refund for adjustment against future demands

Excise & Customs : Where no confirmed dues are pending against assessee, refund claim cannot be withheld by Revenue for adjustment against future demands that may arise in some other proceedings

No reassessment to treat software exp. as capital exp. if material facts for such claim were disclos

IT: Where assessee-company fully disclosed expenses incurred on purchase of software package and expenses were allowed in scrutiny assessment, reopening of assessment after expiry of four years was not permissible

AO and CIT(A) cannot exclude any period of time at their own while processing refund claim

IT: Where Assessing Officer or Commissioner (Appeals) had no jurisdiction to exclude period for computation of interest on refund, matter was to be restored to Assessing officer to refer matter to Chief Commissioner or Commissioner

CUP method couldn't be adopted without FAR analysis if TNMM was adopted in earlier year

IT/ILT : Where Tribunal in earlier year adopted TNMM in assessee's case for determining ALP, in absence of change in circumstances, TPO could not make addition to assessee's ALP by adopting CUP method during relevant year without conducting any FAR analysis

30 days period to pay reduced penalty starts from date of receipt of order wherein penalty is impose

Service Tax/Excise/Customs : Where no penalty has been levied in adjudication order, time-limit of 30 days to pay reduced 25 percent penalty cannot be counted from receipt of adjudication order.

Reference made to Larger Bench of Tribunal isn't appealable before the High Court

Service Tax/Excise/Customs : No one can be said to be aggrieved by Tribunal order referring matter to Larger Bench and further, same is a matter of discipline rather than a substantial question of law; therefore, such a reference is not appealable before High Court

Dept. couldn't discriminate among assessees who paid duty with different methods

Excise & Customs : Where excise duty on ship-breaking was exempt subject to payment of customs duty on import of ship at Rs. 1400 per ton, exemption could not be denied to persons paying customs duty at lesser rate (at Rs. 1035 per ton) and said persons can also claim excise exemption subject to adjustment of customs duty paid

Misdeclaration of imported goods by seller leads to invocation of extended period against buyer

Excise & Customs : If goods get cleared on basis of misdeclaration, extended period is invocable to demand duty from buyer of imported goods, even if misdeclaration was an act of person hired by seller for customs clearance

CIT(A) gets flak from ITAT for giving sec. 11 relief to society which was collecting funds through e

IT : Commissioner (Appeals) having allowed assessee's appeal against denial of exemption under section 11 without considering of Assessing Officer that assessee-society had collected funds through illegal means, his order was set aside and matter was remanded for fresh consideration

Extended period shall be invoked unless findings of suppression aren't set aside

Excise & Customs : Where there is no dispute (before Tribunal) as to excisability of product and findings of suppression contained in adjudication order are not set aside by Tribunal, invocation of extended period is automatic

Even un-availed cash discount is deductible if it is known prior to clearance of goods

Central Excise : Cash discount "known" at or prior to clearance of goods, being contained in agreement of sale, is to be deducted from sale price in order to arrive at value of excisable goods "at time of removal", even if not actually availed

Vaseline Heel Guard meant to cure cracked heels; it is a medicament and not a skin care preparation

Central Excise : 'Vaseline Intensive Care Heel Guard' meant to 'cure' 'cracked heels' is a medicament and not a skin care preparation because 'skin care' is subsidiary use and primary use is treatment

Surrender of advance license to seller amounts to flow of additional consideration from buyer to sel

Central Excise : Surrender of advance licence by buyers to enable assessee to : (a) get advance license, (b) thereby make duty-free procurements; and (c) in return, sell final products at a lesser price, amounts to 'indirect' flow of 'additional consideration' from buyer to assessee and same would be includible in value of final products

Provision made by Telecom operator for dismantling towers after termination of lease wasn't liable t

IT : While making provision for dismantling signal towers and restoration of site after termination of lease period, a telecom operator was not required to deduct tax at source

Value of goods charged to VAT couldn't be charged again to ST when such value was shown separately i

Service Tax : Where goods and service are separately shown/valued in invoice and VAT has been paid on sale value of goods, then, said value of goods cannot be included in value of services and cannot, therefore, be charged to service tax

Neither CBDT nor CCIT can instruct AO to dispose of a particular case in particular manner

IT : CBDT or CCIT cannot issue any order, instruction or direction so as to require any income-tax authority to make a particular assessment or to dispose of a particular case in a particular manner; revision proceedings cannot be challanged on ground of such direction by such higher authorities

IRDA issues guidelines for insurers on investment in exchange traded Gilt Securities

INSURANCE : Guidelines on Investment In Exchange Traded Funds with G Sec Underlying (GILT-ETF)

No sec. 41(1) additions on writing off of unsecured loan

IT : Where assessee conduit explained entities being its partners and amount credited to reserve account of one of partners Co. forfeited by assessee-company moreover onus to prove that said amount come from credible source was never discharged amount shall be assessed under section 68

Payment for technical services couldn't be charged to service tax under intellectual property servic

Service Tax : Payment based on per cent of sales turnover for various technical services and expert advisory/assistance for manufacture/marketing cannot be charged to service tax under 'Intellectual Property Rights' services.

Penalty levied for claiming same deduction twice and such error was unearthed during assessment

IT : Where assessee claimed deduction for royalty payment for second time and error was unearthed during course of assessments, levy of penalty under section 271(1)(c) was justified

Non-woven felt classifiable as fabric

CST & VAT : Rajasthan VAT - Where assessee was in business of manufacture of non-woven felt, said product would fall within definition of fabric and was exempt from payment of tax

AO can't adjust refund against demand without considering objections raised by assessee in response

IT : Adjustment of refund against demands due without taking notice of assessee's objections in response to prior intimation would be unsustainable

HC rejects plea against recovery proceedings as borrower had knowledge of public notice for sale of

RDDBFI Act : Where petitioner-borrower did not deposit amount as per mandate of proviso (b) to rule 61 of Second Schedule to Income-tax Act, his application under rule 61 to set aside sale of subject property was liable to be disallowed

MCA notifies e-Form MGT-7; amends eligibility criteria for filing special notice

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Management and Administration) Amendment Rules, 2015 – Amendment in Rule 23 and Substitution of Form MGT -7