AO couldn't treat inter-corporate loan as deemed dividend just because director was common sharehold

IT : Where director of Company A holding 40% equity was also holding 90% share in Company B from which Company A took loan, since Company A itself was not registered dealer of Company B, condition precedent for invoking section 2(22)(e) to make addition of loan amount in hands of Company A as deemed dividend was not satisfied

Even if DRT has original jurisdiction to entertain plea for recovery yet it can entertain appeal und

SARFAESI : Section 1(4) of RDB Act relates to original jurisdiction of Debts Recovery Tribunal to entertain an application of banks or financial institutions for recovery of their dues from borrowers under said Act and by no means said provisions can be construed to have any bearing on jurisdiction conferred by SARFAESI Act to entertain an appeal under section 17 against any decision of secured creditor under section 13(4)

High end KPO services can't be compared with low-end KPO services for TP study

IT/ILT: Where assessee was providing ITES low end services to its group concerns, companies engaged in providing high end KPO services involving specialized expertise in field coupled with extraordinary event of amalgamation and demerger could not be comparables

Failure to inform removal of goods to dept. within 24 hours of export doesn't show clandestine remov

Excise & Customs : Where goods cleared for export under bond were rejected prior to export and returned back to factory; and on verification, they were found to match in description, then, merely because assessee did not inform department in 24 hours, demand cannot be confirmed alleging clandestine removal

First proviso to sec. 2(15) has no role to play in cancellation or granting of trust's registration

IT : First proviso to section 2(15) have no role in matters relating to registration of a trust or institution under section 12A or 12AA for granting or declining registration or in respect of cancellation of registration

Transfer of assets to retiring partner attracts capital gains even if partnership is reconstituted o

IT : Assessee-firm is liable for capital gain tax arising out of transfer of its asset to retiring partner even in circumstances when partnership is reconstituted on retirement of a partner

Matching figures of Purchases/sales in Form 2A/2B will not be affected by revised return under Delhi

VAT : Revision of Return - Matched Transactions to Remain Unaffected by Revision of Return

Objection Hearing Authority can order pre-deposit in matters arising after Sep. 30, 2011, Delhi Govt

VAT : Imposition of a Pre-Condition by Objection Hearing Authority on Dealers to Deposit An Amount out of Disputed Amount before Their Objections Are Entertained

Appeals filed on or after 6-8-2014 would be governed by amended pre-deposit law

Service Tax/Excise/Customs : Appeals filed on or after 6-8-2014 would be governed by requirement of pre-deposit as per amended section

AO couldn't withhold refund on the ground that dept. proposed to file SLP against favourable judicia

CST & VAT : Karnataka – AO couldn't withhold refund on the ground that dept. proposed to file SLP against favourable judicial precedent

Refund of duty which was paid using credit could be allowed only by way of re-credit

Excise & Customs : Where duty has been paid using balance lying in Cenvat Credit Account, refund thereof has to be granted by way of re-credit and not in cash (except in case of exporters, who are eligible for cash refund of credit)

Interest earned from investment of surplus fund was to be treated as business income; eligible for s

IT : Where interest earned reduced assessee's burden of interest on borrowed fund, same was to be treated as business income of assessee and benefit under section 33AB was to be allowed

Matter of smuggling of gold even through baggage can't be entertained by SetCom

Customs : In case of matters relating to import/smuggling of 'gold', even as part of a baggage, no settlement application can be filed in view of specific bar contained in third proviso to section 127B(1) read with section 123

Nylon and leather belt isn't classifiable as article of plastic

Excise & Customs : Nylon and leather belt, nylon and rubber belt and nylon and textile belt are classifiable under Heading 4201.90 and 4010.00 and 5908.00 respectively as articles of material, which are used in their manufacture and not as articles of plastic

No CST exemption on sale of packing material which was used to wrap export-goods

CST & VAT : Central Sales Tax - Where assessee effected sale of packing materials to various exporters and claimed exemption from tax on said sale under section 5(3), since packing materials were used by exporters only for wrapping goods which were exported, assessee was not entitled to exemption

ITAT should refrain itself from making adverse comments against parties, says Bombay High Court

IT: Presiding officers of Courts and Tribunals should refrain from making adverse comments and remarks on conduct of parties or their representatives, if these comments and remarks were not required for decision of a case

MCA further extends due date of filing cost audit report upto Sept 30, 2015

COMPANIES ACT, 2013 : Section 148 of the Companies Act, 2013 - Central Government to Specify Audit of Items of Cost in Respect of Certain Companies - Extension of Time for Filing of Cost Audit Report to Central Government for Financial Year 2014-15 in Form CRA-4

Shortage and excess of input materials due to accounting errors didn't warrant reversal of credit

Cenvat Credit : Where there was shortage as well as excess of inputs due to errors in complex accounting system of assessee and excesses of inputs were higher than alleged shortages, department could not seek reversal of credit only on shortages

'Gair mumking shed' is residential house; capital gain arises on its sale is eligible for sec. 54 re

IT : Assessee was entitled to exemption under section 54 in respect of long-term capital gain on sale of a farm house which in revenue records was mentioned as 'gairmumkin shed and house' and income from letting out a portion thereof was assessed as income from house property

Writ against order of Delhi Bench of SetCom would lie before Delhi HC even if Customs Authority was

Excise & Customs : Writ against order of New Delhi Bench of Settlement Commission would lie only before Delhi High Court and not before Bombay High Court, even if Customs/Excise Department/Authorities are of Mumbai

Delhi VAT dept. extends due date of filing Form DP-1 to September 30, 2015

VAT/ INDIAN ACTS & RULES : Submission of Information Online in Form DP-1 – Modification of Notification No.F.3(352)/POLICY/VAT/2013/346-357, Dated 30-6-2015

Subsequent diversion of salary earned in individual capacity wasn't diversion of income by overridin

IT: Where payments accrued to members of religious congregations by way of salary/pension as their income in individual capacity, subsequent diversion of that income to religious congregations concerned was only a case of application of that income and not diversion by overriding title

Co. rendering tailored process outsourcing services can't be a comparable for Co. rendering IT enabl

IT/ILT : In case of assessee, rendering IT enabled services to its AE, companies having functional dissimilarity such as rendering tailored process outsourcing and translation services were not acceptable as comparables while determining ALP

Penalty shall be levied as per the law prevailing on date of contravention

Excise & Customs : Where contravention/violation of exemption had taken place on or after 10-12-1996, when section 114A had come into force, penalty would be leviable thereunder even if import had taken place earlier thereto; but, penalty was reduced to 50 per cent of duty