Foreign co. lost its right to file winding-up plea as it ceased to exist under incorporation laws of

CL : Where petitioner-foreign company ceased to be in existence on date of filing winding up petition against respondent, winding up petition was not maintainable

Pending appeals of Uttar Pradesh shall be transferred to CESTAT, Allahabad

EXCISE : Constitution of Regional Bench of Cestat at Allahabad to Hear Appeals Arising from Territories within State of Uttar Pradesh – Specified Directions Issued by President of Cestat Thereon

Service-tax couldn't be demanded under reverse charge if it was otherwise allowable as credit or ref

Service Tax : Commission paid to overseas agents for procurement of export orders of textile articles is a service in relation to 'textile processing' and is exempt under Notification No. 14/2004-ST

A co. rendering software development services can't be compared with a co. developing its own softwa

IT/ILT : In case of assessee, rendering software development services to its AE, companies having dissimilarities on functional profile, quantum of turnover, employee cost filter and quantum of intangibles, could not be accepted as valid comparables while determining ALP

IT Act doesn't have any provision to make addition of notional interest on interest-free advances

IT : Where assessee-company gave interest-free advance to another company, in absence of any specific provision under Income-tax Act, notional interest income computed by Assessing Officer on said advance was to be deleted

Provisions of FEMA, SCRA and Money Laundering Act under Finance Act, 2015 shall be effective from Se

FEMA/ILT : Finance act, 2015 – notified date on which provisions of part-I (excluding section 132) and part II of chapter VIII of said act to come into force

Govt. hikes interest rate to 9.3% for deposits under Senior Citizen Saving Scheme w.e.f April 1, 201

IT : Senior Citizens Savings Scheme (Amendment) Rules, 2015 – Amendment In Rule 7

CBDT issues second set of clarifications on compliance window under Black Money Act

IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Clarifications on Tax Compliance for Undislosed Foreign Income and Assets

Refund of ST paid under protest can be claimed within 1 year from date of order in favour of assesse

Excise & Customs : Where service tax has been paid under protest, refund claim can be filed within 1 year from date of order in favour of assessee

Registration of doc isn't needed to effect transfer under sec. 2(47)

IT : Registration of document is not an essential requirement for transfer of property under Act

Deduction of hypothetical taxes by employer which is payable in USA isn't includible in income of em

IT : Where employer of assessee had withdrawn amount of Rs. 40.13 lakhs from salary of assessee as 'hypothetical tax' to be paid in USA and paid tax liability of assessee in India of Rs. 31.57 lakhs, since difference of Rs. 8.55 lakhs was not eligible to be paid back to assessee, salary received was to be computed after deducting Rs. 8.55 lakhs

Exp. incurred on construction of new facility which was abandoned at WIP stage was revenue exp.

IT: Expenditure incurred for construction/acquisition of new facility which was subsequently abandoned at work-in-progress stage was allowable in year of write off as incurred wholly and exclusively for purpose of assessee's business

Second proviso to section 40(a)(ia) has retrospective effect

IT : Second proviso to section 40(a)(ia) which states that TDS shall be deemed to be deducted and paid by a deductor if resident recipient has disclosed the amount in his return of income and paid tax thereon, is retrospective in nature

Adjustment of additional tax demand with excess input tax credit doesn't warrant levy of interest an

CST & VAT: Gujarat VAT - Where Assessing Officer in assessment proceedings raised tax demand upon assessee and also levied interest and penalty, since assessee had already paid excess input tax, levy of interest as well as penalty was contrary to provisions of law

No reassessment after 4 years to deny depreciation if all facts relating to such claim were disclose

IT: Where Assessing Officer after expiry of four years from end of relevant assessment year initiated reassessment proceedings against assessee on ground that depreciation was not admissible as claimed, when even as per Assessing Officer all relevant facts were disclosed and produced at time of earlier assessment pertaining to claim of depreciation, reassessment proceedings were barred by first proviso to section 147

Guarantee commission paid to sister concern for business purpose is allowable

IT : Expenditure incurred by way of fees paid to Registrar of Companies for enhancement of authorised capital is deductible over a period of ten years under section 35D(2)(c)(iv)

Accessories which are optional for buyer of product aren't includible in value of final product

CentralExcise: Value of bought-out assemblies/components/accessories supplied along with main product cannot be included in value of main product, if said accessories were "optional" and were not "part" of main product

Sum credited to profit & loss account out of revaluation reserve couldn't be treated as income

IT : Where Assessee transferred its passive infrastructure assets at Nil consideration to its wholly owned subsidiary and incurred a capital loss, notional credit lying in revaluation reserve being difference between book value of assets transferred and it’s fair value could not be taxed as income under section 45 or under section 28(iv)s

Cut-off date for allowing use of credit of Additional Excise Duty for payment of BED is constitution

Cenvat Credit : Cut-off date of 1-4-2000 fixed by section 88 of the Finance (No. 2) Act, 2004 allowing use of credit of Additional Excise Duty (Goods of Special Importance) [AED(GSI)] for payment of Basic Excise Duty (BED), is constitutionally valid

Fixed dosage of vitamin B1, B2 and B12 was medicament; exempted from excise duty

Excise & Customs : 'Fixed dose combination of Vitamin B1, B2, B12' in injection/tablet form and meant for therapeutic use is a medicament classifiable under Heading 3003.10 and 'Vitamins and their synthesis' falling under Heading 2936.00

Losses of industrial unit couldn't be carried forward notionally for sec. 80-I relief if they were a

IT : Loss incurred by industrial undertaking claiming deduction under section 80-I which has already been set-off cannot be notionally carried forward and set-off against profit generated by industrial undertaking during relevant assessment year for determining deduction under section 80-I

Ice-cream isn’t sweetmeat; not eligible for concessional tax rate - Bombay High Court

CST & VAT: Maharashtra VAT: The word 'ice cream' was placed with the words 'sweets and sweetmeats' in a single entry to levy tax. Subsequently an exemption was introduced having words only 'sweet and sweetmeats'. Since the entry to levy tax forms three different category of goods therefore ice cream would not fall within the category of sweetmeat and thus wasn't eligible for exemption.

In view of Shah Panel Report CBDT directs officers to temporary halt pending assessment of FPIs/FIIs

IT/ILT : Section 115JB of the Income-Tax Act, 1961 – Special Provision for Payment of Tax by Certain Companies – Report on Applicability of Minimum Alternate Tax (Mat) on Fiis/fpis for the Period Prior to 1-4-2015 and Acceptance of Government Thereof

No sec. 41(1) additions due to old creditors shown in balance sheet unless there was remission of li

IT : Amount of old sundry creditors appearing in balance sheet cannot be added under section 41(1) unless and until it is found that there was remission/cessation of liability and that too during relevant assessment year

No withholding tax on foreign agency commission as revenue failed to prove that expenses were taxabl

IT/ILT: Where assessee incurred foreign agency commission as well as warehousing and other charges overseas for services rendered wholly outside India, no tax liability arose under section 195 and, thus, section 40(a)(i) was not attracted

Production capacity of machine can be ascertained on basis of actual parameters in absence of manufa

Central Excise : Where manufacturer's invoice is not available to determine capacity, Commissioner's methodology in going into actual parameters/measurements of furnaces in order to ascertain their capacity, cannot be termed as faulty

SEBI invites comments on recommendations of committee on clearing corporations

SEBI : Report of the Committee on Clearing Corporations

Difference in purchases as shown in trading account and TCS certificate treated as undisclosed purch

IT: Where assessee could not reconcile difference between purchases as debited in trading account and purchases as per TCS certificate, they should be treated as undisclosed purchases under section 69

Risograph machine classifiable as 'printing machine'

Excise & Customs : Risograph printing process is more akin to screen printing; hence, Risograph machine is in nature of a screen printing machine and not duplicating machine and is covered under Heading 84.43 (25 per cent duty) and not 84.72 (65 per cent duty)