Bombay High Court allows sec. 11 relief to 'Jaslok hospital' following order of earlier year in same

IT: Where Tribunal, found that facts of earlier year were identical to assessment year under consideration and following order in that case allowed exemption under section 11, since order rendered for earlier assessment year had not been challenged by revenue, order of Tribunal was to be upheld

Buyer can avail of Cenvat credit even if excise duty is charged by seller wrongly

Cenvat Credit : Assessee-buyer is entitled to avail credit of duty, paid, by input-manufacturer viz. EOU and assessments at his end cannot be reopened on ground that EOU has paid duty incorrectly

Revenue can't decline sec. 80-IB relief by brushing aside approval granted by prescribed authority

IT : Where assessee, engaged in business of clinical testing of drugs and formulations on human beings, was granted by DSIR, an expert body, as a research and development company, its claim for deduction under section 80-IB(8A) was to be allowed

COMPAT quashes CCI's order against Thomas Cook & Sterling Holiday Resorts

Competition Act : Exemption from the applicability of Competition Act granted by the Central Govt. u/s 54(a) of the Act cannot be denied to appellants on the ground that market purchases of Equity shares of SHRIL(Sterling Holiday) by Thomas Cook's subsidiary TCISIL were intrinsically connected with other transactions. The Commission (CCI) failed to take cognizance of the fact that the implementation of a two-stage scheme for demerger/amalgamation of SHRIL with Thomas Cook was not dependent on

CIT rightly made revision when AO failed to examine docs available before him: High Court

IT : Where neither proper books of account had been produced by assessee-society before Assessing Officer nor examination and scrutiny of documents and papers which were available, was done by Assessing Officer, initiation of revision proceedings was justified

Free supply of goods in Combi-pack is eligible for input credit if duty is paid on combined MRP

Cenvat Credit : In case of assessee repacking 'bulk detergent powder' into 'retail combi-packs' (with free soap) and paying duty based on combined MRP, detergent soap/cake supplied free in combi-pack would be eligible for input credit

Acceptance of cash from wife can't be construed as a loan or advance under sec. 269SS, doesn't attra

IT : Where there was no monetary transaction between assessee and creditor, rather by mere journal entry liability was created, it could not be said that loan or deposit accepted by assessee from creditor was in violation of section 269SS

Vehicles entitled to 30% depreciation as rental income from hiring of vehicles was found in financia

IT : Where financial statements clearly proved that assessee had received rental receipts on hiring of vehicles, assessee was entitled to higher rate of depreciation of 30 per cent

IRDA's new norms sets targets for insurers while insuring policies in rural sectors

IRDA (Obligations of Insurers to Rural and Social Sectors) Regulations, 2015

SEBI notifies listing norms

SEBI/INDIAN ACTS & RULES : SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Now summons can be issued via email or fax under Depositories norms as well

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

No disallowance of electricity exp. just because assessee was disputing quantification of demand

IT: Where Assessing Officer disallowed electricity charges payable by assessee on ground that assessee-company was contesting demand raised by Electricity Board, since incurring of liability was certain and it was not contingent as only quantification was to be made said expenditure was an allowable expenditure