AO rightly initiated recovery after rejecting stay petition as grounds for stay of demand weren't ac

IT : Where assessee moved application under section 220(6) before Assessing Officer for keeping in abeyance recovery proceedings till disposal of appeal filed against order of assessment and Assessing Officer held that grounds for keeping in abeyance recovery proceedings were not acceptable, since application lacked necessary material particulars, there was no infirmity in decision of Assessing Officer

Co. rendering IT enabled and e-publishing services isn't comparable with a co. rendering back office

IT/ILT : In case of assessee, rendering IT enabled back office services to its AE, a company outsourcing its agency services could not be accepted as valid comparable while determining ALP

Cancellation of builder's agreement by real estate co. with only one group of shareholders was an ac

CL: Where board of appellant company removed names of respondent group as members of company, cancellation of shares was clearly mala fide and was clearly oppressive of rights of respondent group

Security services availed for transportation of cash to currency chest is 'input service' for banks

Cenvat Credit : Cash management including transport of cash to/from currency chest is relatable to providing banking services; hence, security, transport and hiring security vans are 'input services' meant for cash management/transfer necessary for providing output banking services

Non-payment of electricity duty by 'Kerala State Electricity Board' invites disallowance under sec.

IT: Where assessee an electricity board collected electricity duty from customers but did not remit to Government within stipulated time under Kerala Electricity Duty Act, provisions of section 43B would be applicable

Block assessment set aside as AO failed to record satisfaction prior to issuing sec. 153C notice

IT: Where pursuant to search proceedings carried out at premises of partners, assessment proceedings were completed in case of assessee-firm under section 153C, read with section 143(3), since no satisfaction had been recorded prior to issuance of notice under section 153C, impugned assessment proceedings deserved to be quashed

SC rejects unfair trade charges against TELCO asking for booking amount of Cars above basic price

MRTP : Where MRTP Commission came to conclusion that appellant, automobile company was engaged in unfair trade practice by asking for booking amount of newly introduced Tata Indica Cars above basic price which included excise duty, sales tax etc., such conclusion of Commission was based only upon subjective considerations of fairness and did not pass objective test of law as per precise definitions under section 36A of MRTP Act and, therefore, no case of unfair trade practice was made out agains

Co. developing own software products isn't comparable with a co. rendering software development serv

IT/ILT : In case of assessee, engaged in rendering software development services to its AE, companies having functional difference, owning significant intangibles and doing research and development activities, could not be accepted as valid comparables while determining ALP

Govt. Defence equipment companies exempted to disclose Additional information of Schedule III to the

COMPANIES ACT, 2013 : The notification provides that additional Information of the General Instructions for the preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013 shall not apply to government companies producing Defence Equipment including the Space Research subject to fulfillment of certain prescribed conditions.

Dept. couldn't reopen an issue before SC after admitting existence of favourable judicial precedent

Excise & Customs : Having conceded before Tribunal that issue raised stood concluded by an earlier decision in favour of assessee, revenue cannot be permitted to re-open same issue all over again before Supreme Court on ground that facts of two cases were different

AO disallows provision of salary arrears as liability wasn't crystallized in such year

IT : Where assessee-rural bank had not made provisions towards average rural advance, claim for deduction for bad and doubtful debts under section 36(viia) would be rejected and matter would be remanded to Assessing Officer

Advertising service used to procure input service is also eligible for input service credit

Cenvat Credit : Advertising services used an in input service for another input service viz. Manpower Recruitment, is also eligible for input service credit

CIT couldn't pass revisional order when claim of assessee was allowed by CIT(A)

IT : Where assessee's claim for payment of excise duty was allowed by Commissioner (Appeals), assessment order got merged in said order and Commissioner could not pass a revisional order setting aside appellate order passed by Commissioner (Appeals)

Issue involving 'levy of duty' isn't appealable before High Court

Excise & Customs : Expression 'rate of duty' in section 35G would include 'levy of duty' and therefore, appeal in matter involving charge of excise duty would lie before Supreme Court only and not before High Court

Charitable hospital can't claim standard deduction under sec. 24 when it is claiming sec. 11 relief

IT: Assessee-charitable society was running a hospital and had house properties which were utilized for medical treatment, income earned from such house properties as rent was entitled to exemption under section 10(23C)(iiiae)

High Court gets flak from Apex Court for deciding appeal without framing substantial question of law

WT : Where High Court without framing question of law as per provisions of section 27A(3) decided appeal, matter was remitted to High Court for framing a substantial question of law and hearing of appeal again

Return filing due date unchanged for taxpayers required to file return by 30-9-2015: CBDT

IT/ILT : Section 143 of the Income-Tax Act, 1961 - Assessment - General – No Extension of Date for Filing of Returns Due by 30th September for Assessment Year 2015-16 for Certain Categories of Assessees

Delhi ITAT uses 'Berry Ratio' to determine ALP for Sogo Sasha entity by following case of 'Mitsubish

IT/ILT : Berry ratio can be used as PLI in benchmarking ALP for indenting and steel trading transactions of assessee; it does not offend rule 10B

Commodity Derivative Exchanges gets 3-years transitional period for settlements under new SEBI norms

SEBI/INDIAN ACTS & RULES : Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2015 – Amendment in Regulation 2 and Insertion of Regulations 44C & 44D

Govt. Defence equipment companies exempted to disclose Additional information of Schedule III to the

COMPANIES ACT, 2013 : Section 129 of the Companies Act, 2013 – Financial Statement – Notified Paras Relating to Additional Information of General Instructions for Preparation of Statement of Profit and Loss in Schedule Iii of Said Act not to Apply to Government Companies Producing Defence Equipment Including Space Research Subject to Fulfilment of Specified Conditions

Imported warehoused goods shall attract duty in force on date of filing bill of entry for home consu

Excise & Customs : In case of imported warehoused goods cleared for home consumption, rate in force on date of filing of bill of entry for home consumption would be applicable; therefore, any concessional rate of duty extended after warehousing but before clearance for home consumption, can be availed of by assessee

Sec. 220 interest would be levied till date of admission of application by SetCom and not till its f

IT: Interest under section 220(2) would be leviable from date of default in payment of demand by assessee till date of admission of application by Settlement Commission under section 245D(1) and not till final order of Settlement Commission under section 245D(4)

CIT(A) has to give hearing chance to AO while considering additional evidence and not at the time of

IT: Since admission of additional evidence is prerogative of Commissioner (Appeals) and revenue was not able to point out as to which of conditions had been violated in process of adjudication by Commissioner (Appeals), order of Commissioner (Appeals) was to be held as valid

Now regional commodity derivative exchanges need to pay annual regulatory fee of 50,000 to SEBI

SEBI/INDIAN ACTS & RULES : SEBI (Regulatory Fee on Stock Exchanges) (Amendment) Regulations, 2015 – Amendment in Regulation 4

DVAT dept. lays down procedure for restoration of cancelled registrations

VAT : Cancellation of Registration Certificate of Some Dealers Who Were Showing Nil Gross Turnover or not Filing Their Returns – Department to Deal with Each Such Case on Merit after Some Genuine Dealers Who Were Still Functioning and Due to Some Reasons Could not File Their Returns, Made Representations Thereof