Defamation case against editors can't be used to negate genuine criticism, rules High Court

SEBI : Where plaintiff NSE filed an application for injunction in a defamation action against defendants, editors of journal or website moneylife-in, on ground that article published by journal accused NSE of actively permitting illicit trading advantages being afforded to a select few using high-end technology, it was held that, a defamation action should neither be allowed to be used to negate or stifle genuine criticism, nor should it be allowed to choke a fair warning to public if its

Mere allegation of cash embezzlement against assessee wasn't not a valid ground to make addition on

IT : Where there was mere an allegation of cash embezzlement against assessee, such allegations, by itself, could not be legally sustainable foundation for making addition of amount allegedly embezzled in hands of assessee on protective basis

Deliberate suppression by original licence holder leads to invocation of extended period against tra

Excise & Customs : Extended period can be invoked against transferee of license, if it is found that original license holder had deliberately suppressed facts and made wrong declarations to obtain endorsement of transferability

Transactions of unlisted shares of group concern at throw away prices wasn't genuine transactions

IT: Where assessee acquired shares of its own group company at Rs. 40 per share and then sold same to its own group company at a throw away price of 10 paise per share and both transactions being off-market as shares were not listed on any stock exchange in country, entire transaction was not genuine and assessee was not entitled to claim long-term capital loss on sale of shares

No disallowance of interest if borrowed sum was given to affiliate without any interest for commerci

IT : Where assessee-company and its sister concern were in hotel business and assessee advanced an amount to sister concern free of interest on account of commercial expediency and same was used by sister concern for purpose of business, disallowance of interest paid by assessee on loans taken from banks was not justified

Once block assessment was framed then AO couldn't issue reassessment notice for the same period

IT: Once an assessment has been framed under section 158BA in relation to undisclosed income for block period as a result of search, Assessing Officer can not issue notice under section 148 for reopening of such assessment; reopening of assessee's assessment was bad in law

No differential CVD arises on entire import if only part of it was sold above MRP

Customs : Merely because importer sold some goods at price higher than RSP declared at time of import, revenue cannot demand differential duty on entire import

New incumbent in office of adjudicating authority couldn't modify decision taken by earlier adjudica

Excise & Customs : Incumbent of office of Additional Commissioner is not an appellate/revisionary authority and cannot, therefore, sit in judgment over decision of earlier Additional Commissioner and modify same

Govt. specifies procedure for filing of new VAT Form 'Delhi Sugam-2'

VAT : Detailed Procedures/Instructions for Filing of Online Form Delhi Sugam-2 (DS2)

New VAT Form 'Delhi Sugam-2' notified for import of goods in Delhi; effective from 15-9-2015

VAT : Submission of Information to Department in Respect of Goods Purchased or Received as Stock Transfer or Received on Consignment/agreement Basis from outside by Registered Dealers of Delhi - Simplified Online Form I.e. Delhi Sugam-2 (Ds2) in Place of Form T-2 for Providing Aforesaid Information to Department by Registered Dealers of Delhi

Sec. 10B relief available to 100% EOU from date of its approval though approval is subsequently rati

IT : For deduction to be allowed to 100 per cent EOU, grant of approval of 100 per cent EOU by Development Commissioner which came to be subsequently ratified by Board of approval would be sufficient

No commission involved on sale of prepaid mobile vouchers to distributors below their face value; no

IT : Where assessee engaged in business of providing mobile telephone services, sold prepaid vouchers to its distributors at a rate lower than its face value, difference between face value and selling price of prepaid voucher could not be regarded as commission requiring deduction of tax at source under section 194H

Premium paid on Keyman insurance policy is deductible even if it isn’t a pure life insurance policy

IT : There is no rational basis to confine the allowability of the expenditure incurred on the premium paid towards keyman insurance policy only to a situation where the policy is in respect of the life of an employee. So long as a policy is an insurance policy, whether it involves a capital appreciation or is under any other investment scheme, it meets the tests laid down under section 10(10D). The requirement of pure insurance policy is something which is not laid down by the statute.

HC exercises its inherent powers under CPC to direct AO to refund assessee's deposit with interest

CST & VAT : Tamil Nadu VAT - Where assessee filed revision and as per directions of High Court paid certain amount as condition precedent for grant of stay and subsequently High Court allowed revision, Assessing Authority was to be directed to give effect to order passed by High Court by refunding amount deposited by assessee along with interest

Providing medical assistance to poor patients and educating doctors are charitable object in nature

IT : Where objects of assessee-trust clearly showed that it came into existence for providing medical assistance to poor patients and to promote research work on medical site, etc, assessee-trust existed for charitable purpose only and would be eligible for registration under section 12A

Tax raised in best judgment assessment wouldn't attract interest which was leviable on non-payment o

CST & VAT : Karnataka VAT - Where Assessing Authority passed assessment order under section 12(3) on assessee and having found that amount of tax paid in advance was less than amount of tax assessed on final assessment levied interest under section 12(1B), since section 12(1B) had no application to instant case, levy of interest was unsustainable

CBDT sets up a committee to study feasibility of TARC suggestions to bring quality to assessment ord

IT/ILT : Constitution of a Committee to Study Feasibility of Recommendations of TARC in Respect of Group Assessment and System of Peer Review before Assessment