No denial of registration to trust just because its incidental activities were profitable in nature

IT : Where assessee's primary purpose remained advancement of objects of general public utility, even if an incidental or ancillary activity for purpose of achieving main purpose was profitable in nature, denial of registration was unjustified

FinMin unveils guidelines of 'Gold Monetization Scheme' and 'Gold Bond Scheme'

IT : Introduction Of Gold Monetization Schemes

M.S. Plates, Angles and Channels used in construction of plant are eligible for credit as capital go

Cenvat Credit : M.S. Plates, M.S. Angles, M.S. Channels and H.R. Plates purchased and utilized in construction/erection of plant are eligible for credit as capital goods

Search proceedings can't be initiated against an issuer of seized cheque

IT : When cheque issued by assessee to searched person was found from searched person, cheque did no more continue to belong to assessee; further where no satisfaction was recorded by Assessing Officer of person searched and cheque was also undated, conditions for issuing notice to assessee under section 153C were not satisfied

No concealment penalty if income not found during search, was voluntary declared post search

IT: Where assessee filed revised return and had suo motu offered additional income and same was not detected during any course of action by revenue authorities, it could not be said to be a case of concealment of income inviting penalty action under section 271(1)(c)

ITAT suggests legislative amendment to give more time to TPO for passing orders

IT : Sub-section (3A) of section 92CA provides that where a reference is made to TPO, an order may he made at any time before sixty days prior to the date on which limitation period referred to in section 153, or as the case may be, in section 153B, expires

Property let out by trust to 'Airlines' for imparting technical training as per its objects is chari

IT : Where assessee, educational society, let out part of its property for efficient utilization of its assets with a larger purpose of imparting technical training in said campus, assessee could be said to be carrying on a charitable activity and income therefrom was exempt from tax

Apex Court remands matter to Tribunal for determining classification of wafers

Excise & Customs : Where Tribunal had not examined issues : (a) whether Chekkers Choco wafers contained chocolate or not; and (b) whether cocoa/chocolate 'sandwiched between wafers' would amount to 'contained in wafers', matter was remanded back for consideration afresh

No notice required to recover refund which was granted by AO and reversed by appellate authority

Service Tax/Excise/Customs : Recovery of refunds granted by adjudicating authority and reversed by appellate authority, does not amount to recovery of 'erroneous refund' as per section 11A; hence, no show-cause notice is required therefor

CBDT focuses on critical recovery area of outstanding tax; raises limit for monitoring of dossier ca

IT/ILT : Section 268A Of The Income-Tax Act, 1961 – Filing Of Appeal Or Application For Reference By Income-Tax Authority – Monitoring Of Dossier Cases – Re-Fixation Of Monetary Limits For Various Income-Tax Authorities

No reassessment on basis of audit objection without independent opinion of AO that income had escape

IT : Assessing Officer could not initiate reassessment proceedings merely on basis of objection raised by audit party to effect that assessee had been granted higher rate of depreciation in respect of earth moving machinery

Inputs sent to affiliate to generate electricity were eligible for credit as electricity was used in

Cenvat Credit : Electricity generation is integral part of process of manufacture; hence, inputs/pet-coke sent to sister unit for generation of electricity would be eligible for input credit, if resultant electricity is used for manufacture of final product

SEBI enhances disclosure requirement for NBFCs on issuance of debt securities

SEBI : Disclosures to be made by NBFCs in offer documents for public issue of debt securities under Sebi (issue and listing of debt securities) regulations, 2008

Goods taxable at 4% shall now be taxable at 5% under Dadra and Nagar Haveli VAT

VAT /INDIAN ACTS & RULES : Dadra And Nagar Haveli Value Added Tax (Amendment) Regulations, 2015 – Amendment In Regulation 4

Royalty paid to buyer for use of its brand name can't be deemed as additional consideration

Central Excise : Royalty paid by seller to buyer for use of buyer's brand does not amount to 'additional consideration', as it does not flow from buyer to seller; hence, same is not includible in transaction value

No penalty due to clerical mistake of showing loan repayment in cash instead of through cheque

IT : Where assessee-society repaid loan by account payee cheque but due to clerical mistake it was wrongly shown as cash payment, as there was no violation of section 269T, penal provision of section 271E would not be attracted

Woofers aren't part of TV; to be valued separately - Supreme Court

Central Excise : Where it was found that woofers were not part of Colour TV and were mere accessories, they were to be valued separately from Colour-TV; further, MRP-based assessment applicable to Colour-TV would not apply to 'woofers'

Goods manufactured by job-worker include transport and unloading of inputs at its premises

Excise & Customs : Transport of inputs from principal manufacturer to job-worker and unloading of said inputs at job-worker's premises (whether by own labour or hired labour) is includible in value of goods manufactured by job-worker

In case of trader sec. 68 and sec. 69C would be applicable if he failed to prove genuineness of cred

IT : In case of a trader section 68 as well as section 69C would be squarely applicable to sundry creditors, because credit purchases are nothing but expenditure and if sundry credits are not proved by assessee addition can be made by Assessing Officer by resorting to section 69C

ITAT imports 'make available' clause from India-Portugal DTAA by applying MFN clause of India-Sweden

IT/ILT : Assessee, a resident of Sweden, can claim benefit of conditions imposed for bringing to tax managerial fees in treaty between India and Portugal at lower rate on basis of protocol to DTAA between India and Sweden on principle of most favoured nation (MFN)