No addition of unexplained purchases as no adverse comments were made on such purchases in sales tax

IT : Where notice under section 153C was issued on 6-7-2010 which fell in assessment year 2011-12, for assessment years 2003-04 and 2004-05, notice was barred by limitation and assessment completed pursuant to said notice was to be quashed

Demanding EMI from buyers without revealing cancellation of building plans was unfair trade practice

Competition Act: Where complainant had booked for allotment of office space in proposed building of respondents and respondents continuously suppressed facts relating to rejection of building plans, demanded instalments of price and also forced complainants to accept car parking by paying additional sums, it amounted to unfair trade practice

TP adjustment deleted as margin of AE segment was within the tolerance limit

IT/ILT : Where margin of assessee's AE segment came within +/- 5 per cent range when compared to arithmetic mean/PLI, computed by TPO, no TP adjustment was required to be made

Failure to explain source of deposits would invite additions even if assessee was taxable on presump

IT : Where assessee did not maintain any books of account and failed to explain additions made in his account under section 68, addition made was justified

SEBI search and seizure norms come into force from Sept. 17, 2015

SEBI/INDIAN ACTS & RULES : SEBI (Procedure for Search and Seizure) Repeal Regulations, 2015 – Repeal of SEBI (Procedure for Search and Seizure) Regulations, 2014

Now employees of AE excluded from definition of employee under share based employee benefits norms

SEBI/INDIAN ACTS & RULES : SEBI (Share Based Employee Benefits) (Amendment) Regulations, 2015

No CVD on import of set-top boxes meant for supply to customers of DTH service providers

Customs : Set-top boxes imported by DTH service providers and supplied to consumers for service charges without any transfer of property, are not 'sold' to consumers; therefore, there is no requirement to declare RSP thereon and hence, CVD on set-top boxes cannot be demanded as per section 4A of Central Excise Act

Assessee liable for sec. 194C TDS as his records revealed that he acted as contractor and not as com

IT : Where assessee, a transporter, having received freight charges for transportation of goods, paid same at a lesser rate to truck owners resulting in profits, assessee, being a contractor, was required to deduct tax at source under section 194C while making payments to truck owners/sub-contractors

Voluntary declaration of concealed income before its detection by revenue doesn't call for penalty

IT : Assessing Officer could not pass penalty order under section 271(1)(c) in a case where assessee suo-motu revised his return declaring additional rental income and paid taxes thereon before any detection of concealment by revenue authorities

RBI relaxes norms on equity investments by banks

BANKING : Review Of Equity Investment By Banks

Now banks can grant loans and advance to their CEOs/full time Directors without RBI's nod

BANKING : Guidelines On Compensation Of Chief Executive Officer/Whole Time Directors – Restrictions Under Section 20 Of The Banking Regulation Act, 1949 – Loans To Directors

Non-disclosure of a fact didn't amount to suppression if it wasn't legally required to be disclosed

Excise & Customs : If there is no legal requirement to disclose proprietary interest in any other factory and financial matters as to payment of job-work charges by assessee, non-disclosure of said fact cannot amount to 'suppression' and therefore, extended period of limitation cannot be invoked

No denial of sec. 80P benefit to society due to violation of provisions of Andhra Pradesh Co-operati

IT : Merely because assessee had received deposits from non-members and violated provisions of APMACS Act, it would not prevent assessee being a co-operative society nor it would prevent claiming deduction under section 80P(2)(a)(i)

Under SARFAESI Act Appellate Tribunal has power to condone delay in filing appeal: Supreme Court

SARFAESI : Appellate Tribunal under SARFAESI Act has power to condone delay in filing an appeal before it by virtue of section 18(2) of SARFAESI Act and proviso to section 20(3) of RDB Act

Delhi HC dismissed petition seeking extension of due date of Sept. 30, 2015 for filing of return

IT : The Delhi High Court dismissed the petition which was filed to challenge the order of Government refusing to extend due date of 30-09-2015 as prescribed for filing income-tax returns of entities whose accounts are required to be audited. It was held that this petition was not drafted as PIL and it did not comply with the rules for filing a PIL

Govt. notifies norms on Digital Signatures

CORPORATE LAWS/INDIAN ACTS & RULES : Digital Signature (End Entity) Rules, 2015

3 months taken by AO to record satisfaction pursuant to search to take action against 70 persons hel

IT : Where satisfaction under section 158BD was recorded by Assessing Officer of searched person after 3½ months, in view of fact that Assessing Officer had to take action against 70 persons on basis of search proceedings, aforesaid time period taken by him could not be regarded as unreasonable

Company having exceptional financial result due to merger is excludible from list of comparables

IT/ILT : In case of assessee, rendering IT enabled services to its AE, companies involved in providing KPO services and having exceptional financial results due to merger, could not be accepted as valid comparables while determining ALP

Govt. notifies norms for payment of additional contribution by mining lease holders

CORPORATE LAWS/INDIAN ACTS & RULES : Mines And Minerals (Contribution To District Mineral Foundation) Rules, 2015

Electricity duty collected under Bengal Electricity Act on behalf Government doesn't attract sec. 43

IT: Where assessee collected electricity duty on behalf of State of Bengal but failed to pay said amount to Government and, therefore, revenue authorities made disallowance under section 43B, since Bengal Electricity Act, ruled out applicability of section 43B, impugned disallowance deserved to be deleted

HC not to interfere with findings of lower Court if accused failed to provide plausible defense for

Negotiable Instruments Act: Where defence projected by accused did not appear to be probable and lower Courts had recorded a finding that accused had committed offence under section 138, findings of lower Courts in exercise of revisional powers were not to be interfered with

HC not to interfere with findings of lower Court if accused failed so provide plausible defense for

Negotiable Instruments Act: Where defence projected by accused did not appear to be probable and lower Courts had recorded a finding that accused had committed offence under section 138, findings of lower Courts in exercise of revisional powers were not to be interfered with