Once accused admits issuance of cheque onus is on him to prove that cheque hasn't been issued for di

Negotiable Instruments Act: Once issuance of cheque has been admitted, complainant is entitled to invoke presumption under sections 118 and 139 that cheque has been issued for discharging legally subsisting liability, which is a rebuttable presumption and where accused has failed to rebut such presumption he is guilty of offence under section 138

No reassessment to disallow additional depreciation if full disclosure was made by assessee in origi

IT : Where while submitting original return of income, assessee claimed depreciation at 20 per cent/10 per cent in respect of lesser machine, leth, ghanti and plant and machinery which came to be considered and granted by Assessing Officer, reassessment proceedings initiated for disallowing same was to be quashed

Tribunal can extend stay on recovery order beyond 365 days if delay in disposal of appeal not attrib

Excise & Customs : CESTAT has power to grant or extend stay of recovery of demand beyond 365 days from date when stay order was initially passed, if delay in disposal of appeal was not attributable to assessee

No penalty on 'Dimpal Yadav' for accepting cash loan from Samajwadi Party as it was routed via bank

IT : Where even though assessee had taken a loan in cash, since loan was routed through bank account of assessee for payment to Government for converting land into free hold property, no penalty could be imposed under section 271D

No penalty on 'Dimpal Yadav' for accepting cash loan from Samajwadi Party if it was routed via bank

IT : Where even though assessee had taken a loan in cash, since loan was routed through bank account of assessee for payment to Government for converting land into free hold property, no penalty could be imposed under section 271D

Provisions of deemed dividend aren't applicable if assessee isn't a shareholder of lender co.

IT : Where assessee was not a shareholders of lender company, provisions of section 2(22)(e) would not apply

Participatory note isn't an illegal instrument; SEBI can asks FPI to specify its terms and parties

SEBI : A participatory note i.e., 'Offshore Derivative Instruments' (ODIs) is not an illegal instrument , nor is it prohibited under Prevention of Money Laundering Act, 2002, Foreign Exchange Management Act, 1999 and the SEBI Rules and Regulations

Insurance Marketing Firms need not use the word 'firm' while registering with ROC: IRDA

INSURANCE : IRDA (REGISTRATION OF INSURANCE MARKETING FIRM) REGULATIONS, 2015 – CLARIFICATION ON NAME OF INSURANCE MARKETING FIRM

Assessee couldn't challenge reassessment just because impugned deduction was allowed in sec. 143(1)

IT : Where assessee's claim for exemption under section 10A was allowed by mere issuing intimation under section 143(1), Assessing Officer could reopen assessment subsequently taking a view that assessee had failed to fulfil conditions laid down in clauses (ii) and (iii) of section 10A(2) and, thus, exemption was wrogly allowed

Manner of distribution of profit among members of AOP, being developer isn't relevant for allowing s

IT : Allowability or otherwise of deduction under section 80-IB(10) is not dependent upon manner in which profit had been distributed among members of assessee-AOP but it depends upon income earned from eligible project and fulfilment of conditions laid down in said section

Genuineness of loan received through cheque from NRE account couldn't be doubted

IT : Where assessee received certain unsecured loan from a non-resident, in view of fact that said amount was advanced through an account payee cheque from NRE account of lender, impugned addition made under section 68 in respect of said loan was to be deleted

SC refers matter to larger bench on issue of inclusion of cost of gunny bags in value of soda ash

Excise & Customs : Supreme Court renders conflicting view on issue of includibility of cost of 'gunny bags' in value of soda ash; matter would be referred to larger bench

TPO gets flak from ITAT for applying bright line test for AMP exp. without performing FAR analysis

IT/ILT : International transaction of AMP expenses can be clubbed with other international transactions carried out by assessee as distributor only when AMP functions performed by tested party and comparables are same

Subsequent sale of acquired shares doesn't exempt acquirer from making public announcement

CL : Obligation for making PA for creeping acquisition above 5% does not cease even if shares sold later in same FY

Limitation period to register Court's order has to be determined from date of receipt of certified c

CL : Where scheme of demerger as approved by Company Court was subject matter of issue before Division Bench in appeal, limitation was to be determined from date on which petitioner was furnished with certified copy of judgment of Division Bench; hence petitioner was entitled to seek registration of order

No writ lies against pre-deposit orders passed by Tribunal as it can be challenged in appeal before

Service Tax/Excise/Customs : Pre-deposit orders passed by Tribunal can be challenged in appeal before High Court; hence, in view of effective alternate appeal remedy, writ petitions cannot be maintained thereagainst

CIT rightly made revision as AO failed to examine TDS default on discount paid against recharge coup

IT : Where Assessing Officer while completing assessment did not make any enquiry relating to non-deduction of tax at source in respect of discount/commission paid to vendors against pre-paid recharge vouchers, Commissioner was justified in setting aside said assessment in exercise of his revisional power

No penalty if income offered for taxation is equivalent to income returned pursuant to sec. 153A not

IT : Where difference between income declared under section 139(1), additional income offered under section 132(4) and assessed income under section 153A being identical with income returned under section 153A, no penalty under section 271(1)(c) is leviable

No disallowance of depreciation just because it was termed as terminal depreciation

IT: Merely because depreciation claimed under section 32 is termed as 'Terminal depreciation' could not be a reason to disallow claim

Dept. must prove flow of additional consideration from buyer to manufacturer to establish undervalua

Excise & Customs : Merely because stock statements given by assessee to banks for purposes of getting credit facilities, show 'higher values' of stock/goods, same does not prove undervaluation; there must be evidence of flowback of additional consideration from buyer to manufacturer

No vicarious liability of College Chairman for cheque bouncing if college wasn't arrayed as an accus

Negotiable Instruments Act : Where borrowings were effected for development of college, Chairman of college could not be proceeded against under section 138 on dishonour of cheque issued towards repayment of loan, if college was not arrayed as an accused

Assessee could claim balance sec. 10A relief directly before CIT(A) if it had wrongly claimed lesser

IT : Even if a claim for 100 per cent deduction under section 10A was not made by assessee before Assessing Officer, it could be made before Commssioner (Appeals)