AO gets flak from ITAT for analyzing issue which wasn't in accordance with terms of revisional order

IT: Where Commissioner passed a revisional order directing Assessing Officer to examine assessee's claim of tax credit under section 90 afresh in respect of foreign income, Assessing Officer could not redetermine assessee's residential status and change it from resident to non-resident

Accused acquitted under NI Act as complainant didn't prove that cheque was issued for legally subsis

Negotiable Instruments Act: Where complainant filed a complaint against respondent on ground that cheque issued by respondent for discharge of legally subsisting liability had been dishonoured, however failed to prove that cheque was issued for discharging legally subsisting liability, respondent was rightly acquitted by Trial Court for alleged offence under section 138

Bombay HC also directs CBDT to extend due date for filing of return upto 31-10-2015

Bombay HC also directs CBDT to extend due date for filing of return upto 31-10-2015

No sec. 69 additions on basis of loose sheet found during search unless AO prove it as eligible info

IT: Matter remanded for fresh consideration where Commissioner (Appeals) deleted disallowance made by Assessing Officer on account of excess purchase shown by assessee in comparison to purchase reflected in profit and loss account entered in CPU found and impounded during course of survey, without recording any finding as to whether assessee had been able to explain such difference

Interest on overdraft facility availed for business couldn't be considered for sec. 14A disallowance

IT: Where assessee had written off debts in respect of trading transaction in its books of account, same had to be allowed

Investment of borrowed funds in shares would not show that assessee was carrying on business of inve

IT : Excess borrowed funds lying with assessee can always be invested in shares for earning higher returns or through professionally managed Portfolio Management Scheme; it would not mean that assessee was carrying on business of investment in shares

RBI issues framework for issuance of Rupee Denominated Bonds overseas

FEMA/ILT : External Commercial Borrowings (ECB) Policy – Issuance of Rupee Denominated Bonds Overseas

CBDT's instruction of 2014 fixing monetary limits for filing appeals is applicable to pending cases:

IT: CBDT's instruction of 2014 fixing monetary limits for filing appeals is applicable to pending cases: Mumbai ITAT

CBEC directs AOs to complete adjudication within prescribed time limits

EXCISE /M : Streamlining Process of Adjudication

No penalty when additional income was surrendered by assessee only to buy peace and avoid protracted

IT: When subsequent to search certain documents belonged to assessee's father were seized wherein assessee had no interest, and, assessee offered additional income in his own hand to avoid protracted litigation and to save his aged father from harassment, penalty levied by Assessing Officer under section 271(1)(c) was unjustified

Members of Commodity Derivatives Exchanges can become member of SEBI on satisfying certain condition

SEBI : Registration of members of commodity derivatives exchanges

RBI issues framework for issuance of Rupee Denominated Bonds overseas- ECB Policy

FEMA/ILT : External Commercial Borrowings (ECB) Policy – Issuance of Rupee Denominated Bonds Overseas

CBEC reminds its officers to ensure that cigerettes pack carry health warnings

EXCISE/M : IMPLEMENTATION OF PROVISIONS OF CIGARETTES AND OTHER TOBACCO PRODUCTS (PROHIBITION OF ADVERTISEMENT AND REGULATION OF TRADE AND COMMERCE, PRODUCTION, SUPPLY AND DISTRIBUTION) ACT, 2003 (COTPA) AND CIGARETTES AND OTHER TOBACCO PRODUCTS (PACKAGING AND LABELLING) RULES, 2008

Interest on FDRs made out of customer's advances wasn't income from other sources if same was reduce

IT : Where assessee, a construction company, received bank interest on FDRs which were made out of advances received from customers, even if construction was not complete during current year interest income could not be treated as income from other sources as same had been reduced from work-in-progress

CIT(A) wasn't empowered to decide an issue which did not arise out of order of any lower authority

IT : Where Commissioner (Appeals) adjudicated an issue which did not arise from orders of lower authorities appeal preferred by assessee for rectification under section 154 was to be allowed

Exp. incurred on issuance of shares to QIBs was preliminary exp. under sec. 35D

IT : Expenditure incurred by assessee on FCCB and debenture issues was allowable under section 35D

Gujarat HC directs for extension of due date for filing of return by one month subject to Sec. 234A

Gujarat HC directs for extension of due date for filing of return by one month subject to Sec. 234A interest

All directors liable for cheque dishonouring as they were involved in day-to-day management of accus

Negotiable Instruments Act: Where in complaint under section 138 there was an allegation that directors were involved in day-to-day business of accused company, High Court erred in quashing proceedings against all directors

CBDT releases its comments on queries relating to Black Money Act

IT/ILT : Departmental Clarifications on Black Money Act

No penalty for TDS default as sum paid for purchase of satellite rights didn't attract TDS

IT/ILT : Where assessee-company, involved in business of broadcasting and telecasting, paid a certain sum towards purchase of satellite rights said payment not being royalty, penalty could not be levied under section 271C for non-deduction of TDS on same

Prior to 1-6-2015 there was no enabling provision for levying sec. 234E fee at the time of processin

IT : Prior to 1-6-2015, there was no enabling provision in section 200A for raising a demand in respect of levy of fees under section 234E

Customs Dept can't reject FOB value of exports stating that declared value-addition can't be achieve

Customs : Whether value-addition has been made or whether same has been correctly shown, is a subject matter of examination by DGFT; Customs Department can merely examine FOB value and cannot reject declared FOB value on ground that value-addition shown by assessee could not have been achieved

Now Form 15G/15H can be e-filed; payee to specify number of Form15G/15H filed during the year

IT/ILT : Income-Tax (Fourteenth Amendment) Rules, 2015 – Substitution of Rule 29C and Form No.15G and Form No.15H

Govt. notifies twin fold hike in tax-free Transport Allowance for deaf and dumb employees

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Thirteenth Amendment) Rules, 2015 – Amendment in Rule 2BB

Dept. can't invoke extended period as assessee disclosed all facts at the time of registration

Excise & Customs : Where all facts/documents as to use of brand name were disclosed to department at time of registration, department cannot allege suppression of facts so as to invoke extend period to deny SSI-exemption

Corporate guarantee given to foreign AE couldn't be held as international transaction under transfer

IT/ILT : Corporate guarantee given by an assessee to its AEs does not involve any cost to assessee and, therefore, it has no bearing on profits, income, loss or assets of assessee and is outside ambit of international transaction