Payer couldn't be treated as assessee-in-default when its tax demand become nil on basis of revised

IT : Where assessee was treated as in default on account of short payment of TDS, but fact of filing of revised e-TDS return due to which tax demand had become nil, had not been considered by lower authorities, matter was to be remanded back

No revision by CIT to curtail sec. 14A disallowance as he failed to prove that view taken by AO was

IT : After amendment made by Finance Act, 2008 with effect from 1-4-2009, benefit of section 35D is also available to assessees who are not industrial undertakings; initiation of revision proceedings to deny claim of deduction to assessee for assessment year 2009-10 under section 35D towards public issue expense was unjustified

Assessee's failure to establish genuineness of liability leads to additions under sec. 41(1)

IT : Where assessee did not remit TDS on payment made to parent Greek company for international network support service charges before expiry of time limit, business disallowance by Assessing Officer was justified

No declaration can be made to AO if question of law pending in HC/SC isn't identical to that pending

CST & VAT : Tamil Nadu VAT - Where any question of law arising in case of assessee for an assessment year, which is pending before Assessing Authority is identical with question of law arising in his case for another assessment year, which is pending before High Court or Supreme Court, he may furnish declaration to Assessing Authority under section 23(1)

SEBI issues comprehensive risk management framework for national commodity derivatives exchanges

SEBI : Comprehensive Risk Management Framework for National Commodity Derivatives Exchanges

Govt. expands the scope of disclosure of beneficial interest to be made by presiding officer and mem

SEBI/INDIAN ACTS & RULES : Securities Appellate Tribunal (Salaries, allowances and other terms and conditions of presiding officer and other members) Amendment Rules, 2015 – Amendment in rules 2, 10 and 11

RBI relaxes micro finance norms for Scheduled Castes living below double poverty line

NBFCs : Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIS) – Modifications of directions

Marketing and selling expenses like trade discount aren't AMP expenses; ITAT follows ratio of Sony E

IT/ILT : Marketing and selling expenses like trade discount, etc., are not AMP expenses

Govt. notifies scheme for purpose of providing guarantee in respect of factoring loans

BANKING/INDIAN ACTS & RULES : Credit Guarantee Fund Scheme for Factoring (CGFSF)

Penalty couldn't be levied when additions were of such nature which couldn't be foreseen

IT: Where Tribunal deleted addition made by Assessing Officer in respect of certain amount and remanded matter in respect of other amount for verification, penalty levied by Assessing Officer relying on same could not be sustained

Delaying delivery of flat and non-disclosure of stage of completion to buyer was unfair trade practi

MRTP: Delay in delivery of possession of constructed apartment by builder and non-disclosure of progress of construction to buyer amounts to unfair trade practice

No additions on basis of disclosure made by director if AO and DR hadn’t pointed out any discrepancy

IT: Where client code modification up to 1 per cent of total order is absolutely normal, assessee's client code modification being only 0.94 per cent of total trading transactions, impugned addition was to be deleted

Penalty under Rule 69ZP isn't leviable in absence of intention to evade duty

Excise & Customs : As per section 37 read with rule 96ZP, there was minimum and maximum penalty subject to condition that there should be an intention to evade payment of duty; hence, where delay in payment of duty was due to bona fide reason, no penalty under rule 96ZP(3) could be levied without any intention to evade duty

Compensation paid to evacuate slum dwellers can't be held as payment of compulsory acquisition; No T

IT : Where to implement road widening scheme of Government, assessee evacuated illegal/unauthorised persons in form of squatters/hutments for which assessee paid certain compensation, provisions of sections 194L/194LA would not apply

Shikshantar school isn’t dominant player in presence of AMITY, DPS & G.D. Goenka Schools in Gurgaon

CL: Though Shikshantar School is one of the well-known schools in Gurgaon, there are number of other prominent schools such as Amity International School, Delhi Public School, G. D. Goenka Public School, etc, operating in Gurgaon. The presence of other comparable schools in Gurgaon indicates that the parents of the Informant had options to admit the Informant in other schools and they do not seem to be completely dependent on Shikshantar School for education services. Thus, Shikshantar School is

Embezzlement loss to be decided in view of results of civil and criminal proceedings initiated again

IT : Where issue of admissibility of deduction in respect of alleged embezzlement done by 'K' needed to be considered afresh in light of related legal development as a result of civil and criminal proceedings initiated by directors of assessee-company against 'K', matter was to be readjudicated