due date to file online return in Form EC-II and EC-III for the first quarter extended to Oct 15, 20

VAT/DELHI : Extension of Last Date for Filing of Online Returns for First Quarter of Year 2015-16, in Forms EC-II and EC-III

Due date to file Form DP-1 under Delhi VAT extended to Oct 21, 2015

VAT/DELHI : Deadline for Online Submission of Form DP-1

Borrower can't exercise redemption right if he failed to approach bank after receipt of sale notice

SARFAESI : Where after receipt of sale notice borrower had not approached bank in regard to repayment of due amount to redeem mortgaged sale of mortgaged properties, borrower had not exercised its right of redemption under section 13(8) and right of redemption in favour of borrower was completely erased on confirmation of sale in favour of petitioner

CBEC allows Cenvat on ethanol cleared without payment of duty to Oil Cos

EXCISE : Cenvat Credit (Fourth Amendment) Rules, 2015 – Amendment in Rule 6

Mere undervaluation doesn't amount to violation of principles of self-assessment

Excise & Customs : Mere undervaluation of goods cannot amount violation of rules 4 and 6 dealing with self-assessment; hence, no penalty can be levied on manufacturer under rule 25 of the Central Excise Rules, 2002

Protocol to India-Vietnam DTAA provides for internationally accepted standards for exchange of info

IT/ILT : Protocol Amending Convention and Protocol between India and Vietnam for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital

India-Isreal DTAA to include LOB clause and an updated Article for effective exchange of info

IT/ILT : Protocol Amending Convention and Protocol between India and Israel for Avoidance of Double Taxation and for Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital

Once assessee participates in reassessment proceedings then its validity can't be challenged by fili

IT : Where Assessing Officer initiated reassessment proceedings on ground that assessee's claim for depreciation on vendor and dealer network was not allowable, assessee having participated in reassessment proceedings in pursuance to notice issued under section 143(2), impugned order passed under section 143(3) read with section 147, rejecting assessee's claim was to be upheld

Working capital adjustment to be made in comparables when assessee has better working capital positi

IT/ILT : Where assessee was providing services to its associated enterprises on 10 per cent mark-up on cost and working capital position of assessee was better in comparison to comparable companies, working capital adjustment was to be made in hands of comparables to bring same to level of assessee, while benchmarking international transactions entered into by assessee

Once assessee participates in reassessment proceedings to disallow depreciation then its validity ca

IT : Where Assessing Officer initiated reassessment proceedings on ground that assessee's claim for depreciation on vendor and dealer network was not allowable, assessee having participated in reassessment proceedings in pursuance to notice issued under section 143(2), impugned order passed under section 143(3) read with section 147, rejecting assessee's claim was to be upheld

Purchase of software can't be deemed payment of royalty; not liable to TDS

IT/ILT: Where definition of 'royalty' could not be applied to purchase of software by assessee which did not involve any commercial exploitation thereof

Penalty couldn't be imposed if notice didn't contain any grounds on which penalty sought to be impos

IT: Where show-cause notice under section 274 to assessee was defective as it did not spell out grounds on which penalty was sought to be imposed, order imposing penalty was invalid and, consequently, penalty imposed was to be cancelled

Reduction from export sales required proportionate deduction from total sales as well to compute sec

IT : While computing deduction under section 10AA, if amount were reduced from export turnover, they were also required to be proportionately reduced from total turnover

Revenue's appeal against adjudication order is barred as CCE(A) allowed assessee's appeal

Excise & Customs : Where Commissioner (Appeals) has allowed assessee's appeal against adjudication order on point of valuation, adjudication order merges with order of Commissioner (Appeals) and therefore, revenue's appeal against same adjudication order on same point of valuation is barred by merger

While working out sec. 14A disallowance AO couldn't consider investment on which no dividend was rec

IT : For claiming deduction of bad debts written off in profit and loss account, it is not necessary for assessee to establish that debt has become irrecoverable

Assessment on amalgamating company was null and void as it ceased to exist after amalgamation

IT : Where rights of appellant and cross-objector are similar, issue raised in appeal for first time before Tribunal can also be taken up for first time in cross-objection as well

Conversion of fly ash into 'fly ash brick' is manufacturing; liable to excise duty

Excise & Customs : 'Fly ash' is 'fully burnt coal' produced during combustion of coal in course of generation of electricity; though it may be marketable under Explanation to section 2(d), it is not a manufactured product and not liable to duty however, Fly ash brick made out of 'fly ash' is a commercial distinct and marketable product and therefore, same is a manufactured product liable to duty

ITAT disallows interest as assessee had given interest-free advance to son which wasn't used for bus

IT: Where assessee having taken loan from bank, gave interest free advance to his son which was not utilised for assessee's business purpose, Assessing Officer was justified in disallowing interest parallel to bank interest rate on said interest free advance

FinMin hopeful to achieve tax target of 14.5 lakh crore with a possibility of minor shortfall

IT/ILT : Highlighting Features of Economy during First Half of Financial Year 2015-16 – Press Conference by Secretaries, Ministry of Finance

Compelling employee to surrender shares as per AOA isn't oppression or mismanagement

CL: Where Articles of Association of company provided that on ceasing to be an employee of company its shares had to be surrendered, there was no oppression and mismanagement by company in directing petitioner to surrender shares allotted to him on his superannuation

Subsequent year's data can't be used to determine ALP of transaction entered in earlier period

IT: Data of subsequent years cannot be used to determine arm's length price of a transaction