Sec. 41(1) additions made as assessee failed to explain reasons for non-payment of liabilities in no

IT : Where interest or borrowed capital to invest in shares, for period prior to financial year 1997-98, was claimed and allowed as revenue expenditure, it could not transform its character from financial year 1997-98 onwards to become a capital cost without any change in underlying facts, and hence, same could not be treated as cost of acquisition and/or improvement in computation of capital gains

HC directed advertisement of winding up plea against co. on its failure to pay agreed overdue sum

CL : Where company had admitted its indebtedness to petitioner to extent of Rs. 119 lakh, company was to be directed to pay that amount with interest and on its failure to do so winding up petition would be advertised

80% of staff member of COMPAT have working knowledge of Hindi, says MCA

COMPETION ACT : Rule 10 Of The Official Language (Use For Official Purposes Of The Union) Rules, 1976 – Working Knowledge Of Hindi - More Than Eighty Per Cent Staff Members Of Competition Appellate Tribunal Under Ministry Of Corporate Affairs Acquired Working Knowledge Of Hindi

S.K. Mohanty appointed as Executive Director in SEBI

SEBI : Appointment of New Executive Director of Sebi

Service tax on railway tickets for AC coaches increased to 4.2% from 3.708% w.e.f. June 1, 2015

ST : Levy of Service Tax on Transportation of Passengers by Rail

Now, coconut oil packed in small bottles isn’t classifiable as hair oil: CBEC

EXCISE : Withdrawal of Order Under Section 37B of Central Excise Act, 1944 on Classification of Coconut Oil Packed in Small Containers

Service Tax Commissioner of Chennai laid down procedure for electronic transfer of refund claims

ST : Introduction of Facility of Payment of Rebate/Refund Claims Amount Directly to Assessee/Exporters' Bank Account

No reassessment to deny benefit of MAP to US based Co. if earlier it was given by AO after detailed

IT/ILT : Where Assessing Officer formed opinion that taxation of advertisement and distribution revenue of US company was to be governed by MAP resolution and 10 per cent of total revenue generated would be treated or business income and he completed assessment after verifying detailed reply to huge questionnaire and all supporting documents, reopening of assessment on basis of same material, taking plea of taxing total revenue at 10 per cent as per section 115A, would not be permissible

Reassessment notice, being issued after obtaining sanction of Commissioner instead of Joint Commissi

IT: Where notice under section 148 was issued after obtaining sanction from Commissioner instead of Joint Commissioner who is competent authority to approve issuance of notice, assessment framed consequent thereto was not valid and same was void ab initio

No TP adjustment of depreciation on account of assets which are held by AE but not assessee

IT/ILT : While computing margins of comparable companies, no adjustment for differential rate of depreciation is to be made on account of uncommon assets between assessee and comparables

Default period of assessee-in-default shall be counted as per British Calendar month

IT: Levy of interest under section 201(1A) is compensatory in nature and thus gap of time between point of time when tax ought to have been deducted at source vis-à-vis point of time when tax was actually deducted are to be seen and it is in this context that connotation of expression 'month' is to be examined

Capital gains on gifted asset shall be computed by taking CII of year in which asset held by previou

IT : In case of gains arising on transfer of a capital asset acquired under a gift or will, capital gains liability has to be computed by considering that assessee held said asset from date it was held by previous owner and on same analogy, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset

No denial of sec. 80G relief requiring amendment in trust-deed through Civil Court as trustees were

Where trust deed of assessee-trust provided that trustees were empowered to make amendment to trust deed, there was no need for assessee to approach civil court for amending trust deed

No deduction of brokerage paid for procuring tenant as standard deduction under sec. 24 covers all e

While computing taxable income under 'income from house property', no expenditure in respect of brokerage paid by assessee on account of arrangement of lease, could be allowed as a deduction for determination of actual rent

No sec. 14A disallowance in respect of interest when entire borrowings were used for business purpos

IT : Where assessee deducted TDS on commission expenses and deposited same before due date of filing return, deduction under section 40(a)(ia) was to be allowed

Sec. 68 additions for undisclosed business receipts shall be restricted to gross profit on such rece

IT: Where Assessing Officer made addition of Rs. 16 lakhs in income of assessee in respect of deposit in his savings bank account, since deposit in bank account was business receipts, in respect of such deposit addition should be made to extent of gross profit on such undisclosed business turnover

Benefit of composition scheme is also available for post-sale construction under Andhra Pradesh VAT

CST & VAT: AP VAT:A dealer engaged in construction and sale of residential apartments executes conveyance deed of semi-finished apartments and completes remaining construction afterwards. Assessee wants to avail benefit of composition scheme on post sale construction but the department denied such benefit. It was held that benefit of composition scheme was available since (a) assessee was engaged in both construction and sale; (b) composition scheme is not dependent upon the stage of constructio

Consideration received on relinquishment of right in firm by a trust would be taxable as capital gai

IT : Issue as to whether consideration received by assessee medical relief society on account of relinquishment of its right in a firm would be leviable for capital gain tax or not, is to be decided in view of CIT v. Manipal Academy of Higher Education (MAHE) [2013] 357 ITR 114/218 Taxman 1/36 taxmann.com 81 (Kar.)

No fresh demand notice issued to 'Nokia'; earlier demand are being considering under MAP - CBDT

IT/ILT : Section 156 of the Income-Tax Act, 1961 – Notice of Demand – Clarification Regarding Issue of Fresh Demand Notice to Nokia India

Matter referred to third member on issue of restoration of appeal where pre-deposit made after due d

Service Tax/Excise/Customs : Issue 'whether Tribunal can restore appeals even when assessee made pre-deposit only after due date specified by High Court' was referred to Third Member owing to difference of opinion

Re-deposit of excess withdrawals made out of explained bank deposits can't be held as unexplained mo

IT: Re-deposit of excess withdrawals made out of explained bank deposits can't be held as unexplained money

Process of making pizza and pasta is manufacturing; assessee entitled to additional depreciation

IT: Where assessee-company was carrying on a food and beverage business and articles produced by assessee were different from its raw material, assessee was eligible for additional depreciation

CLB directed co. to register shares of petitioner as there was no violation of any norms on acquisit

CL: Where petitioner acquired shares of respondent company and such acquisition did not violate any provisions such as RBI, SEBI and SICA, acquisition being valid, respondent company was to be directed to register shares in name of petitioner