Excise & Customs : In absence of any extraordinary circumstances, denial of cross-examination citing that 'there is no requirement in law' or 'it would delay adjudication' was unjustified and said denial vitiated entire adjudication and, therefore, demand was set aside
Sunday 1 November 2015
Govt. releases FAQs on Gold Bond Scheme
IT/BANKING : Frequently Asked Questions on Sovereign Gold Bonds Scheme, 2015
Resale price method to be adopted for benchmarking transaction of seeds imported from AE for resale
IT/ILT : Where selection of TNMM by department had been found to be inappropriate by Tribunal in earlier years and assessee's RPM had been accepted on identical facts, TPO was directed to adopt RPM as most appropriate method for benchmarking assessee's transaction of import of seeds to its AE in relevant year
Govt. notifies Gold Bond Scheme; investment window will open from Nov 5, 2015
IT/BANKING : Sovereign Gold Bonds Scheme, 2015
No denial of sec. 80-IB relief on entire housing project due to non-completion of construction of fe
IT: Fact that assessee, a builder, had not completed construction of all blocks of housing project, within stipulated period, would not deprive assessee from availing of deduction under section 80-IB (10) in respect of each of completed block on stand alone basis
High Court unhappy with AO for overlooking stay application; directed him to consider the same
IT : In view of Instruction No. 1914 Assessing Officer has got ample power to dispose of stay application during pendency of appeal in which demand is disputed; if Assessing Officer had completely overlooked stay application, he had to consider same
Concrete sleepers used for laying railway line aiding in transportation of goods are eligible inputs
Cenvat Credit : Concrete sleepers used for laying railway line for movement of goods between plant facilities installed within factory premises; and JO trucks for movement of nitrogen and oxygen gas cylinders within factory, are eligible for Cenvat credit as 'input'
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