Provisions of sec. 13 can't be invoked at the time of granting registration under sec. 12AA

IT : Provisions of section 13(1)(b) cannot be invoked at time of granting registration under section 12AA

HC directed ROC to file criminal complaint against respondent for making false statements during win

IT : Since respondents at time of winding proceedings had made false statements which constituted an offence of giving false evidence, Registrar was directed to file complaints under section 340 of Code of Criminal Procedure, 1973, read with sections 191, 193 and 209 of the Indian Penal Code 1860 Indian Penal Code

Interest income of banks from investment in non-SLR securities to be deemed as business income: CBDT

IT : Section 80P of the Income-Tax Act, 1961 – Deduction – Income of Co-Operative Societies - Interest From Non-SLR Securities of Banks

Even for period prior to 16-6-2005, 'TR-6 challan' was proper document for claiming legitimate credi

Cenvat Credit : For period upto 15-6-2005, when rules did not prescribe any document for taking credit of GTA services, TR-6 challan has to be considered as a proper document evidencing payment of tax; hence, credit taken on basis of TR-6 challan was valid.

No cessation of liability under sec. 41(1) just because liability was more than 7 years old

IT : Where AO made addition under section 41(1) in respect of amount payable by assessee to a creditor, since there was no act of remission or cessation of said liability, mere fact that liability was more than seven years old, could not be a ground to make impugned addition

Penal charges on EMI default is taxable on receipt basis

IT: Where in terms of agreements, which enabled assessee company to demand additional finance charges was only an enabling provision and recovery of same was not certain, same was taxable on cash receipts basis and not on accrual basis

Sec. 11 relief denied to micro financer as it was carrying its activities in commercial manner

IT : Where assessee was carrying on micro finance business in a commercial manner, its activities fell under category of 'advancement of any other object of general public utility' and thereby hit by proviso to section 2(15) disentitling it from exemption

Raw material cost where no risk taken by contract manufacturer excludible to compute PLI

IT/ILT: Where JMIPL, a contract manufacturer in a capital intensive industry, and car manufacturer MUL agreed on an arrangement where JMIPL would sell finished catalysts to vendors of MUL under instructions of MUL and JMIPL was obliged to procure raw material on instructions of MUL at a price dictated by MUL from source selected by MUL and JMIPL was entitled to a per unit fixed manufacturing charge whereas entire cost of raw materials passed on to or recovered from ultimate customer without any

Raw material cost excludible to compute PLI where no risk taken by contract manufacturer

IT/ILT: Where JMIPL, a contract manufacturer in a capital intensive industry, and car manufacturer MUL agreed on an arrangement where JMIPL would sell finished catalysts to vendors of MUL under instructions of MUL and JMIPL was obliged to procure raw material on instructions of MUL at a price dictated by MUL from source selected by MUL and JMIPL was entitled to a per unit fixed manufacturing charge whereas entire cost of raw materials passed on to or recovered from ultimate customer without any

Job worker couldn't be treated as agent just because assessee had given loan to it for buying machin

Excise & Customs : Merely because principal manufacturer has extended loan to job-worker for investment in machinery, job-worker cannot be regarded as dummy of principal manufacturer

Payment made for painting, fixing false ceiling and certain civil work in rented business premises i

IT : Where assessee, a share broker, suffered loss on account of misdeals in purchase and sale of shares by actual delivery, or trading in derivatives in a recognised stock exchange, said loss was to be regarded as business loss which could be set off against its brokerage income

Deepak Singhal appointed as new Executive Director at RBI

SEBI : Shri Deepak Singhal Takes Over as The New Executive Director at Rbi

SEBI releases FAQs on delisting of equity shares

SEBI : Frequently Asked Questions on Sebi (Delisting of Equity Shares) Regulations, 2009

Value of vacant land to be taken over by Govt. can't exceed compensation amount

IT: Where vacant land in excess of ceiling limit under Ceiling Act, which was going to be taken over by Government, would not fetch more than Rs. 2 lakhs, Assessing Officer was not justified in working out value of vacant land by determining what it would have fetched, if it were sold in open market

Dept. can't file FIR against assessee due to default in payment of service tax

Service Tax : Finance Act, 1994, being a special and complete Code, prevails over general provisions of IPC and, accordingly, for alleged non-payment of service tax, department cannot filed FIR under provisions of IPC

TNNM should be used as residuary method and not CPM if data is imperfect

IT/ILT : CPM is not a residuary method in the sense that if every other method of ascertaining the arm's length price fails, CPM can be applied on the basis of imperfect data. If at all there is a residuary method, or what is termed as the method of last resort, it is transactional net margin method. TNMM has almost become the 'default' method for taxpayers in recent years

Winding up plea dismissed as co. refused to pay debt to a CA firm due to existence of bona fide disp

CL : Where petitioner firm failed to prove that respondent company was insolvent in commercial sense and company's refusal to pay debt to petitioner, a chartered accountancy firm, was as a result of bona fide dispute, company was not liable to be wound up

Individual import deal of cashew can't be compared with its avg. price published in Bulletin of cash

IT/ILT : While computing ALP it was wrong to compare individual transactions of import of raw cashew with monthly average price published in cashew Bulletin of cashew Export Council