Interest income of finance co. not taxable as other sources of income if it was held as business inc

IT : Interest income of finance co. not taxable as other sources of income if it was held as business income in earlier yrs

Retro amendment in sec. 115JA can't be deemed as reasons to believe that income has escaped assessme

IT: Retro amendment in section 115JA can't be deemed as reasons to believe that income has escaped assessment

Courses in Mass Communication, Management & IT are vocational courses; exempt from service tax

Service Tax : Courses in : (i) Mass Communication, (ii) International Business Management, (iii) Telecom Management, (iv) Information Technology, (v) Management Studies, (vi) Geo-informatics and (vii) Operational Management are 'vocational courses' and exempt from service tax

No TDS on interest paid to NR on FCCBs when borrowed sum was utilized by payer for its overseas busi

IT/ILT: Where assessee issued FCCB to foreign investors and remitted interest to them, since said money was utilized for overseas business of assessee, no income could be said to have accrued or arisen in India in hands of non-resident investors and, therefore, no TDS was deductible

Transfer of stock from warehouse of SEZ unit to branch in DTA is liable to Tamil Nadu VAT

CST & VAT: Tamil Nadu VAT - Where assessee set up a unit in SEZ area in Tamil Nadu for trading and wherehousing services for mobile phones, etc. and during year it purchased goods from another company located in same SEZ area and supplied them to its branches in other States by way of stock transfer, levy of purchase tax on inter-State stock transfer effected by assessee was justified

High Court can't dismiss appeal by considering monetary limit if matter had cascading effect: SC

IT: Instruction No. 3 of 2011, dated 9-2-2011 providing monetary limit should not be applied by High Court ipso facto, particularly when matter had a cascading effect

No denial of credit on capital goods which was used by job-worker to manufacture semi-finished goods

Cenvat Credit : Semi-finished goods removed under job-work without payment of duty do not amount to "exempted final product" under Rule 6 of Cenvat Rules; hence, credit of capital goods exclusively used in such job-work cannot be denied