Co. engaged in 2D/3D animation isn't comparable with software development co.

IT/ILT : Company engaged in animation services cannot be considered as comparable to software development company

Director's act of nominating own person on board without giving notice to co. was mala fide: HC

CL: Where second respondent had right to appoint nominee on board of company but there were strained relationship between parties, i.e., appellant and second respondent, action of second respondent in nominating its own persons on board without any notice was mala fide and vindictive

Services of Air Travel, CA and CS availed by exporter for functioning of its business are eligible i

Cenvat Credit : Input services/activities in relation to business can cover all activities/services relating to functioning of business; hence, all such activities/services would be eligible as input service and refund of credit can be allowed under rule 5

CBDT signs 11 more unilateral APAs with Indian counterparts of foreign Cos

IT/ILT : Section 92CC of the Income-Tax Act, 1961 – Transfer Pricing – Advance Pricing Agreement (APA) – Signing of 11 More Unilateral APAs

RBI eases norms on filing of online returns by NBFCs

NBFCs : Revision of Online Returns to be Submitted by NBFCs

Delay in filing TDS return due to non-submission of PAN by payee won't invite penalty

IT : Where assessee challenged penalty order passed under section 272A(2)(k) on ground that delay in filing TDS returns occurred due to non-submission of PAN details by concerned deductees within stipulated time, matter was to be remanded back for disposal afresh

Exp. on foreign trip of MD and his wife disallowed in absence of details of business visa and meetin

IT : Where assessee showed value of share in books on which it had never claimed diminution/increase, income earned on sale of shares was capital gain, and not business income

SEBI unveils format for disclosing financial results for entities having listed their debt securitie

SEBI : Format for Financial Results for Listed Entities which have Listed their Debt Securities and/or Non-Cumulative Redeemable Preference Shares

RBI relaxes restriction on deployment of expatriates in Indian branches by foreign banks

BANKING : Engagement of Services of Expatriate Officers in Indian Offices of Foreign Banks

RBI directs AD banks to consider Bill of entry as evidence for physical imports of goods

FEMA/ILT : Import of Goods into India – Evidence of Import

RBI permits FPIs to buy defaulted non-convertible debentures/bonds

FEMA/ILT : Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds

RBI scraps requirement of taking approval from Civil Aviation Ministry on import of aircraft, helico

FEMA/ILT : Advance Remittance for Import of Aircrafts/Helicopters/Other Aviation Related Purchases

Corporate guarantee provided to AE involves rendering of services; covered under TP provisions

IT/ILT: Where assessee made trade advances to AEs, interest was chargeable and TPO was to be directed to adopt EURIBOR + 2 per cent rate of interest as appropriate bench mark price and make adjustments towards interest and advance provided to AEs

Credit of EC can't be used to pay SHEC

Cenvat Credit: As per First Proviso to rule 3(7)(b) of the CENVAT Credit Rules, 2004, credit of EC on excisable goods and EC on taxable services can be used only for payment of EC on finished excisable goods or EC on taxable service; hence, credit of EC cannot be used for discharging SHEC

Date of failure is relevant and not date of imposition of penalty to apply amended sec. 15A of SEBI

SEBI : Where SEBI's summons to respondent to furnish required documents was prior to 29-10-2002 when SEBI(Amendment) Act, 2002 came into force by which penalty under section 15A had been enhanced to Rs. 1 lakh for each day of failure to furnish required document, return or report, or Rs. 1 crore, whichever is less, penalty prior to amendment to section 15A would be applicable, i.e. Rs. 1.5 lakhs on failure of respondent to furnish required documents

Co. providing engineering consultancy services isn't comparable with a co. rendering marketing servi

IT/ILT : In case of assessee, rendering marketing support services to its AE, companies providing engineering consultancy or pay roll services or conducting clinical trials of food and drugs or research and survey or providing consultancy services or advisory services, could not be accepted as valid comparables while determining ALP

No cancellation of trust’s registration just because trust deed allows trust to carry on other busin

IT : Merely because one of clauses of trust deed of assessee trust provided that trust could carry on other business as decided by trustees, it would not per se disentitle trust from being considered for registration under section 10(23C)(vi)