HC quashed penalty notice under DVAT as it was issued after 6 years from end of assessment year

CST & VAT: Delhi VAT - Where Assessing Authority issued on assessee notices of default assessment and penalty dated 1-4-2015 for assessment year 2008-09, impugned notices had been issued after expiry of period of six years as stipulated in section 34 from relevant year 2008-09 and were liable to be quashed

RBI relaxes norms on mode of payment in forex in respect of imports to India

FEMA/ILT/INDIAN ACTS & RULES : FEM (Manner of Receipt and Payment) (Amendment) Regulations, 2015 – Amendment in Regulation 5

FII/FPIs gets relief from defective return notices; CBDT releases clarification for the purpose

IT/ILT : Clarification Regarding Defective Notices Issued to FII/FPIs

CBDT provides new facility of pre-filling TDS data for online rectifications

IT/ILT : New Facility of Pre-Filing TDS Data While Submitting Online Rectification

SEBI requires Commodity Derivative Exchanges to submit monthly development report; issues format for

SEBI : Monthly Development Report for Commodity Derivative Exchanges

Appellants not entitled to claim relief against abuse of dominance as they had already availed of re

Competition Act: Where appellants invoked jurisdiction of Commission by asserting that R-2 insurance company was in a dominant position and it had abused its position by not removing their names as defaulter from Specific Approval List, but suppressed a crucial fact that they had already availed similar remedy by filing writ petition before High Court, they would not be entitled to claim any relief

ITAT treats transaction between two domestic cos as international transaction due to involvement of

IT/ILT: Where foreign AE gave Indian assessee licence to manufacture and market insulin and transactions arranged between assessee with Indian third party to get insulin manufactured also involved AEs, provisions of section 92B would be attracted and said transaction would be an international transaction between assessee and AE requiring determination of ALP under section 92(1)

Commissioner gets flak from CESTAT for assuming that service of refund order would take place in 2 d

Excise & Customs : Where Adjudicating Authority passed refund order on 3-4-2009 and dispatched same to assessee by speed post on 16-4-2009 and Commissioner (Appeals) in view of dispatch of order on 16-4-2009 assumed date of receipt by assessee on 18-4-2009, Commissioner (Appeals) was in error in holding that date of service on assessee was 18-4-2009 without proof of same available on record

No addition of undisclosed income just because dealer was prosecuted for keeping sugar beyond permis

IT: Where nothing was there on record to show that purchases and sale was made outside regular books of account by assessee, merely because assessee was prosecuted for keeping sugar beyond permissible limits, addition of value of excess sugar as undisclosed income was not justified

AO to consider revised computation of income if time-limit for filing revised return has expired: Mu

IT : Where assessee had deducted tax in last month of previous year and deposited same before due date of filing of return under section 139(1), Assessing Officer could not disallow said payment under section 40(a)(ia)

SEBI hikes annual custodial fee payable by issuer to depositories

SEBI : Review Of Annual Custody/Issuer Charges

SEBI requires depositories to implement outsourcing policy within 3 months

SEBI : Outsourcing by Depositories

Profit Split Method is most appropriate to determine ALP of interrelated and integrated transactions

IT : When transactions involved contributions of multiple entities and are integrated and interrelated and they cannot be separately evaluated for purpose of determining ALP of any one transaction, 'PSM' is 'MAM'

Workmen's claim for PF dues can only be filed before PF, Commissioner and not liquidator of Co.

Companies Act : Any claim with regard to Provident Fund dues can only lie before Commissioner, Provident Fund, under relevant statute, consequently, whilst other claims for any unpaid wages etc. may well be admitted by Official Liquidator, however, any claims raised directly to Official Liquiation for payment of Provident Fund dues would be an exercise in futility since it is bound to be rejected on ground that company was never obliged to pay workmen any such amounts in first place

HC didn't interfere with ITAT's order allowing 'Indusind Bank' to tax interest on receipt basis

IT : Where interest income from security accrued in terms of books of account maintained by assessee, but same was offered to tax on actual receipt, and Tribunal passed detailed order in favour of assessee in earlier year, which it followed in current assessment year also, exercise undertaken by tribunal could not be termed as perverse

Trade discount is deductible to calculate VAT even if it is given via credit note subsequent to issu

CST & VAT: Karnataka VAT - Where assessee claimed deduction in respect of discount given to purchasing dealer in form of credit note subsequent to issuance of tax invoice and Assessing Authority disallowed claim of deduction, assessee was entitled to give further discount even after sale had been completed, provided it was trade discount or pursuant to any contract

Disputed enhanced compensation isn't taxable in year of receipt if dispute is pending in Court

IT : The question of bringing to tax under Section 45 (5) (b) of the Act the enhanced compensation received by the Assessee during the relevant previous year by furnishing bank guarantee will have to await the final decision in the appellate proceedings emanating from the order of the ADJ in the proceedings under Section 31 (2) LA Act. Question of assessing to tax the interest received by the assessee on enhanced compensation in the same year in which the enhanced compensation is received will a

Exp. incurred on cancellation of forward contract couldn't be capitalized in cost of assets under se

IT: Expenditure incurred to get rid of forward contracts which assessee had entered into for purpose of protecting itself from fluctuations of foreign exchange, could not come within four corners of section 43A

CBEC releases minutes of Central Excise Tariff Conference held in Chandigarh

EXCISE : Minutes Of Tariff Conference Held In Chandigarh On 28-10-2015 And 29-10-2015

Inputs and capital goods used in R&D of testing samples of final products are eligible for credit

Cenvat Credit : Inputs and capital goods used in Research and Development (R&D) and Quality Control Laboratory for purpose of testing of inputs and testing of samples of final products, etc., are eligible for cenvat credit

CA entitled to Sec. 80QQB deduction for writing book on tax problems

IT : Where assessee had authored a book on income tax problems in question answer form which was titled "How to Handle Income-tax problems", since his book was on a complex issue which really needed intellect and knowledge, said book was a literary work in terms of section 80QQB; and, hence, royalty received on same would be entitled to deduction

Penalty rightly imposed on firm as it accepted cash loans from partners without reasonable cause

IT: Penalty proceedings under provisions of sections 271D and 271E are initiated not by Assessing Officer but only with issuance of notice by Joint Commissioner

Antenna and installation cable are parts of Base Transreceiver Station; to classified as such

Excise & Customs: 'Antenna and installation cable/mini-link' are inseparable parts of Base Transreceiver Station (BTS); hence, antenna etc. imported along with BTS would be classified as BTS and would be eligible for concessional rate of duty applicable to BTS

Selling exp. are distinct from AMP exp.; ITAT directs to follow Sony Ericson's case to compute ALP

IT/ILT : Selling expenses incurred for making sales are distinct from AMP expenses and, hence, should not be included in base amount for computing ALP of AMP expenses

Assessment order rightly set-aside as penalty was imposed by authorities without recording any satis

IT: Where pursuant to directions issued by Commissioner (Appeals), Assessing Officer passed a fresh assessment order wherein no satisfaction was recorded for initiating penalty proceedings under section 271E, impugned penalty order passed under said section deserved to be set aside