No denial of exemption to a school as it advanced sum to sister-trust for construction of educationa

IT: Where assessee-society which was running a school, advanced an amount to its sister-trust for construction of building for educational purpose and Assessing Officer could not prove that said amount advanced was for non-charitable purpose, rejection of exemption under section 10(23C)(iiiad) was not justified

No recovery of excise dues from purchaser if it had only bought assets of a wound up company

Excise & Customs: Where assessee had only purchased assets of a company which was ordered to be wound up and said company was not taken over as a running business, liability of past Central Excise dues payable by old company could neither be fastened nor be recovered from assessee

Educational unit infusing sense of patriotism in people is fulfilling its ancillary object; tax exem

IT: Educational unit infusing sense of patriotism in people is fulfilling its ancillary object; tax exemption available

Customs exemptions available for computing excise duty on DTA clearances by EOU

Excise & Customs : In case of DTA clearances by 100 per cent EOUs, excise duty is deemed equal to 'customs duty leviable'; therefore, in computing 'customs duty leviable', customs exemptions would be taken into account

Only a developer can claim deduction under sec. 80-IB(10) and not a work

IT: Where land owner having obtained necessary permissions from local authority for construction of residential project, sold said land to various purchasers who entered into separate construction agreements with assessee, it was a case of mere 'work contract' and thus assessee's claim for deduction under section 80-IB (10) was to be rejected

Revised monetary limits for filing appeals is applicable on pending cases as well

Excise & Customs : Since instructions under excise/customs/service tax law do not provide that revised monetary limits shall apply only to prospective appeals and not to already-filed appeals, any revision in monetary limits for filing appeal vide instructions under excise/customs/service tax law would apply to appeals posted before court on or after coming into force of said instructions

Issue of availability of simultaneous deductions under Sec. 80HHC and Sec. 80-IB referred to larger

IT : Division bench of Supreme Court refers matter to larger bench as there was difference of opinion as to whether assessee could claim simultaneous deductions under Section 80-IA/Section 80-IB and Sec 80HHC on same profits

HC denies to interfere with ITAT's order as it hadn't considered fresh evidence without hearing reve

IT : Where revenue challenged order of Tribunal on ground that Tribunal had considered fresh material without affording opportunity of hearing to them, but it was found that no fresh material was considered, no interference was called in Tribunal's order

SEBI asks DPs to convert eligible Demat accounts into 'Basic Services Demat Account'

SEBI : Facility for Basic Services Demat Account (BSDA)