Co. whose directors were facing charges of fraud couldn't be accepted as comparable for TP study

IT/ILT: Where assessee, engaged in manufacturing cassia gum powder, rendered marketing support services to its AE, company involved in high end niche market segment of financial contents and company which outsourced its ITES to third party vendors, could not be accepted as valid comparables while determining ALP

Govt. to return unutilized land to its original owner under New Land Acquisition Rules

CORPORATE LAWS/INDIAN ACTS & RULES : Right to fair compensation and transparency in land acquisition, rehabilitation and resettlement (Compensation, Rehabilitation and Resettlement and Development Plan) Rules, 2015

Act of terminating distributorship due to dispute of contractual nature is not unfair trade practice

Competition Act : Where disputes between complainant-distributor and respondent -supplier were purely contractual in nature, allegations made by complainant in context of discontinuance of distributorship could not be treated as unfair trade practice as defined under section 36A of MRTP Act

SEBI seek public comments on guidelines for public issue of units of Infrastructure Investment Trust

SEBI : Consultation paper on guidelines for public issue of units of Infrastructure Investment Trusts

SEBI proposes additional disclosure norms on retail issuance of Additional Tier -1 instruments by ba

SEBI : Consultation paper on additional disclosure norms for retail/public issuance of Additional Tier 1 (AT1) instruments issued by banks

ITAT annoyed with AO for reopening assessment under sec. 147 and not under sec. 153A in case of sear

IT: In case of assessment made on assessee consequent to search in another case, Assessing Officer is bound to issue notice under section 153C and thereafter proceed to assess income under section 153A and if Assessing Officer had proceeded with reassessment under section 147/148 and passed assessment order under section 143(3), same would be illegal, arbitrary and without any jurisdiction

Deptt. has to provide all documents demanded by assessee even if same are not relied upon in show ca

Excise & Customs : Right to fair hearing and right to defence is a guaranteed right; hence, for said purpose, department must supply documents demanded by assessee, even if said documents are not relied upon in show-cause notice

Profit on share dealings held as cap gains in absence of allegations of shifting of scrips from inve

IT: Where assessee maintained two separate accounts in respect of its dealing in mutual funds and shares, i.e., one in respect of its trading and other in respect of its investment, and there were no allegations of shifting of scrips from trading to investment or vice versa, assessee's claim of capital gain on sale of shares held as investment was to be allowed

Interest paid to NR on FCCB won't accrue or arise in India if borrowed sum is utilized for overseas

IT/ILT: Where assessee-company paid interest on FCCBs issued by it to bond-holders outside India, said income squarely fell under exclusion clause of sub-section (1)(v)(b) of section 9, and, consequently, it could not fall within ambit of section 5(2)

No service-tax on intellectual property services if permission to use technology was given prior to

Service Tax : In case of Intellectual Property Services, date of rendering of service is date of transfer/permission to use technology; hence, where date of such transfer/permission is prior to 10-9-2004, no service tax can be demanded even if royalty payment is spread over period of use and is said payment is made even after 10-9-2004

Sec. 10(23C)(vi) exemption can't be denied if institution exists solely for educational purposes and

IT: Once assessee existed solely for educational purposes and not for purpose of profit, CBDT could not deny to issue certificate of exemption under section 10(23C)(vi); however, Assessing Officer could go into question whether third and thirteenth proviso was met and then passed appropriate order

Extended due date of Dec. 20, 2015 to pay excise duty is also applicable for Union Territory of Pudu

EXCISE : Central Excise (Third Amendment) Rules, 2015 – Amendment in Rule 8

SC denied to interfere with issue related to 'rate of duty' as assessee had voluntarily paid excise

Excise & Customs : Where, in a case involving determination of applicable rate of duty, assessee has paid duty at higher rate, then, issue becomes tax neutral and hence, appeals were not maintainable in said matter

Failure of AO in making inquiries renders resultant order as erroneous

IT : Mere failure on part of Assessing Officer in not making inquiries or not examining claim of assessee in accordance with law per se renders resultant order as erroneous and prejudicial to interests of revenue

MCA lays down conditions for omnibus approval of Related Party Transactions

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Meetings of Board and its Powers) Second Amendment Rules, 2015 – Amendment in Rule 15; Insertion of Rule 6A and Omission of Rule 10

CBDT directs AOs not to disallow employer's contribution to PF/ESI if paid before return filing due

IT: Section 43B of The Income-Tax Act, 1961 – Business Disallowance – Certain Deductions to be Allowed Only on Actual Payment - Employer's/Employee Contribution – Allowability of Employer's Contribution to Funds for Welfare of Employees in Terms of Section 43B(b)

Even GTA service received from individual truck operators is liable to ST under reverse charge

Service Tax : Where GTA service provider is not registered with department, there is no question of availing credit by him; hence, abatement cannot be denied to service recipient alleging that cenvat credit might have been taken by service provider

No addition on basis of third party statement if opportunity of cross-examination isn't given to ass

IT: Where assessee during search conducted under section 132 made admission that a sum of Rs. 86 lakhs seized from his employee belonged to him and it represented undisclosed income and subsequently he retracted above admission and offered an explanation that said amount was verifiable from records and books of account and Assessing Officer did not accept explanation and added said amount in income as unexplained cash credit, impugned addition was not justified

Remission of duty on molasses lost due to 'oozing out' can't be denied merely because insurance clai

Excise & Customs : Oozing out of molasses and consequent auto-combustion is a natural process; hence, assessee is eligible for remission of excise duty on molasses lost due to oozing out/auto-combustion said remission cannot be disallowed partly merely because insurance claim was also disallowed to that extent