'Virginiamycin' is a vitamin and not an animal feed : SC

Customs : Virginiamycin, a pure chemical, is classifiable as 'Vitamin' and cannot be classified as 'animal feed', as same is not imported in premix condition

AO couldn't impose penalty without bringing out any specific charge for its imposition

IT: Before levying penalty under section 271(1)(c), it is incumbent upon Assessing Officer to state whether penalty was being levied for concealment of income or for furnishing of inaccurate particulars of income

Reassessment notice was invalid when Joint Commissioner had recorded his satisfaction in mechanical

IT: SLP dismissed against High Court's ruling that where Joint Commissioner recorded satisfaction in mechanical manner and without application of mind to accord sanction for issuing notice under section 148, reopening of assessment was invalid

Failure of assessee to prove that NR-agent has no PE in India leads to disallowance of commission fo

IT : In absence of any material on record as to whether non-resident agents appointed by assessee rendered services abroad and they had no business connection in India, question regarding assessee's obligation of deduction of tax at source on payment of sales commission to them was to be disposed afresh

IRDA asks insurers to report compliance with Indian ownership and control criteria by Jan 18, 2016

INSURANCE : Reporting of Compliance With Indian Ownership and Control

Failure to pay ST, penalty is to levied on the total amount of service tax determined by Central Exc

Service Tax : For computing reduced penalty of 25 per cent in section 78, 'service tax assessed or determined under section 73(2)' is taken, which shall include both : (a) sums paid prior to issuance of notice and appropriated in adjudication order; as well as (b) further sums confirmed as payable in adjudication order

An assessee can't be compelled to disclose the source of income of its creditors under sec. 68

IT : In terms of section 68, assessee is liable to disclose only source(s) from where he has himself received credit and it is not burden of assessee to show source(s) of his creditor nor is it burden of assessee to prove creditworthiness of source(s) of said sub-creditors

AO has to record his satisfaction under sec. 153C even if AO of searched person and other person is

IT : Even in cases where Assessing Officer of person searched and assessee who is sought to be assessed under section 153C is same, still Assessing Officer is required to record his satisfaction that assets/documents seized belong to a person (assessee) other than searched person