Assessee can exercise option under rule 6(3) of CCR even for prior periods

CENVAT: There is no bar for making as per prescribed percentage payment on value of exempted services for prior period where it may not be feasible to segregate quantum of input services pertaining to dutiable & exempted services

Writ against Magistrate's order quashed as petitioner already availed of statutory remedy of appeal

SARFAESI: Where efficacious statutory remedy of appeal under section 17 was available to appellant-purchaser of property, against notice under section 13(4) and he had already availed same, instant writ petition before High Court against order of Chief Judicial Magistrate appointing receiver to take possession of property in question under section 14 would not be maintainable

ITAT unhappy with AO and CIT(A) for making additions on proposal of TPO without referring to TP repo

IT/ILT : Where in transfer pricing proceedings, Assessing Officer as well as Commissioner (Appeals) failed to apply their mind to TP report filed by assessee, or to any other material or information or document furnished, impugned addition made to assessee's ALP merely on basis of proposal made by TPO was not sustainable

Issuance of false certificate by CA doesn't attract any penalty under Excise: HC

Excise & Customs : Issuance of false certificate by a Chartered Accountant in relation to huge cash found with manufacturer, may attract penalty for money laundering or giving false evidence; however, same cannot attract penalty under rule 26 or 27 of Central Excise Rules, 2002

No disallowance of commission paid to directors for extra efforts considering it as tool to avoid di

IT: When directors of assessee company had given services and in recognition thereof, there was payment of commission to them, it could not be questioned merely on basis of speculation by revenue that same was to avoid payment of dividend tax and, consequently, impugned disallowance made under section 36(1)(ii) deserved to be deleted

Appeals below monetary limit can't be accepted if revenue fails to produce docs related to audit obj

IT: Where tax effect of appeal filed by revenue before Tribunal was below prescribed monetary limit but revenue could not produce document regarding audit objection about relevant transaction, exceptions provided in clause 8(c) of Instruction No. 3, could not be invoke so as to maintain appeal

CIT(A) gets flak from ITAT for enhancing income of assessee without providing hearing opportunity to

IT: In terms of section 251(2), issuance of show cause notice to assessee stating defects, allegation and manner of determining amount of enhancement and then fixing date of hearing after affording reasonable time to assessee to rebut allegations and then passing a speaking order making enhancement of income is mandatory

No embargo on assessee for treating any co. as incomparable after including it mistakenly in TP anal

IT/ILT : Matter was sent back to file of TPO/Assessing Officer when there was a specific challenge to calculation of OP/TC of relevant segment of comparable and TPO had not mentioned how he determined its percentage of profit

SLP granted to decide whether deduction of bad debts was available if same was written off after clo

IT : SLP granted against High Court's ruling that where accounts of assessee were open and subject to correction by auditors, bad debts could be written off even after closure of accounting period and same was to be allowed under section 36(1)(vii)

Taking over management of business doesn't amount to 'Business Support Services'

Service Tax : Taking over management/running of business and bearing profit/loss on own account does not amount to 'business support services' and, therefore, profit so earned cannot be charged to service tax

RBI issues master directions for banks to adhere with FEMA compliances

FEMA/ILT : Master Direction – Opening And Maintenance Of Rupee/Foreign Currency Vostro Accounts Of Non-Resident Exchange Houses

Insurers to empanel with more hospitals to provide cashless facility widespread geographically: IRDA

INSURANCE : Agreements with Adequate Number of Service Providers Widespread Geographically

No denial of sec. 54F relief just because part of investment was made out of housing loan

IT : Where assessee had fulfilled all conditions of investment of equivalent amount of capital gain in purchase of residential house qualifying for relief under section 54F, she would be entitled to exemption under section 54F for total investment irrespective of fact that part of such investment came from borrowed money

Two manufacturing units can't be treated as single unit for SSI exemption even if common facilities

Excise & Customs : Where factory of Saron was established in year 1994, same could not be regarded as dummy of Jagat established in 2001

SC to decide whether trust's registration could be cancelled if its commercial receipts exceed chari

IT: SLP granted against High Court's ruling that in absence of any finding that activities of trust are not genuine or they are not being carried out in accordance with objects of trust, registration granted to trust under section 12A cannot be cancelled on ground that receipts from commercial activities are more compared to overall receipts of charitable organization