Cash purchases disallowed as assessee failed to prove that purchases were made via agents located in

IT : Where assessee made cash payments in excess of Rs. 20,000 for purchase of crackers, in absence of even names of agencies or agents or retailers living in villages to whom said payments were made on a day-to-day basis, impugned disallowance made by authorities below under section 40A(3) was to be confirmed

ALP of services couldn't be taken as 'Nil' by assuming that assessee wasn't benefited from services

IT/ILT : Where assessee-company received support services from AE in terms of marketing services, operations and logistics services etc. on basis of which it managed to reduce its raw material cost and achieve higher sales, TPO could not determine ALP of said services at nil taking a view that services so rendered had not resulted in any benefit to assessee

"Aquachem" used for purification of water to manufacture cement is eligible for input credit

Cenvat Credit : "Aquachem" used for purifying water used in manufacture of cement is eligible for input credit and parts/accessories used in construction/manufacture of 'plant and machinery' are eligible for capital goods credit

Director of a trading member or clearing member can't be part of governing board of stock exchange:

SEBI : Amendment to Sebi Circular CIR/MRD/DSA/33/2012, Dated 13-12-2012 Pursuant to Amendment in Regulation 2(1)(b) of Secc Regulations, 2012

No withdrawal of sec. 54 relief if new house was transferred to daughter within 3 years

IT: Where assessee had sold his residential property in April, 2010 and invested sale proceeds in August, 2010 in another residential property and in November, 2010 he had settled new property to his daughter out of love and affection, settlement of property was a gift falling under section 47(iii) and assessee was entitled to exemption under section 54 in respect of capital gains arising on sale of property

Govt. notifies pay scale for post of Private Secretary under CCI employees' rules

COMPETITION ACT/INDIAN ACTS & RULES : Competition Commission of India (Salary, Allowances, Other Terms and Conditions of Service of The Secretary and Officers and Other Employees of The Commission and The Number of Such Officers and Other Employees) (Second Amendment) Rules, 2016 – Amendment in Schedule I

Dept. can't issue second notice on same ground for different period where first notice was dropped o

Excise & Customs : Where all relevant facts were within knowledge/notice of Department while issuing first notice and said notice was even dropped on merits, department cannot issue second notice invoking extended period alleging mis-statement/mis-declaration on part of assessee

No TP adjustment in respect of AMP exp. if transaction with AE doesn't fall in ambit of 'internation

IT/ILT : Where existence of an international transaction involving AMP expense with an ascertainable price is unable to be shown to exist, even if such price is nil, Chapter X provisions cannot be invoked to undertake a TP adjustment exercise

Revenue faces ITAT's flak for filing appeal with tax effect below specified monetary limit

IT: Where department against order of Commissioner (Appeals) dated 15-1-2009 filed appeal before Tribunal, wherein tax effect was less than Rs. 10 lakhs, keeping in view Circular No. 21 of 2015, dated 10-12-2015 and also provisions of section 268A, department should not have filed instant appeal

HC sanctions amalgamation scheme as there was nothing prejudicial to interest of creditor, members o

CL: Where there was nothing prejudicial to interest of creditors, members of both transferor and transferee company or to public interest and all required procedures had been followed, scheme of amalgamation so proposed had to be sanctioned

CBEC prescribes sun-set date of excise exemption for new industries in J&K

EXCISE/NT : Section 5A of The Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Amendment in Notifications No.56/2012-C.E. and No.57/2002-C.E., Both Dated 14-11-2002

SEBI clarifies on operational aspects of voluntary adaption of aadhar based e-KYC process

SEBI : Know Your Client Requirements – Clarification on Voluntary Adaptation of Aadhaar Based E-Kyc Process