Construction of hostels for educational institutes is non-commercial purpose; ST not leviable

ST : Building constructed as hostel for residence of students studying in an educational institution is a non-commercial/non-industrial building and, therefore, such construction is not liable to service tax under Works Contract Services

Sec. 35(2AB) deduction allowed for capital outlay on lab equipments and for computers used for clini

IT : Capital expenditure incurred on lab equipments and computer used for purpose of clinical trials is eligible for allowance as weighted deduction under section 35(2AB)

Sole director of a Private Co. can’t act individually unless authorized by board of directors

CL: A director, unless expressly authorized by board of directors cannot act individually to represent a private limited company in which there has to be minimum two directors in board of directors to exercise powers of company

CIT (A) proceedings shall be restricted to only matters referred to him by the Tribunal

IT : Where Tribunal remanded proceedings to Commissioner (Appeals) to consider question of taxing after verifying that whether sales-tax was retained by assessee or deposited with Government, it was not open for Commissioner (Appeals) to examine entire nature of payment

Interest at 12% is payable on seized cash from completion of assessment till its actual release

IT: Interest on seized cash is payable at rate of 12 per cent for period commencing from date of completion of assessment till date of actual release of seized assets