SC: Tribunal doesn't have powers to dismiss appeal even due to absence of appellant in hearing

Central Excise : Tribunal cannot dismiss appeal filed by assessee for want of prosecution or for default; it ought to decide appeal on merits even if assessee or its counsel was not present when appeal was taken up for hearing

CCI has locus standi to present appeal against order of Single Judge staying investigation by Direct

CL : Since investigation by Director General forms part of regulatory jurisdiction exercised by CCI, any order hampering investigation process directly affects statutory functioning of CCI therefore, right to assail an order staying investigation cannot be confined only to informant, but CCI also being an equally aggrieved party, is entitled to do so

Credit allowed on capital goods use to manufacture exempted intermediate product as duty was paid on

Cenvat Credit : Cenvat credit cannot be denied on capital goods used in manufacture of exempt intermediate products, which are used captively in manufacture of finished goods chargeable to duty

Once source of deposit in bank account is explained, subsequent withdrawal thereof need not be expla

IT : Whether, once source of cash deposit in bank account is explained, subsequent withdrawal is not required to be explained

Wipro crafting artificial losses from sale of subsidiary shares to set off against taxable cap gains

IT: Where, it was evident that claim of capital loss was a colourable device to evade payment of tax on short term capital gains, capital loss claimed by assessee as against short term capital gains was to be disallowed

Dept. can't recover dues during pendency of stay if such pendency isn't attributable to assessee

Excise & Customs : Department cannot recover dues during pendency of stay applications before appellate authorities, if such pendency is not attributable in any manner whatsoever to assessees

Sec. 24: Assessee got chance to prove that new loan was taken to replay old one taken for constructi

IT : Where Assessing Officer disallowed interest on loan taken for repayment of an earlier loan taken for construction of building on ground that assesee failed to establish nexus between loan and building construction but assessee assured to establish same if opportunity was given, matter was to be remanded back

No denial of input tax credit on purchases merely due to emergence of non-taxable by-product

CST & VAT : Input credit of taxes paid on purchase of cotton seed used in manufacture of cotton seed oil cannot be denied proportionately on manufacture of by-product in form of cotton seed cake

IRDA, being a Govt. body won't be held as enterprise under Competitions Act on discharging its sover

Competition Act: Where informant sought a repeal of IRDA (Licensing of Bancassurance Agents) Regulations, 2012 on ground of abuse of dominance, allegations being general in nature besides being unsubstantiated and misconceived, no abuse of dominance was made out

Subsidy granted by society to its members against bye-laws for increasing its output was deductible

IT : Providing subsidy towards pesticides, seeds, etc. being monetary benefits to its members/farmers in order to help them to grow more sugarcane was only for business purpose of cooperative society; expenditure was to be allowed

Salary earned by an employee on rigs located in continental shelf wasn't taxable prior to 1-4-1983;

IT : Since continental shelf did not form part of India prior to 1-4-1983, salary earned by an employee for services rendered on rig before 1-4-1983, in off-shore area, outside territorial waters of India was not chargeable to Income-tax

No concealment penalty on claiming incorrect sec. 80-IA relief if assessee had disclosed such fact

IT : Where assessee's claim deduction under section 80-IA on sales tax benefits which were not derived from its eligible business was disallowed but no information or statement given in return was found to be factually incorrect or inaccurate concealment, penalty was not be imposed

Sale on principal to principal basis shall be included in 'turnover' for purpose of tax audit under

IT : Where assessee was appointed as a distributor on principal to principal basis for sale of gas cylinder to consumers, sale of gas cylinder was to be included in turnover for purpose of section 44AB

Valuation of shares by a Valuer appointed by Court is binding on both parties to contract unless it

CL: Where company Court made it clear that only on agreement between rival shareholder groups on value of shares determined by valuation officer, merely because CLB had stated that valuation, once submitted, would be binding, sale of shares by respondent group at a non-acceptable rate could not be apprehended

No TP adjustment when average mean margin earned by comparables was lower than profit margin earned

IT/ILT: Where in course of transfer pricing proceedings, Tribunal found that average mean margin earned by comparables was lower than profit margin charged by assessee-company to its AE, addition made by Assessing Officer to total income of assessee by way of TP adjustment was to be set aside

No denial of adjustment of excess ST payment against future tax liability even on non-compliance ST

Service-tax : Adjusted excess service tax paid in some months against tax payable in following months cannot be denied merely on ground that procedure prescribed under Rule 6(4A) of Service-tax Rules, 1994 had not been followed.

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to trusts

IT : Section 10(23C)(iv)/(v) of The Income-tax Act, 1961 - Exemptions - Charitable Funds/Institutions/Charitable/Religious Trust - Notified Prescribed Authority – Supersession of Notification No. SO 851(E) [F.No. 153/41/2007-TPL], DATED 30-5-2007

Though income of Chamber of Commerce held as business receipt, yet sec. 11 relief available as profi

IT : Though income of Chamber of Commerce held as business receipt, yet Sec. 11 relief available as profit motive absent

CBDT notifies CIT(E) for granting Sec. 10(23C) approval to educational institutions/hospitals

IT : Section 10(23C)(vi)/(via) of The Income-tax Act, 1961 - Exemption - University/Educational Institutions/Hospitals - Prescribed Authority - Supersession of Notification No. SO 852(E)[F.No. 153/41/2007-TPL], DATED 30-5-2007

Govt. relaxes FDI norms in construction development sector

FDI/FEMA/ILT : Consolidated FDI Policy Circular 2014 – Review of Foreign Direct Investment (FDI) Policy on Construction Development Sector – Amendment in Paragraph 6.2.11

CIT had to give hearing chance to assessee when it had rejected trust's registration relaying on rep

IT: Where Commissioner rejected application of assessee-trust for registration before expiry of six months from end of month in which application was received and order was also served on assessee within two weeks from date of order, order passed by Commissioner was not barred by limitation

Mere procedural laps doesn't lead to denial of eligible credit

Cenvat Credit : Where factum of receipt and use of goods is not disputed, non-following of procedure by itself cannot be held to be a ground for denial of credit

SLP dismissed against HC's order upholding special audit direction on 'DLF' due to incomplete and co

IT : Where High Court upheld direction for special audit on ground that assessee had failed to submit comparative details of expenditure in SEZ and non-SEZ units and affairs of company were not transparent, SLP filed against HC order was to be dismissed

Failure to Keep track of appeal filed before ITAT isn't a valid reason to condone belated appeal fil

IT : Assessee's contention that he was waiting for decision of Tribunal on appliction under section 254(2) but nobody could keep track on events and in meanwhile due date for filing appeal before High Court lapsed, could not be sufficient cause for condonation of delay of 1110 days in filing such appeal

Enhanced compensation received on transfer of tenancy rights in a land is liable to capital gains ta

IT : Where assessee was paid enhanced compensation on acquisition of land in which assessee was a tenant, capital gains was to be computed

"Export" and "deemed export" aren't distinguishable for purpose of Central Excise Law, says CESTAT

Excise & Customs : "Deemed export" and "export" are not found to be different; hence, Deemed exports are equivalent to exports, for purposes of benefits under Central Excise law

No concealment penalty on assessee when it had declared capital gains but disputed its tax liability

IT: Where assessee declared in return of income long-term capital gain on sale of its shareholding and only disputed its liability to pay tax by way of a note, levy of penalty was unjustified

Huge salary paid to director in lieu of his efforts to flourish Co.'s business couldn't be deemed un

IT : Where due to efforts of director of assessee-company, business of assessee had increased substantially and he was assisting assessee in its new hotel project, excessive salary payment to him was reasonable

Delay in filing appeal due to non-receipt of copy of order by assessee is condonable

CST & VAT (Haryana): As copy of order of First Appellate Authority was received by someone not authorised by it 30 days delay in filing appeal was be condoned

Imposition of one-sided terms on sale of plot by a developer dominant in real estate market wasn't j

Competition Act : Imposition of unfair and one-sided terms and conditions by OP, a dominant player in relevant market for development and sale of residential plot, in agreement was abusive in terms of provisions of section 4

Govt. again hikes excise duty on petrol and diesel

EXCISE & CUSTOMS LAWS : Section 5A of The Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Amendment in Notification No.12/2012-c.e., Dated 17-3-2012

Interest paid for acquiring property other than self occupied one would be deductible without any li

IT: Where assessee had availed loan from bank for acquiring property other than self occupied one, whole of interest payable on borrowed capital would be allowable

SC dismissed SLP against HC's order upholding addition on assessee's failure to explain unaccounted

IT : Where assessee claimed that stock was taken on loan and returned in same year to sister concern but no proof regarding actual movement of stock was made available, nor was any bill for loan of cargo was raised, addition to closing stock was just and proper

Addition couldn't be made on presumptions if seized cheques weren't found in name of assessee

IT: Where seized materials did not reflect name of assessee, revenue was not justified in drawing presumption under section 132(4A)

Royalty paid to AE in pursuance of an agreement approved by RBI would be deemed to be at ALP, says I

IT/ILT: RBI approval of royalty rates itself implies that payments are at arm's length, hence, transactions made under royalty agreement approved by RBI are at arm's-length

No evasion penalty under service-tax if dept. had invoked sec. 80 to waive off penalty under sec. 76

Service Tax : When section 80 has been found to be invocable for waiving penalty under section 76, it is not possible to argue that same (i.e. section 80) will not be invocable mutatis mutandis for waiving penalty under section 78

SC : No complaint of cheque dishonour against directors of Co. if they weren't in charge of business

Negotiable Instruments Act : In absence of allegation against accused directors that they were incharge of and responsible for conduct of business of company, complaint under section 138 against accused was to be quashed

SEBI modifies 'offer for sale of shares' mechanism; allows retail investors to place their bid at cu

SEBI : Modification to offer for Sale (OFS) of Shares throughs Stock Exchange Mechanism

RBI notifies amendments in Money Laundering Rules; asks NBFCs to adhere to revised norms

NBFCs : Know Your Customer Guidelines /Anti-Money Laundering Standards / Obligation of NBFCs Under Prevention of Money Laundering Act , 2002 – Amendment to Prevention of Money-laundering (Maintenance of Records) Rules 2013.

CBEC directs officials to forward representations through proper channel

EXCISE & CUSTOMS LAWS : Instructions to CBEC Officers for Submission of their Representations through Proper Channel

'Acche din' for taxpayers as CBEC begins to make indirect tax admin non-adversarial and taxpayer fri

ST LAWS/EXCISE & CUSTOMS LAWS : Action Plan to Evolve non-adversarial Indirect tax Administration

Sale of SIM cards/recharge coupons at discounted rate to distributors isn't commission and not liabl

IT: Sale of SIM card involves sale of right to services. Therefore, the relationship between the assessee and the distributor would be that of principal and principal and not principal and agent. Moroever, where SIM card is sold at discounted price, there is no payment of commission or brokerage to distributor. Hence, TDS u/s 194H is not applicable on sale of SIM cards and prepaid recharge coupons by Telecom Company to distributors at discounted MRP.

No reassessment to disallow sec. 80-IB relief if detailed enquiry was made by AO at assessment stage

IT: Where Assessing Officer allowed assessee's claim for deduction under section 80-IB(10) after making detailed enquiries, he could not initiate reassessment proceedings taking a view that said claim was wrongly allowed

SC dismissed SLP against HC's order holding that reassessment not to be made after 4 years due to re

IT : Reassessment proceedings could not be initiated after expiry of four years from relevant assessment year merely on ground that in view of retrospective amendment to provisions of section 80-IA, assessee was not entitled to deduction granted under said section earlier

Provision for leave encashment to be allowed only when it was paid before due date of filing return

IT : Deduction on account of leave encashment could be allowed only if it is actually paid on due date for filing return of income

Principal manufacturer can claim credit of duty paid on intermediate goods if job-worker forget to c

Cenvat Credit : There is no condition that for availing facility of rule 4(5)(a) of CENVAT Credit Rules, 2004, job-worker should avail full duty exemption under Notification No. 214/86-C.E.; hence, where job-worker foregoes exemption, duty paid on intermediate goods is eligible for credit in hands of principal manufacturer.

ITAT denied sec. 80-IB relief to assessee as it ceases to be a Small Scale Industrial undertaking

IT: Commissioner (Appeals) has to give convincing reasoning while upholding order of Assessing Officer

Rental income from property equipped with specialized machinery is house property income and not bus

IT: Income derived by assessee from leasing out of its building simplicitor was because of ownership of building and not from personal exertion; hence it was an income from house property and not a business income

Sec. 10A: ITAT directs AO to consider set-off of loss of STP unit after considering recent circular

IT : Where assessee, a STP Unit, claimed set off of loss relying upon CBDT Circular No. 07, dated 16-7-2013, matter was to be remanded for reconsideration

Interest on FD was adjustable against cost of machinery if FD was required to get LC for import of m

IT: Where production had not yet been started and hence, assessee kept available funds in FDRs for obtaining letter of credit required to import machineries, interest income, was liable to be adjusted against pre-operative cost of plant and machinery

HC grants credit of entire fuel as electricity generated out of fuel was used in multiple units of s

Excise & Customs : Word "factory" includes "all units/premises at same place"; therefore, if steam/electricity generated out of fuel (furnace oil) is used for more than one units (DTA & EOU) in same "factory", entire fuel/furnace oil would be eligible for input credit

Investment by Alternate Investment Funds in foreign securities shall be subject to FEMA norms, says

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfr or Issue of Any Foreign Security) (Fifth Amendment) Regulations, 2014 -Amendment in Regulatiion 2 and Substitution of Regulation 26

'Anand Grover' appointed as special public prosecutor for money laundering proceedings of 2G spectru

MONEY LAUNDERING : Section 46 of the Prevention of Money-Laundering Act, 2002 – Application of Code of Criminal Procedure, 1973 to Proceedings before the Special Court - Appointment of Special Public Prosecutor for Conducting Prosecution, Appeals/revisions or Other Proceedings out of Cases under the Said Act Arising out of 2G Spectrum Cases – Notified Special Public Prosecutor

No writ to challenge sec. 148 notice as assessee could file appeal after completion of reassessment

IT: Writ jurisdiction under article 226 cannot be invoked to challenge correctness or otherwise of notices issued under section 148; proper remedy is to file an appeal after reassessment order under section 147

Turnover would include freight if it was paid in advance at the time of preparation of railway recei

CST & VAT: Where assessee, a society, purchased coal from colliery and after transportation distributed same amongst members, since assessee paid freight to railways in advance at time of preparation of railway receipt, freight had to be included in turnover of assessee

No abuse of dominance by parties as they weren't dominant in broadband equipment based on GPON techn

Competition Act : Where OPs were not dominant in relevant market for broadband technology based on GPON technology, no case of abuse of dominance by OPs was made out

A circular or an order or a direction issued by CBDT can’t mitigate sec. 127 powers of CCIT

IT : A circular or a direction or an order issued by the CBDT under section 119 of the Act cannot mitigate the powers of Principal Director General or Director General or Principal Chief Commissioner or CCIT or CIT under section 127 of the Act.

No addition as AO had valued stock by giving lesser discount and there had been tampering in invento

IT : Where stock was estimated by tampering inventory sheets, etc. and allowing lesser deduction which resulted in excessively high GP rate, addition was to be deleted

Sec. 158BD notice held valid as accommodation entry for sale of jewellery was found in books of asse

IT : Notice under section 158BD to assessee was justified where accommodation entry was found in books of a firm regarding sale of jewellery and fact that assessee did not sell jewellery was undisputed

Appeal can be filed on next working day if office of appellate authority is closed on last day of fi

Excise & Customs : Where last day of filing of appeal being 15-11-2013 (Friday) was holiday and 16th and 17th were also holidays being Saturday and Sunday, appeal filed on 18-11-2013 (Monday) was within prescribed period

Assessment held null and void as revenue couldn't demonstrative validity of sec. 143(2) notice: Mumb

IT: Assessment made on basis of invalid notice could not be treated to be valid assessment

CBDT springs surprise with sharp hike in fee for obtaining advance ruling; raises fee up to Rs.10 la

IT/ILT/INDIAN ACTS & RULES : Income-Tax (Twelfth Amendment) Rules, 2014 – Amendment in Rule 44E and Insertion of Form No.34DA

Delay in filing appeal due to filing it before wrong forum was condonable

Service Tax : Where appeal was filed before wrong forum within stipulated time leading to delay in filing appeal before proper forum, said delay must be condoned

Appellant has to make timely disclosure to stock exchange even on receipt of shares on amalgamation

SEBI: Where as a result of amalgamation, appellant acquired shares of a listed company and thus, shareholding of appellant exceeded prescribed limits but he failed to make disclosure of same to relevant stock exchanges, imposition of penalty was justified

Forex loss incurred on purchase of raw material from AE is includible in computing operating mark-up

IT/ILT : Where assessee purchased material from its AE and pricing was done in foreign currency, in such a case, foreign exchange loss suffered due to currency fluctuation was to be included while computing operating mark up earned by assessee

RBI notifies 100% FDI in certain areas of Railway infrastructure

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Fourteenth Amendment) Regulations, 2014 – Amendment in Schedule 1

RBI notifies 49% FDI limit in Defence under Governmental route

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Thirteenth Amendment) Regulations, 2014 – Amendment in Regulation 14 and Schedule 1

Act of assessee of arranging foreign re-insures for Indian Insurance Cos wouldn't amount to export o

Service Tax : Where assessee used to identify re-insurer located abroad for Indian insurance companies and received commission/brokerage in Indian currency from Indian companies, said activity did not prima facie amount to export, as performance was in India and consideration was not in convertible foreign exchange

Entire cost of 'distribution right' re-sold in same year shall be allowed as deduction under Rule 9B

IT: Where assessee had purchased and sold 'distribution rights', they would include and consist of acquisition and transfer of rights to exhibit, broadcast and satellite rights, rule 9B(2)(a) would be applicable

Kerala HC imposed penalty on assessee for not disclosing correct income of abolished HUF in his hand

IT : Penalty to be leviable where if department had not taken up for scrutiny, additional income of assessee from HUF would have gone unnoticed and would have escaped from tax

Principal manufacturer can take credit of duty paid by job-worker on intermediate goods

Cenvat Credit : Since Notification No. 214/86-C.E. is conditional and non-mandatory, job-worker may forego said exemption and pay duty on intermediate goods; and in that case, principal manufacturer can take credit of duty so paid

Exp. on purchase of application software meant for enhancing productivity was revenue in nature

IT-I : While computing deduction under section 80HHE, 90 per cent of net interest income had to be reduced from profits of business and not gross interest income

Appeal can be filed on text working day if office of appellate authority is closed on last day of fi

Excise & Customs : Where last day of filing of appeal being 15-11-2013 (Friday) was holiday and 16th and 17th were also holidays being Saturday and Sunday, appeal filed on 18-11-2013 (Monday) was within prescribed period

Self trade of buying shares at higher price and selling them at lower price amounted to unfair tradi

SEBI : Self trades executed by appellant broker by buying shares at higher price and selling same at lower price were not normal trades and were violative of regulations 3 and 4 of PFUTP Regulations

No denial of sec. 80P relief to assessee if it was credit co-operative bank and not credit co-operat

IT : Where assessee was not a credit co-operative bank but a credit co-operative society, its claim for deduction under section 80P(2)(a)(i) could not be rejected by invoking exclusion clause of sub-section (4) of section 80P

AO should have a cogent reasons for rejecting books of account prepared on basis of bank entries

IT: Once books of account of assessee have been prepared based mainly on bank entries and other details, same should be rejected only by cogent reasoning

No benefit of input tax when dealer didn't disclose actual taxable turnover in return and didn't pay

CST & VAT : Kerala - Benefit of input tax will not be available if dealer does not disclose actual taxable turnover in return and does not pay tax

Addition affirmed on reduced G.P. rate on unaccounted sales as no perversity was pointed out in appr

IT: Where Assessing Officer had rejected books of account of assessee under section 145(3), estimation of gross profits for both years at 20 per cent by Tribunal as against 40 per cent made by Assessing Officer on unaccounted sales was justified as there was no perversity pointed out in approach adopted by Tribunal

ITAT directs TPO to make TP adjustment by excluding comparables with related party transaction excee

IT/ILT : While making computation of ALP under section 92C bench mark of related party transactions is to be adopted at 25 per cent

Mere non-observance of procedure doesn't lead to denial of adjustment of excess service tax paid by

Service Tax : Where assessee had paid excess service tax owing to estimation of its tax liability of operations spread across remote areas as well, such bona fide excess payment may be adjusted against service tax liability of subsequent period even if procedure has not been followed

SEBI prescribes registration guidelines for 'Research Analysts'; provides instructions for filling r

SEBI/INDIAN ACTS & RULES : How to get registered as a research analyst and instructions for filling in Form A

RBI lays down detailed guidelines on computation of 'Liquidity Coverage Ratio'

BANKING : Basel III framework on liquidity standards – Liquidity Coverage Ratio (LCR), liquidity risk monitoring tools and LCR disclosure standards

Banks are no longer required to submit additional information along with their 'Annual Branch Expans

BANKING : Branch Authorisation Policy – Information to be submitted by banks along with Annual Branch Expansion Plan (ABEP)

IRDA asks insurance brokers to compute their net worth as per the method prescribed by Companies Act

INSURANCE : Calculation of NET Worth

IRDA advises insurance brokers to appoint statutory auditors for maximum duration of 5 years

INSURANCE : Appointment of Auditors by Insurance Brokers

NR can make remittance of inherited assets only after payment of applicable taxes in India

FEMA/ILT/INDIAN ACTS & RULES : FEM (Remittance of Assets) (Amendment) Regulations, 2014 – Amendment in Regulations 4 and 7

Haryana Govt. can dispense with the condition of previous notice for amending VAT schedules and Rule

CST & VAT/INDIAN ACTS & RULES : Haryana Value Added Tax (Third Amendment) Ordinance, 2014 – Amendment in Sections 59 & 60 of the Haryana Value Added Tax Act, 2003

Supreme Court admits SLP against HC's ruling holding hiring of cabs on km basis as rent-a-cab servic

Service Tax : Where High Court held that : (a) hiring of cabs on per Km. basis is also liable to service tax under rent-a-cab services; but (b) extended period was not invocable, as assessee held bona fide belief as to non-taxability, Supreme Court admitted cross Special Leave Petitions filed by assessee and revenue

I-T department designed a new functionality for generating MIS of auditable cases under Secs 143(3),

IT : Section 143, read with Sections 144 and 147 of The Income-tax Act, 1961 - Assessment – Functionality for CSIT(Co) for Generation of Mis of Auditable Cases

Forex dealing couldn't be deemed as speculative if it was incidental to the main business of assesse

IT : Once main business of assessee is identified, if some incidental activities or transactions or dealing in foreign exchange is undertaken but that is also related to some extent to main business activity, then, it could not be said that assessee is in speculative business

Machinery installed at premises of other Co. was depreciable as it was used by assessee for its busi

IT : Where machinery purchased by assessee, a pharmaceutical company, was used by other company to manufacture plastic bottles for products of assessee, for business of assessee, it was entitled to depreciation

Transportation cost upto buyer's place is eligible for credit if ownership is transferred at buyer's

Cenvat Credit : Where, as per tenders, price is inclusive of FOR destination delivery at cost of assessee and ownership is transferred only at place of buyer, 'place of removal' would be place of buyer and transportation upto that place would be input service

TPA wasn't liable to withhold taxes on sums remitted to hospitals on settlement of medical insurance

IT: TPA collected amount of medical expenses billed by hospitals on insured persons from insurance companies and remitted same to hospitals, has no TDS liability not under section 194J

No TP adjustments if assessee was benefitted in reciprocal arrangements with its foreign AEs for cou

IT/ILT: TP adjustments had not be made if assessee was actually benefitted from reciprocal arrangements with its foreign AEs + The Assessee demonstrated that it actually benefitted in the arrangement where it delivered inbound packets in India as courier in lieu of delivery of outbound packets by AEs as couriers in their respective country.

Bombay High Court directs DRP to follow ratio of Vodafone’s case on TP issue of undervaluation of sh

IT/ILT: The Bombay High Court followed the case of Vodafone India Services (P.) Ltd. v. Union of India [2014] 50 taxmann.com 300 (Bombay) and held that shortfall received on issue of equity shares (when benchmarked with ALP) to non-resident AE could not be characterized as income from international transaction. Thus, the DRP was directed to follow the verdict of Vodafone (supra) to settle the dispute.

CBDT extends due date of furnishing of returns and audit reports to March 31, 2015 for taxpayers in

IT : Section 119 of The Income-tax Act, 1961 - Income-tax Authorities - Instructions to Subordinate Authorities – Further Extension of Due Date for Furnishing of Return of Income in Cases of Assessees in State of Jammu and Kashmir

Resident undertaking transactions of Rs 100 crores can apply before AAR to determine his tax liabili

IT/ILT : Section 245N(b)(iia) of The Income-tax Act, 1961 - Tax Liability of a Resident Applicant Determined by Authority for Advance Rulings – Specified Resident

One time exp. incurred on club membership fees and ISO certification allowable as revenue expenditur

IT : One time expenditure incurred by assessee for club membership fee is allowable as business expenditure

In case of provisional assessment, refund claim can be filed in 1 year of finalization of provisiona

Excise & Customs : Where assessments are on provisional basis and are yet to be finalized, question of limitation would not arise; hence, period of one year for filing refund claim of Special Additional Duty (SAD) of customs would be counted from date of finalization of provisional assessment

Issue of fraud couldn't be raised as preliminary objection to dismiss petition for rectification of

CL: Disputed questions of fact relating to fraud and fabrication of documents cannot be raised as a preliminary objection at threshold to dismiss petition under section 111/111A