Govt. empowers CAs/CMAs nominated as special auditors, to conduct ST audits

ST LAWS : Service Tax (Third Amendment) Rules, 2014 - Amendment in rule 5A

SLP granted against HC’s order holding that dearness relief received by retired judge was profit in

IT: Supreme Court granted SLP against High Court order where it was held that dearness relief received by a retired judge is profit in lieu of salary under section 17(3)(ii)

Assessee wasn't dependent agent of NR as it didn't have authority to conclude contract and product l

IT/ILT : Where Assessing Officer included reimbursement of expenses for computing commission income but did not examine relevant agreement between parties matter should be remanded back

White Label ATMs can accept international credit or debit cards and allow facility of currency conve

BANKING : Guidelines on White Label ATMs (WLAs) in India

Non-filing of ARE-1 is procedural compliance; rebate claim is available if export of goods is establ

Excise & Customs : If there are other proofs of export of goods (e.g., shipping bill, rotation number, sailing date, etc.), then, rebate claim must be allowed and insistence on procedural compliance of filing of original or duplicate ARE1 is uncalled for.

Appeal against recovery certificate of SEBI had become infructuous on receipts from appellant's depo

SEBI : Appeal filed by appellant against recovery certificate issued by SEBI based on final fee liability statement was devoid of merits and had become infructuous on SEBI receiving payments from deposits of appellant lying with NSE

Bona-fide belief regarding non-taxability of service was a valid cause for non-payment of ST; penalt

Service Tax : Where assessee was under bona fide impression that service was not liable to service tax, same constitutes a 'reasonable cause' for failure to pay service tax and, therefore, penalties are required to be waived under section 80

No addition alleging unexplained investment in Car as revenue hadn’t established that assessee had p

IT: Whether amount of total income and agricultural income declared by assessee was sufficient enough to explain sources for Rs.50,000, there was no justification in confirming addition of said amount towards purchase of property

SC: Retracted statement doesn't determine culpability of appellant under FERA without independent ev

FEMA: In absence of independent evidence of corroborative nature, retracted statement of appellant could not constitute exclusive basis to determine culpability of appellant under section 9 of FERA

Supari containing betal nuts, Cardamon and Clove is Scented Supari; liable to tax at 14% under UP VA

CST & VAT : UP VAT : Where on each pouch of supari seized from a vehicle contents were mentioned as Pooja Sugandhit Supari and ingredients were mentioned as Betel nut, Cardamom, Clove, Contains added flavour, supari was Scented supari liable to tax under U.P. VAT Act as unclassified item

Settlement application had to be verified first by Joint Commissioner before determining sum payable

CST & VAT : Tamil Nadu Sales Tax - Where assessee submitted applications under section 5(1) of Tamil Nadu Sales Tax (Settlement of Arrears) Act, 2011 for settlement, first of all application should be verified by Joint Commissioner and only thereafter determination of amount payable by assessee could be arrived at

MAT Cos weren't liable to pay interest under secs. 234B and 234C prior to verdict of SC in Rolta Ind

IT : No advance tax was payable on MAT computed under section 115JB; resultantly no interest under sections 234B and 234C could be levied

CIT made revision as AO had granted sec. 11 relief to a yoga ashram without considering proviso to s

IT : Where Assessing Officer allowed assessee's claim for exemption of income earned from yoga, ayurvedic treatment etc. without taking into consideration fact as to whether assessee's objects fell under category of 'advancement of any other object of general public utility', Commissioner was justified in setting aside said assessment order in exercise of his revisional power under section 263

Estimation of income by AO without disclosing to assessee materials relied upon by him wasn't justif

IT: Where some discrepancies were detected in books correctness of which was not contradicted by assessee Assessing Officer was justified in rejecting books of account

CHA isn't a better expert than Custom Officer in customs valuation matters

Excise & Customs : A CHA cannot be expected to be a better expert on customs valuation than customs officer; hence, his license cannot be revoked merely because he did not advise importer/revenue to add certain expenses in value, especially when there was no evidence that he was aware that said expenses were includible

Direct recovery had to be made by garnishee proceedings as assessee didn't pay duty within 30 days o

Excise & Customs : Rule 8 of Central Excise Rules, 2002 operates in such a manner that after 30 days of default in payment of duty, if assessee still utilizes credit, department is obligated to proceed against assessee to recover arrears in terms of Excise section 11; hence, recovery by garnishee proceedings was valid

No penalty for inadvertently filling 'no' response in column seeking info about tax audit

IT : Where assessee company at time of filing its e-return had inadvertently filled column regarding details of audit under section 44AB wrongly as 'No', penalty under section 271B would not be leviable

Exp. incurred by assessee on leasehold land to make it suitable for business was in nature of revenu

IT : Expenditure incurred for making leased land usable for business would be 'revenue expenditure'

TPO had to include Forex gain in operating revenue if forex loss was included in operating cost to c

IT/ILT: A company rendering high end services cannot be comparable to company rendering low end supportive services

HC directed tribunal to consider all correspondence/does on record for determination of extended per

Excise & Customs : Where Tribunal failed to consider all correspondence/documents on record necessary for determination of availability of extended period, High Court said order and remanded matter back to Tribunal for consideration afresh

Refreshment exp. incurred on customers aren't entertainment exp.; couldn't be disallowed

IT : Where Assessee received payment on damages for non-performance of contract by seller, said payment was to be treated as business income and not as speculative transaction

HC sets aside CBDT’s order u/s 119 refusing to admit belated refund claim filed by a habitual late f

IT : CBDT could not refute admitting belated refund claim filed by an assessee on the ground that assessee was a habitual late filer of return of income and wanted to avoid scrutiny by late filing, especially when there was no malafide intension of assessee behind late filing of return

Finmin notifies Sukanya Samriddhi Accounts Rules, 2014

IT/INDIAN ACTS & RULES : Sukanya Samriddhi Account Rules, 2014

The term 'deposit' under DICGC Act excludes amount transferred to 'Depositor Education and Awarenes

INSURANCE/SEBI : Exemption of Deposits Credited to Depositor Education and Awareness Fund in Terms of Section 2(g)(ia) of the DICGC Act, 1961

CCI tweaks norms relating to procedure for engagement of experts and professionals

COMPETITION LAW/INDIAN ACTS & RULES : Competition Commission of India (Procedure for Engagement of Experts and Professionals) Amendment Regulations, 2014 – Amendment in Regulation 8 and Substitution of Specified Words

Impermissible deposits by trust would lead to denial of sec. 11 relief only on income from deposits;

IT: In case of a charitable trust, it is only income from investment or deposit which has been made in violation of section 11(5) that is liable to be taxed and violation under section 13(1)(d) does not tantamount to denial of exemption under section 11 of total income of assessee-trust

ITAT grant benefit of reduced penalty of 25% as per-deposit was sufficient to cover all dues alongwi

Excise : If assessee had made pre-deposit in year 2000 as per stay order of Tribunal and matter was remanded back and fresh adjudication order was passed in year 2004 and said pre-deposit is enough to cover duty, interest and 25 per cent penalty, said adjudication order cannot levy penalty more than 25 per cent of duty

RBI releases charter of customers rights; advises Indian Bank's Association to frame 'Model Customer

BANKING : RBI Releases Charter of Customer Rights

Factoring charges couldn't be treated as interest to attract TDS under sec. 194A, rules Calcutta Hig

IT : Discounting charges of bill of exchange and factoring charges of sale could not be treated as interest; hence, assessee was not liable to deduct TDS on it

Rule 5 providing for deemed production would apply even after change in parameter leading to reducti

Excise & Customs : Rule 5 of Hot Re-rolling Steels Mills Annual Capacity Determination Rules, 1997 would apply even in case of change in capacity leading to reduction; hence, capacity for payment of duty would be capacity as so re-determined or actual production of financial year 1996-97, whichever is higher

Interest on occasional loan disbursal won't constitute business income; no set off of unabsorbed los

IT : Provision of section 94(8) can not be applied to assessment year 2004-05

VAT authorities couldn't deny amendment to registration certificate on change in constitution of ass

CST & VAT : UP VAT : Where assessee was initially registered under U.P. VAT Act as a proprietorship firm and subsequently constitution of proprietorship firm was changed to a partnership firm and thereupon assessee made application for amending registration certificate, rejection of application on plea that change in constitution was in contravention of provisions of Explanation (II) to section 17(14) and rule 35 was wrong

Jewellery found in search treated as unexplained as status of family didn't require its holding in h

IT: Excess of gold jewellery found during search would be treated as unexplained investment in absence of any explanation offered by assessee, that status of family and custom and practices of community required holding of such jewellery

RBI releases charter of customer rights; advises Indian Bank's Association to frame 'Model Customer

BANKING : RBI Releases Charter of Customer Rights

RBI asks banks to increase penetration of mobile banking usage

BANKING : Mobile Banking Transactions in India – Operative Guidelines for Banks

TP adjustment set aside as functionally inappropriate comparables were selected by TPO

IT/ILT: Where TPO made addition to assessee's ALP in respect of software development services rendered to AE on basis of arithmetic mean of comparables selected by him, some comparables being inappropriate on account of functional difference had to be excluded and consequently no transfer pricing adjustment would be required to be made

Commissioner (Appeals) had to hear appeal when writ was dismissed by HC on availability of appellate

Excise & Customs : When High Court dismissed writ petition holding, in clear terms, that appeal lies before Commissioner (Appeals), then, said Commissioner (Appeals) has no option to adjudicate maintainability of appeal; he was bound to proceed with hearing of appeal on merit

CLB directs minor group to sell their shares to controlling group as there was no solution for oppre

CL : Where there was effort to siphon off company's fund, further controlling group issued additional shares in oppressive manner and no amicable solution was possible, minor group was to be directed to sell their shares to controlling group

HC directs assessee to respond to notices of department requiring info on exemption claimed by asses

CST & VAT: Tamil Nadu VAT : Where assessee in return filed claimed concessional rate of tax and also claimed exemption from tax and Assessing Authority issued on assessee various notices under section 25 of Tamil Nadu VAT Act requiring it to furnish details/documents and assessee filed writ petition to quash notices stating that same were issued in violation of provisions of section 22(2), assessee was directed to respond to notices

SC admits SLP against HC's order rejecting revisional proceedings on sec. 80-IB relief allowed by AO

IT: SLP granted against order of High Court where it was held that question as to when undertaking has commenced development and construction is a debatable issue and when Assessing Officer has taken one plausible view, revision could not be initiated

No ST on usage of spare parts/ consumables in servicing of vehicle if they have been charged to VAT

Service Tax : Cost of spare parts or accessories or consumable such as lubricants and coolants provided/used during servicing of vehicles, which was charged to VAT/sales-tax, is not includible in value of Authorised Service Station Services and is exempt under Notification No. 12/2003-ST, dated 20-6-2003

No appeal could be filed before HC to challenge an interim order of Tribunal unless it's followed by

IT : Assessee can question interim order of Tribunal in an appeal after final orders are passed by Tribunal by raising it as a ground in memo of appeal

Income earned by foreign co. was business profit and it wouldn't be taxable as foreign co. Had no PE

IT/ILT : Where assessee foreign company received fee from Indian company, said fee was to be considered as commercial profits pursuant to DTAA between them and as assessee had no PE in India, same could not be taxed in India

Welding electrodes used for repairing of plant and machinery are eligible for credit

Cenvat Credit : 'Welding electrodes' used in manufacturing plant for repairs and maintenance of plant and machinery for manufacture of excisable goods are eligible for credit as input/capital goods

Respondent's conduct of appointing additional director without intimating petitioner-director was op

CL: Where acts of respondents such as allotment of additional shares, appointment of additional director, etc. behind petitioner's back were oppressive to his legitimate rights, thus in view of bitter relations between rival groups, petitioner was to be directed to sell his shareholding in company

Govt. sets-up High Level Committee to ascertain areas where clarity is required in tax laws

IT/ILT/GST : Government Sets up a High Level Committee (HII) to Interact with trade and Industry on Tax Laws

RBI lays out guidelines for setting-up and operating 'Trade Receivables Discounting System'

BANKING : RBI Releases Guidelines for Setting up of and Operating TreDS

Meaning of 'person', 'resident in India' and 'NR' can't be derived from FEMA for norms on issue of s

FEMA/ILT/INDIAN ACTS & RULES : FEM (Transfer or Issue of Security by a Person Resident Outside India) (Fifteenth Amendment) Regulations, 2014 – Amendment In Regulation 2

Govt. sets-up High Level Committee to ascertain areas where clarity is required in tax laws - PIB

IT/ILT/GST : Government Sets up a High Level Committee (HII) to Interact with trade and Industry on Tax Laws

RBI doubles max ceiling limit of KYC compliant pre-paid wallet; raises validity period of gift cards

BANKING : Relaxations in Issuance and Operation of Pre-paid Payment Instruments (PPIs) in India

Scrutiny notice served on next working day held valid as due date was Sunday; SC dismissed SLP

IT : Notice under section 143(2) having been served upon assessee on very next working day due date being Sunday, was valid

Sec. 263 limitation period would begin from date of assessment if impugned issue wasn't dealt with i

IT : Where jurisdiction under section 263 ought to be exercised with reference to an issue which was covered by original date of assessment under section 143(3) and it did not form part of re-assessment, limitation must necessarily begin to run from order under section 143(3)

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