No reassessment due to TDS default on royalty payment if its details were available at assessment st

IT : No reassessment due to TDS default on royalty payment if its details were available at assessment stage

Sec. 158BD notice was invalid if issued after one year of completion of block assessment of searched

IT : Where assessee, was issued with notice under section 158BD in respect of assessment of other persons, in a year after completion of assessment, notice could not be held to be a valid notice as same was to be issued immediately

ITAT allows sec. 80-IB relief on sum surrendered during survey as it was received for booking of hou

IT : Where certain amount was received for booking flat in house project developed by assessee and assessee did not have any other business activity during year under consideration, Assessing Officer was not justified in holding that said amount was income from other sources and deduction was to be allowed under section 80-IB(10) on said sum

Unexplained Jewellery placed in locker shall be assessed in year of opening of locker by revenue

IT: In terms of section 69A, assessee would be treated in possession of jewellery, from date of opening of locker, i.e., when jewellery was found and seized by revenue, and would be added to his income accordingly

Unabsorbed depreciation to be set-off even if business isn't carried on if income is taxable under s

IT : Where once amount realized by assessee by sale of building, plant and machinery was treated as income arising out of profits and gains from business by virtue of sub-section (2) of section 41 notwithstanding fact that assessee was not carrying on any business during relevant assessment year, provision contained in sub-section (2) of section 32 would become applicable and, consequently, set-off had to be given for unabsorbed depreciation allowances of previous year brought forward in terms o

Unabsorbed depreciation to be set-off even if business isn't carried on if income is taxable

IT : Where once amount realized by assessee by sale of building, plant and machinery was treated as income arising out of profits and gains from business by virtue of sub-section (2) of section 41 notwithstanding fact that assessee was not carrying on any business during relevant assessment year, provision contained in sub-section (2) of section 32 would become applicable and, consequently, set-off had to be given for unabsorbed depreciation allowances of previous year brought forward in terms o

No concealment by treating share capital as income of assessee if its details were furnished in regu

IT: Where assessee furnished all information relating to increase in share capital in regular proceedings, levy of concealment penalty was unjustified

Plea to investigate into alleged bid rigging rejected as it wasn’t proved that entities were owned b

Competition Act: Where appellant alleged that respondent No. 1 along with two other bidders had indulged in cartelization and was guilty of bid rigging, however, he did not produce any document to prima facie prove that all three entities were owned by one person or same family, Commission rightly observed that no case for ordering an investigation into allegations contained in complaint was made out

Even in case of large scale fraud, recovery can't be made beyond 5 years of relevant date

Excise & Customs : Merely because fraudulent availment of exemption/bond is of great magnitude and is admitted does not mean that recovery can be made at any time; recovery can be made within 5 years from relevant date and there is no provision to consider 'date of knowledge of department' as relevant date

COMPAT rejected plea to investigate into alleged bid rigging as appellant failed to prove that entit

Competition Act: Where appellant alleged that respondent No. 1 along with two other bidders had indulged in cartelization and was guilty of bid rigging, however, he did not produce any document to prima facie prove that all three entities were owned by one person or same family, Commission rightly observed that no case for ordering an investigation into allegations contained in complaint was made out

Cutting of lengthy conveyor belt into smaller isn't manufacture

Excise & Customs : Mere cutting of lengthy conveyor belt into smaller sizes would not amount to manufacture; more so, as revenue failed to show that as a result of said cutting, it was transformed into a new product which was a marketable product

Tribunal can't examine validity of review order passed by Committee of Chief Commissioners

Service Tax : Tribunal cannot examine validity of review order, beyond factum as to whether or not a decision has been taken by a Committee of Commissioners/Chief Commissioners to institute appeal; if decision has been taken, Tribunal cannot examine why and how was said decision taken, as such a review is an administrative act

Income from display of rough diamonds in Special Notified Zone won't be taxed : FinMin

INCOME FROM DISPLAY OF ROUGH DIAMONDS IN SPECIAL NOTIFIED ZONE CARRIED OUT ON OR AFTER 1-4-2015 NOT TO BE TAXABLE UNDER PROVISIONS OF INCOME-TAX ACT, 1961

A trust can’t be taxed as an AOP in respect of income which is already clubbed in hands of its benef

IT : Where assessee-trust claimed that pursuant to provisions of sections 61 to 63 income earned by it had been included in returns of income of beneficiaries of trust and offered to tax directly by them and, therefore, effective income taxable in its hands was to be considered as nil, Assessing Officer was wrong in concluding that assessee and beneficiaries constituted an association of persons and assessing assessee as an association of persons

Dept. must specify default committed by assessee in SCN without which demand is invalid

Excise & Customs : Mere passing reference to a section in show-cause notice, without any supporting omissions or commissions by assessee supporting invocation of said section, cannot validate demand under said section

Dept. must specify default committed by assessee in SCN without demand is invalid

Excise & Customs : Mere passing reference to a section in show-cause notice, without any supporting omissions or commissions by assessee supporting invocation of said section, cannot validate demand under said section

Directors can't approach different High Courts to quash FIR for fraud and cheating filed at Delhi

CL: Where allegations of cheating and fraud had been levelled against partners of company, regarding which FIR had been registered in Delhi, Delhi Court had summoned accused and Magistrate at Delhi had taken cognizance of matter, petitioners could not have approached a different High Court for quashing of complaint

Penalty levied on financer as he failed to offer explanation for accepting or repaying cash loans ab

IT: Where assessee accepted and repaid loan exceeding Rs. 20,000 in cash from/to money lender repeatedly, even when transaction took place in a major city and offered no explanation regarding urgency or compulsion, levy of penalty was in consonance with law

Hexidine and Hexigel would fall in category of ‘drugs & medicines’ under West Bengal Sales Tax Act

CST & VAT : West Bengal VAT - Products 'Hexidine' and 'Hexigel' were drugs and medicines falling under Entry No. 24(iv) of Part A of Schedule IV of West Bengal Sales Tax Act, 1994

No incurrence of exp. on services provided by assessee proved that it had outsourced services to AE;

IT/ILT: Where assessee was not incurring any expenditure in respect of services claimed to be received from AE, assessee's claim that it was outsourcing services was acceptable and no transfer pricing adjustment was called for