Sec. 11 relief denied to micro financer as it was carrying its activities in commercial manner

IT : Where assessee was carrying on micro finance business in a commercial manner, its activities fell under category of 'advancement of any other object of general public utility' and thereby hit by proviso to section 2(15) disentitling it from exemption

Raw material cost where no risk taken by contract manufacturer excludible to compute PLI

IT/ILT: Where JMIPL, a contract manufacturer in a capital intensive industry, and car manufacturer MUL agreed on an arrangement where JMIPL would sell finished catalysts to vendors of MUL under instructions of MUL and JMIPL was obliged to procure raw material on instructions of MUL at a price dictated by MUL from source selected by MUL and JMIPL was entitled to a per unit fixed manufacturing charge whereas entire cost of raw materials passed on to or recovered from ultimate customer without any

Raw material cost excludible to compute PLI where no risk taken by contract manufacturer

IT/ILT: Where JMIPL, a contract manufacturer in a capital intensive industry, and car manufacturer MUL agreed on an arrangement where JMIPL would sell finished catalysts to vendors of MUL under instructions of MUL and JMIPL was obliged to procure raw material on instructions of MUL at a price dictated by MUL from source selected by MUL and JMIPL was entitled to a per unit fixed manufacturing charge whereas entire cost of raw materials passed on to or recovered from ultimate customer without any

Job worker couldn't be treated as agent just because assessee had given loan to it for buying machin

Excise & Customs : Merely because principal manufacturer has extended loan to job-worker for investment in machinery, job-worker cannot be regarded as dummy of principal manufacturer

Payment made for painting, fixing false ceiling and certain civil work in rented business premises i

IT : Where assessee, a share broker, suffered loss on account of misdeals in purchase and sale of shares by actual delivery, or trading in derivatives in a recognised stock exchange, said loss was to be regarded as business loss which could be set off against its brokerage income

Deepak Singhal appointed as new Executive Director at RBI

SEBI : Shri Deepak Singhal Takes Over as The New Executive Director at Rbi

SEBI releases FAQs on delisting of equity shares

SEBI : Frequently Asked Questions on Sebi (Delisting of Equity Shares) Regulations, 2009

Value of vacant land to be taken over by Govt. can't exceed compensation amount

IT: Where vacant land in excess of ceiling limit under Ceiling Act, which was going to be taken over by Government, would not fetch more than Rs. 2 lakhs, Assessing Officer was not justified in working out value of vacant land by determining what it would have fetched, if it were sold in open market

Dept. can't file FIR against assessee due to default in payment of service tax

Service Tax : Finance Act, 1994, being a special and complete Code, prevails over general provisions of IPC and, accordingly, for alleged non-payment of service tax, department cannot filed FIR under provisions of IPC

TNNM should be used as residuary method and not CPM if data is imperfect

IT/ILT : CPM is not a residuary method in the sense that if every other method of ascertaining the arm's length price fails, CPM can be applied on the basis of imperfect data. If at all there is a residuary method, or what is termed as the method of last resort, it is transactional net margin method. TNMM has almost become the 'default' method for taxpayers in recent years

Winding up plea dismissed as co. refused to pay debt to a CA firm due to existence of bona fide disp

CL : Where petitioner firm failed to prove that respondent company was insolvent in commercial sense and company's refusal to pay debt to petitioner, a chartered accountancy firm, was as a result of bona fide dispute, company was not liable to be wound up

Individual import deal of cashew can't be compared with its avg. price published in Bulletin of cash

IT/ILT : While computing ALP it was wrong to compare individual transactions of import of raw cashew with monthly average price published in cashew Bulletin of cashew Export Council

Request for cross-examination of witness can't be denied just because it would delay adjudication

Excise & Customs : In absence of any extraordinary circumstances, denial of cross-examination citing that 'there is no requirement in law' or 'it would delay adjudication' was unjustified and said denial vitiated entire adjudication and, therefore, demand was set aside

Govt. releases FAQs on Gold Bond Scheme

IT/BANKING : Frequently Asked Questions on Sovereign Gold Bonds Scheme, 2015

Resale price method to be adopted for benchmarking transaction of seeds imported from AE for resale

IT/ILT : Where selection of TNMM by department had been found to be inappropriate by Tribunal in earlier years and assessee's RPM had been accepted on identical facts, TPO was directed to adopt RPM as most appropriate method for benchmarking assessee's transaction of import of seeds to its AE in relevant year

Govt. notifies Gold Bond Scheme; investment window will open from Nov 5, 2015

IT/BANKING : Sovereign Gold Bonds Scheme, 2015

No denial of sec. 80-IB relief on entire housing project due to non-completion of construction of fe

IT: Fact that assessee, a builder, had not completed construction of all blocks of housing project, within stipulated period, would not deprive assessee from availing of deduction under section 80-IB (10) in respect of each of completed block on stand alone basis

High Court unhappy with AO for overlooking stay application; directed him to consider the same

IT : In view of Instruction No. 1914 Assessing Officer has got ample power to dispose of stay application during pendency of appeal in which demand is disputed; if Assessing Officer had completely overlooked stay application, he had to consider same

Concrete sleepers used for laying railway line aiding in transportation of goods are eligible inputs

Cenvat Credit : Concrete sleepers used for laying railway line for movement of goods between plant facilities installed within factory premises; and JO trucks for movement of nitrogen and oxygen gas cylinders within factory, are eligible for Cenvat credit as 'input'

Modifications in revised framework for revitalizing distressed assets shall also be applicable to NB

NBFCs : Early Recognition Of Financial Distress, Prompt Steps For Resolution And Fair Recovery Of Lenders : Framework For Revitalising Distressed Assets In Economy – Review Of Guidelines On Joint Lenders' Forum (JLF) And Corrective Action Plan (CAP)