SSI can simultaneously avail exemption for unbranded clearances and pay duty on branded clearances w

Central Excise : Clearances made with other's brand : (i) are governed by normal provisions of Act, (ii) are liable to duty with benefit of Cenvat credit; and (iii) are outside scope of SSI-exemption notification; and, therefore, mere taking of Cenvat Credit thereon cannot lead to denial of SSI-exemption on unbranded clearances

No disallowance of interest if assessee had given interest free advances to AE out of its own funds

IT: Where no loan from any bank had been raised by assessee for advancing loans to its sister concerns as funds so advanced were generated from assessee's own revenues, interest could not be disallowed under section 36(1)(iii)

Mere supervising of movement of Coal from collieries to factory can't be held as C&F services

Service Tax : Merely supervising loading/handling of coal and movement from collieries to client's factories, without any role in clearance of coal from collieries, cannot amount to 'Clearing and Forwarding Services'; hence, not liable to service tax

A software product co. which comes under category of KPO isn't comparable to software development co

IT/ILT: Companies engaged in product engineering services or in KPO services having huge revenues from software products or in sale of software licenses or having extraordinary events which affected their performance could not be comparable to assessee a software development services company for purpose of TP study

Govt. has notified interest rate of 2.25% and 2.50% under Gold Monetization Scheme: RBI to banks

IT/BANKING : Gold Monetisation Scheme, 2015 – Interest Rate

No credit available for duty paid through DEPB Scrips, rules Madras HC

Cenvat Credit : Where DEBP scheme specifically barred taking of credit of CVD not paid in cash, assessee cannot take credit of CVD paid by debit to DEPB scrip

Payment of hoarding charges are liable to sec. 194C TDS and not sec. 194-I TDS

IT : Where assessee, engaged in business of advertising and marketing communication services, availed services of creative consultants, it was required to deduct tax at source under section 194J while making payments to them

SLP granted against HC's decision that Indian-subsidiary of E-Fund couldn't be treated as PE in Indi

IT/ILT : SLP granted against High Court's ruling that where an assessee does not have any branch office or factory or workshop in India and merely because it has a subsidiary in India that by itself does not create a fixed place of business/location PE within meaning of article 5, paragraph 2, sub-clauses (b) to(k) of India-US DTAA

Credit of EC and SHEC can be used to pay service tax: CBEC

ST/INDIAN ACTS & RULES : Cenvat Credit (Fifth Amendment) Rules, 2015 – Amendment in Rule 3

CIT(A) has to submit additional evidence to AO even if it is nature of clinching evidence

IT : Even if additional evidence produced by assessee are in nature of clinching evidence leaving no further room for any doubt or controversy, Commissioner (Appeals) is under statutory obligation to put additional material/evidence taken on record by him to Assessing Officer

SIT asks MCA to take action against persons holding directorship in more 20 companies

COMPANIES ACT, 2013 : Special Investigation Team (Sit) Calls For, among Others, Greater Vigilance by Law Enforcement and Intelligence Agencies in Cases of Persons Holding Directorship in More Than 20 Companies

Trust need not file any Form for accumulation of income upto 15% of receipts

IT: Assessee is entitled to flat deduction without any condition or formality of filing Form No. 10, if income is accumulated or set apart for application of objects of trust in India, to extent to which income so accumulated or set apart does not exceed 15 per cent of income

Co. rendering marketing support services can't be a comparable for co. providing agency services

IT/ILT : For a company rendering marketing support services for mineral processing equipment, a company providing agency service in metals and fertilizers or trading in chemical or engaged in air ticketing and selling holiday package or publishing newspaper, could not be comparable; company having more than 15 per cent related party transactions could also not be accepted as comparable

Trust entitled to sec. 11 relief on conducting trade fair outside India as Govt. grant was given for

IT: Where in support of its claim for exemption under section 11, assessee brought on record grant sanctioned letter of Ministry of Commerce and Industry showing that said amount of grant had to be spent outside India for some specific purposes such as trade fairs etc., matter was to be remanded back for reconsideration of assessee's claim

Provisions of sec. 13 can't be invoked at the time of granting registration under sec. 12AA

IT : Provisions of section 13(1)(b) cannot be invoked at time of granting registration under section 12AA

HC directed ROC to file criminal complaint against respondent for making false statements during win

IT : Since respondents at time of winding proceedings had made false statements which constituted an offence of giving false evidence, Registrar was directed to file complaints under section 340 of Code of Criminal Procedure, 1973, read with sections 191, 193 and 209 of the Indian Penal Code 1860 Indian Penal Code

Interest income of banks from investment in non-SLR securities to be deemed as business income: CBDT

IT : Section 80P of the Income-Tax Act, 1961 – Deduction – Income of Co-Operative Societies - Interest From Non-SLR Securities of Banks

Even for period prior to 16-6-2005, 'TR-6 challan' was proper document for claiming legitimate credi

Cenvat Credit : For period upto 15-6-2005, when rules did not prescribe any document for taking credit of GTA services, TR-6 challan has to be considered as a proper document evidencing payment of tax; hence, credit taken on basis of TR-6 challan was valid.

No cessation of liability under sec. 41(1) just because liability was more than 7 years old

IT : Where AO made addition under section 41(1) in respect of amount payable by assessee to a creditor, since there was no act of remission or cessation of said liability, mere fact that liability was more than seven years old, could not be a ground to make impugned addition

Penal charges on EMI default is taxable on receipt basis

IT: Where in terms of agreements, which enabled assessee company to demand additional finance charges was only an enabling provision and recovery of same was not certain, same was taxable on cash receipts basis and not on accrual basis