AO couldn’t pass attachment order if assessee had filed appeal against such order alongwith stay app

IT : Where assessee filed an appeal challenging order of assessment within time period prescribed under section 246 alongwith a stay application, Assessing Officer could not pass an order of attachment in terms of section 281B during pendency of said appeal

There could be no motive in mis-declaration of value when goods were wholly exempt

Excise & Customs : Where, based on opinion of expert body, Tribunal found that : (a) goods were software and exempt from duty and (b) declared value thereof was not excessive, said findings, being findings of fact, were not to be interfered with

Union Cabinet nods to protocol amending India-Turkmenistan DTAA

IT/ILT/INDIAN ACTS & RULES : Section 90 of the Income-Tax Act, 1961 – Double Taxation Agreement – Agreement fsor Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Protocol Amending Convention Between India and Turkmenistan

Prawns are non-agricultural produce; no excise exemption on gas compressors used for storage of praw

Central Excise : Shrimps/Prawns cannot be treated as agricultural produce; hence, goods meant for preservation, etc. of 'Shrimps/Prawns' cannot be exempted under Notification No. 6/2002-CE

Imported Wax used for coating can't be treated as consumable for availing concessional duty

Central Excise : Imported Wax used for 'wax coating' on cotton yarn, is a 'raw material' and not 'consumable'; therefore, owing to use of imported raw material, assessee-EOU cannot avail concessional rate of duty on DTA clearances under Notification 8/97-CE

Condition of recording satisfaction u/s 153C can't be bypassed even if AO of searched person and oth

IT: Recording of satisfaction by Assessing Officer having jurisdiction over person searched is an essential and prerequisite condition for bestowing jurisdiction to Assessing Officer of 'other person' under section 153C; even where Assessing Officer of searched person and such other person is same, Assessing Officer has to carry out dual exercise, first as Assessing Officer of person searched in which he has to record satisfaction and second as Assessing Officer of 'other person'

Sum paid to clear mortgage can't be held as exp. incurred in connection with transfer under sec. 48

IT: Amount spent a discharge of mortgage created by assessee after acquiring property, would not be deductible as expense under section 48(1)(i)

Refund of wrongly paid ST under reverse charge not hit by principle of unjust enrichment

Service Tax : Service tax wrongly paid by a sole-proprietorship under reverse charge on Goods Transport Agency's Services is refundable along with interest and bar of unjust enrichment would not apply thereto

Prior to 16-5-2008, services for starting of software couldn't be taxed as management consultancy se

Service Tax : Services relating to implementation of software cannot be taxed under Management Consultancy Services; it is taxable under Information Technology Software Services only from 16-5-2008

No rectification to disallow depreciation if it wasn't clear when asset was put to use

IT : In respect of rejecting assessee's claim for excessive depreciation, issue as to when assets were actually put to use during relevant year was a debatable issue and, thus, rectification order passed by Assessing Officer in respect of said issue was not sustainable

No input tax credit of VAT paid on coal which was used as fuel in manufacturing

CST & VAT : West Bengal VAT - Where assessee purchased coal after payment of VAT and used same both as raw material and fuel in manufacture of sponge iron, it was entitled to input tax credit only on that part of purchase price of coal which was utilised solely as raw material

Contract to build body of buses on chassis held as sale and not works contract

IT: Where assessee handed over chassises to fabricating agency on account of its expertise with an understanding that bus as a finished product would be delivered to assessee, said activity was a sale not works contract and assessee was not liable to TDS on payment to said agency

High Court rejects sec. 292C presumption for treating seized docs as true/correct; disallows exp.

IT : Section 292C provides that where any document is found in possession or control of any person in the course of search, then it may be presumed that the contents of such documents are true and correct. However, in the instant case, the documents (in respect of alleged expenditure) found during the course of the search did not indicate the name of payee and payer. Therefore, even if the presumption of Section 292C is to be applied and the documents are accepted as true, it would not lead to t

IRDA advices insurers to issue electric-motor insurance policies in e-form in State of Telangana

INSURANCE : Issues pertaining to issuance of Electronic Motor Policies

ROC to consider fast track exit of defunct-co. which doesn't have any outstanding dues: Kerala HC

CL: Where there was no amount outstanding in name of petitioner-company and there was no recovery proceedings were pending, it was proper for Registrar to consider application under scheme formulated by Central Government for fast track exit of defunct companies and till then prosecution was to be stayed

Now Govt. or RBI can permit Cos to issue debentures of 10 years or more term

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Companies (Share Capital and Debentures) Third Amendment Rules, 2015 – Amendment in rule 18

Govt. hikes excise duty on petrol and diesel by Rs 1.60 and Rs 0.40 per litre, respectively

EXCISE/NT : Omnibus general exemption to goods specified in chapters 1 to 98 of tariff – Amendment in Notification No. 12/2012-C.E., dated 17-3-2012

CIT could make revision when AO failed to follow directions of ITAT to verify docs for sec. 11 relie

IT : Where Assessing Officer failed to discharge his legal obligation under remand order passed by Tribunal to ascertain truth of statement furnished by assessee regarding its claim under section 11 by means of verification with account books, Commissioner rightly invoked section 263 and remanded case to Assessing Officer to pass a fresh order in accordance with said remand order

CIT(Exemptions) directed to strictly adhere to 6 months deadline while passing orders under Sec. 12A

IT : Section 12AA of the Income-tax Act, 1961 – Charitable or religious trust – Registration procedure – Strict adherence of prescribed time limit in passing order under section 12AA

Swachh Bharat Cess of 0.5% leviable from Nov. 15, 2015; Service tax rate raised to 14.5%

ST/N : Section 119 of the finance act, 2015 – Swachh Bharat Cess – Exemption to all taxable services from payment of such amount of Swachh Bharat Cess leviable under section 119(2) of said act, which is in excess of Swachh Bharat Cess calculated at rate of 0.5 per cent of value of taxable services