Loss incurred on forex derivative contracts aren't speculative loss

IT : Where assessee, engaged in manufacturing and export of garments entered into forex derivative contracts and incurred loss, such loss was to be regarded as business loss which could be set off against business income of assessee

CBEC releases FAQs on Swachh Bharat Cess

EXCISE : Frequently Asked Questions (FAQs) on Swachh Bharat Cess (SBC)

Insurance services availed from foreign insurer for stock lying in foreign warehouse eligible as inp

Cenvat Credit : Service tax paid on insurance services received for insurance of (a) existing as well as retired employees, and (b) stock stored in foreign warehouses, is eligible for input service credit

Penalty levied on assessee for accepting cash loan as it failed to prove that such receipt was from

IT : Where assessee failed to prove that he had received Rs. 15 lakhs in cash towards advance for sale of property, AO was justified in holding that it was infact a loan received in violation of provisions of section 269SS and, thus, penalty order passed under section 271D was to be confirmed

Mere reading of docs for Octroi clearances doesn't amount to handling of docs of title; not liable t

Service Tax : Mere filling up of form and obtaining Octroi clearance at check post, does not amount to dealing with or handling documents of title; hence, such Octroi agent cannot be made liable to service tax under Business Auxiliary Services

Excise duty on LPG to be computed on transaction value even in case of Administered Price Mechanism

Central Excise : After introduction of transaction value based duty from 1-7-2000, a manufacturer of LPG selling the product in bulk to an Oil Marketing Company (OMC) for further sale in packed form to dealers/domestic consumers and recovering ex-refinery price from the OMC as sale consideration is —

TPO should give reasoning for rejecting TP method continuously followed by assessee

IT/ILT : Where in earlier year RPM applied by assessee to determine ALP of its transaction of purchase from its AE and sale to Indian parties was accepted and during relevent year TPO had not given detailed reasoning as to why RPM was not applicable to assessee, matter should be considered afresh

No extended period when assessee has challenged levy of service-tax on commission paid to foreign br

Service Tax : Where assessee had challenged constitutionality of levy of service tax and department was aware of all facts since that time, then, later, department cannot allege suppression of facts to invoke extended period

High Court unhappy with AO for adjusting refund which wasn't processed by dept.

IT: Where refunds accrued to assessee for earlier assessment years were not processed, action of Assessing Officer by resorting to section 245 and adjusting same for any new subsisting due could not be valid

LIBOR is best benchmark under transfer pricing for interest-free loan granted to AE

IT/ILT : Where assessee advanced interest-free loan to its AE, LIBOR is best basis for benchmarking interest rate and since there was no independent CUP rate available to benchmark said international transaction, as per RBI guidelines, Assessing Officer should adopt 6 months LIBOR + 150 basis points for three years and LIBOR + 250 basis points for five years

Goods bearing brand name of other are ineligible for SSI exemption even if they are captively consum

Excise & Customs : Goods bearing brand name of buyer are ineligible for SSI-exemption even if they are used captively by buyer for further manufacture; hence, they are not includible in aggregate value/eligibility turnover under SSI-exemption

CIT(A) rightly directed AO to allow sec. 10B relief after considering additional ground raised by as

IT : Where Assessing Officer disallowed claim of assessee for deduction under section 10B and on appeal assessee filed additional ground raising an alternative claim that it was entitled for deduction under section 10A, Commissioner (Appeals) was right in directing Assessing Officer to consider alternative claim of assessee

Proceedings concluded by High Court couldn't be reopened due to retro-amendment to sec. 201

IT: Proceedings concluded by High Court couldn't be reopened due to retro-amendment to sec. 201

Due date for e-filing of returns further extended to Nov 30, 2015 for e-commerce dealers of Delhi

VAT/DELHI : Extension Of Last Date For Filing of Online Returns for First and Second Quarters of 2015-16, in Forms EC-II and EC-III

Tenure of High Level Committee extended by one year for identifying area where clarity on tax laws i

IT/ILT : Terms of High Level Committee (HLC) to Interact with Trade & Industry on Tax Laws Extended by One Year Beyond 25-11-2015

Inbound roaming services to foreign telecos deemed as exports for purposes of service-tax rebate

Service Tax : Inbound-roaming services provided to Foreign Telecom Operators (FTOs) in case of foreigners visiting India amounts to 'export of services' and is eligible for rebate within time-limit specified in section 11B of Excise Act

DIPP issues a draft list containing various activities with relevant para of FDI Policy

FDI/FEMA/ILT : Discussion Paper on Mapping of FDI Policy with NIC Code 2008

Govt. amends FDI Policy for various sectors including construction and defence sectors

FDI/FEMA/ILT : Review of Foreign Direct Investment (FDI) Policy on Various Sectors

SEBI reduces time gap between closure of public issue and listing of equity shares/convertibles

SEBI : Streamlining Process of Public Issue of Equity Shares and Convertibles

AO gets flak from ITAT for allowing sec. 54B relief without inquiring into usage of land for agricul

IT : Where while allowing deduction under section 54B, there was no enquiry whether land sold was used for agricultural purposes in last two years or not, assessment order passed by Assessing Officer was erroneous and prejudicial to interests of revenue inviting action under section 263