Advance money couldn’t be taken as deemed dividend if it was received pursuant to a sales agreement

IT: Where Assessing Officer made addition to assessee's income in respect of certain amount received from 'P' by invoking provisions of section 2(22)(e), in view of fact that said amount was received through account payee cheques in accordance with sale agreement entered into between assessee and company 'P' for sale of land owned by assessee, impugned addition deserved to be deleted

No transfer of case on non-compliance of summons under sec. 131 without giving an opportunity to ass

IT: Principles of natural justice require that assessee should be given an opportunity to explain whether not responding to summons issued under section 131(1A) was sufficient reason to transfer its assessment from one place to another

Transferee couldn’t avail of benefit of Cenvat Rule 10 when his factory wasn’t operating under Cenva

Cenvat Credit : Rule 10 cannot be read as a provision enabling removal of capital goods from one factory of a manufacturer to another factory of manufacturer where Cenvat Scheme is not applicable; said removal would attract reversal under rule 3(5)

No additions for excess stock declared by MD of Co. if examination of records revealed otherwise

IT : Where examining summary of stock valuation and other relevant material, Tribunal computed valuation of stock and deleted a part, same was not to be interfered

Sale of goods on hire purchase basis during transit amounts to deemed sales; eligible for CST exempt

CST & VAT : Where assessee, a Government of India undertaking, promoted small-scale industries by providing financial and business assistance to manufacturers in Tamil Nadu and it purchased machineries purchased from outside Tamil Nadu and sold same to above manufacturers while in transit on hire purchase basis, there was deemed sale in instant case and further since there was an endorsement of title to goods while in transit, assessee was entitled to exemption under section 3(b) of Central Sale

Accumulated losses of old business are allowable if assessee starts new business with same managemen

IT: For claiming brought forward losses, mere fact that such loss related to business which was closed down and new business was started would not make any difference if unity of control and common management persisted

CLB can pierce corporate veil to find out truth about allegation of siphoning off of funds by respon

CL : Where allegations were that respondents in collusion with other entities had siphoned off funds, CLB was entitled to pierce corporate veil to find out truth of allegations and if allegations were found proved, CLB in exercise of its rights and powers under section 402 entitled to pass an order to recover amounts so siphoned off from such third parties/entities

Rate of abatement on date of providing services would apply instead of rate prevalent on receipt of

Service Tax : Rate of tax/abatement prevalent on date of providing service should be applied and not rate prevalent on date of receipt of consideration; hence, condition introduced in abatement from 1-3-2006 is inapplicable to services provided prior thereto

Case remanded as CIT(A) invoked disallowance for TDS default without making independent evaluation o

IT : Matter remanded where in absence of independent evaluation whether services rendered by assessee were technical services or professional services, disallowance for non-deduction of tax at source under section 194J was made

SEBI postpones applicability of new norms on issuance and processing of Delivery Instruction Slips

DELIVERY INSTRUCTION SLIP (DIS) ISSUANCE AND PROCESSING

Condonation plea of revenue with false explanation dismissed; followed by ramifications for contempt

IT : Where explanation given by revenue for condonation of delay in filing appeal was found to be false, revenue would not be given an opportunity to file an application seeking condonation of delay an proceedings for contempt of Court might be initiated

SC affirms demand along with penalty as assessee had reduced value of excisable goods by showing inf

Excise & Customs : Where assessee had deflated price of its final product and used transport firm to claim inflated freight charges, thereby, reducing assessable value, department was right in demanding duty on proper value with interest and penalty.

SAT affirmed penalty as appellant failed to make public announcement of acquisition of equity in exc

SEBI : Where appellant-promoters acquired shareholding of target company beyond 5 per cent limit prescribed under regulation 11 of Takeover Regulations but failed to make public announcement, appellants had violated law

Entity with more than 1/3rd related party transactions couldn’t be an appropriate comparable, ITAT s

IT/ILT : Where TPO made certain addition to assessee's ALP by adopting a new set of comparables, in view of fact that one of comparable selected by TPO was improper as it had related party transactions of about 36 per cent, impugned addition was to be set aside and, matter was to be remanded back for disposal afresh

CBDT notifies revised proforma for submission of proposal to file SLP

INSTRUCTIONS ON STANDARD OPERATING PROCEDURE ON FILING OF APPEALS/ SPECIAL LEAVE PETITIONS (SLPS) BY THE INCOME TAX DEPARTMENT IN THE SUPREME COURT AND RELATED MATTERS INSTRUCTIONS REGARDING- REVISED PROFORMA B TO INSTRUCTION NO 4/2011 DATED 09.03.2011

CBDT allows usage of one mobile number and email-id for 10 user accounts in e-filing portal

UPDATE AND VALIDATE TAXPAYER EMAIL ID AND MOBILE NUMBER FOR THEIR E‐FILING ACCOUNT

RBI restores limit of Overseas Direct Investments to 400% of net worth

FINANCIAL COMMITMENT (FC) BY INDIAN PARTY UNDER OVERSEAS DIRECT INVESTMENTS (ODI) – RESTORATION OF LIMIT

Mere confessional statements won’t establish charges of evasion without any corroborative evidence,

Central Excise : In case of clandestine removal, for establishing evasion, there must be positive evidences reflecting purchase of excessive raw material, shortage of finished goods, excess consumption of power, seizure of cash, etc.; mere confessional statements cannot sustain charge of evasion

Missing agricultural income in previous year’s return confirms denial of sec. 10(37) exemption for t

IT: Where on perusal of earlier return filed by assessee, it was found that agricultural income shown was nil and assessee was unable to dispute that land was falling within municipal limits and, it could not be conclusively held that agricultural activities were being carried on land, petitioner was not entitled for benefit under section 10(37)

No denial of sec. 10A relief if assessee possessed expertise to develop software and had export perm

IT : Where there was permission from Software Technology Parks of India to export software, as well as proof of export, professional competence of assessee in developing software could not be doubted for denying its claim under section 10A