Formula prescribed in rule 6(3A) uses the term 'total credit' and not 'common credit'

Cenvat Credit : Formula in rule 6(3A) of CENVAT Credit Rules, 2004 uses 'total credit taken' and not 'common credit'; hence, while making reversal, total credit (including that relating exclusively to taxable goods/services) will be used

Sale of cars used for test drive purposes couldn't be treated as used cars to get benefit of reduced

CST & VAT : Karnataka VAT - Where a manufacturer had sold units of car to assessee-dealer for demonstration and assessee-dealer used said cars for demonstration and after some time sold same to customers, demo cars sold by assessee could not be treated as used cars

Cash payment by distributors to purchase mobile recharge coupons won't attract sec. 40A(3) disallowa

IT : Where assessee was dealing in mobile recharge vouchers on whole sale basis, payment to principal through ATM would not be disallowed invoking section 40A(3)

Sec. 158BC notice requiring filing of return in 15 days of service of notice was valid; HC upheld bl

IT : By requiring assessee to furnish his return on 15th day from service of notice, Assessing Officer did not commit any illegality nor did he afford less time than what was statutorily available to assessee

HC condones delay in making pre-deposit as disagreement with counsel led to non-receipt of pre-depos

Excise & Customs : Where delay in compliance with pre-deposit order was on account of non-receipt of pre-deposit order by assessee owing to differences with its counsel, said delay was condonable and appeal was to be restored

CLB is competent forum to decide right, interest and title of shares; aggrieved party may file petit

CL: Where transferor did not appear before any forum and did not claim title of share and/or refute claim of petitioner, petitioner was to be considered as bona fide lawful owner of those shares

ITAT asks AO to verify whether payees had paid taxes and filed their return to decide on sec. 40(a)(

IT: No disallowance would be made under section 40(a)(ia), if recipient of payment in question has filed return of income and paid taxes within stipulated time

No ex-parte order holding sale of asset defaulter as void pending application before TRO to lift att

IT : Where application for vacation of attachment had not been disposed of and order declaring agreement of sale as void was passed without personal hearing, matter was to be readjudicated

SEBI gets discretionary powers to allow AMCs to launch two new schemes per year

SEBI/INDIAN ACTS & RULES : SEBI (Mutual Funds) (Second Amendment) Regulations, 2014 – Amendment In Regulation 21

SEBI tweaks definition of venture capital undertakings; includes Core investment Cos in infra sector

SEBI/INDIAN ACTS & RULES : SEBI(Foreign Venture Capital Investors) (Amendment) Regulations, 2014 – Amendment in Regulation 2

Stay order not to be interfered with if it was rightly passed by Dy. Commissioner(A) on basis of ava

CST & VAT: Kerala VAT - Where Deputy Commissioner (Appeals) on basis of available materials and with proper application of mind had passed orders on stay applications of assessee, such orders did not call for interference

Legal grounds can be raised for first time before Commissioner (Appeals) as they aren't additional e

Service Tax : Contention that 'assessee was not service-provider but was service-recipient' is not 'a piece of evidence', it is a 'pleading, a ground of appeal' and goes to root of jurisdiction; hence, same can be raised for first time before Commissioner (Appeals) and he cannot reject it citing Rule 5 of Central Excise (Appeals) Rules, 2001

ITAT upheld penalty as assessee had claimed long-term capital gain by mentioning wrong year of acqui

IT : Where short-term capital gain on sale of land was wrongly claimed as long-term capital gain by substituting year of acquisition, penalty under section 271(1)(c) was rightly levied on assessee

Generation of steam is a form of power; captive steam generation units eligible for sec. 80-IA relie

IT : Deduction under section 80-IA is allowable in respect of captive power consumption units

Forward contract of Forex made by diamond merchant was speculative as it wasn’t made for export/impo

IT : In order that forward transaction in commodities may fall within proviso (a) to section 43(5), it is necessary that raw materials or merchandise in respect of which forward transaction have been made by assessee must have a direct connection with goods manufactured or merchandise sold by him

Contributions wrongly treated by trust as exempted corpus donation under bona-fide belief doesn't at

IT : Where assessee-trust under bona fide belief treated voluntary contributions as corpus donation, Assessing Officer could not pass a penalty order under section 271(1)(c) while taking a view that said amount was taxable as income under section 12

VAT dues of a Co. couldn't be recovered from personal assets of its director

CST & VAT : Uttar Pradesh VAT - Tax dues of a company cannot be recovered from personal assets of its directors

CIT had no jurisdiction to revise original order which was merged with rectification order under Sec

IT: Where assessment order passed under section 143(3) was rectified by an order under section 154, original order so passed merged with rectification order and, thereupon, Commissioner had no jurisdiction to revise said order under section 263

SEBI asks FFIs to register for FATCA compliance before Jan 1, 2015 to avoid withholding tax of 30%

SEBI/ILT : Registration for the Purpose of Foreign Accounts Tax Compliance Act (FATCA)

Supply of fuel to aircrafts on foreign run from fuelling Station, registered as warehouse is eligibl

Excise & Customs : In case of supply of Aviation Turbine Fuel (ATF) to Aviation Fuelling Station (AFS, being a registered warehouse) and subsequent supply from AFS to aircrafts amounts to 'export' and is eligible for rebate under rule 18