Uniform allowance paid to employees isn’t exempt if no dress code has been specified for employees

IT : No exemption under section 10(14) shall be granted in respect of uniform allowance paid to employees if there is no dress code and the employees are free to wear any dress. ITAT has directed assessee-employer to include such allowance in salary of the employees for the purpose of deduction of tax under section 192

No need to reverse Cenvat credit when waste/scrap arising at end of job-worker isn't received back i

Cenvat Credit : There is no provision for reversal of input credit in case of clearance of waste and scrap and/or their non-return from job worker's premises

Increased profit due to TP adjustment not brought into India in foreign exchange was excludible for

IT/ILT : Where assessee having under priced its services to AEs, made transfer pricing adjustment suo moto, in view of fact that assessee could not bring increased profit on account of said adjustment in India in convertible foreign exchange within stipulated time, assessee's claim for exemption under section 10B was to be recalculated after excluding aforesaid amount

ITAT quashed reassessment as revenue failed to establish service of reassessment notice to assessee

IT : Service of notice under section 148, for purpose of initiating proceedings for reassessment is not a mere procedural requirement but it is a condition precedent to initiation of proceedings for reassessment

Department can't attach new properties if it already attached assets having value more than the tax

CST & VAT : Gujarat VAT - Where against estimated liability of assessee of Rs. 4.5 crores, his immovable property worth Rs. 5 crores was already under attachment, interest of Government revenue had been fully protected and, therefore, provisional attachment of bank accounts of assessee under section 45 was not justified

Govt. notifies Aditya Birla Nuva, Marico and DCM Shriram to undertake agriculture extension project

IT : NOTIFICATION NO. 52/2015 [F.NO.203/20/2015-ITA.II], NOTIFICATION NO. 53/2015 [F.NO.203/21/2015-ITA.II], NOTIFICATION NO. 54/2015 [F.NO.203/23/2015-ITA.II], DATED 26-6-2015

CBDT invites suggestions from officials for augmenting tax collections and widening of tax base

IT : Suggestions on Augmenting Tax Collections

If dispute involves penalty then pre-deposit may be ordered even if goods are lying under control of

Excise & Customs : When issue involved is of penalty and not of duty, pre-deposit of penalty may be ordered even if goods are in custody of department

No denial of sec. 80-IB relief due to violation of condition of max built-up area by a few housing u

IT: Where assessee had violated provisions of section 80-IB(10)(C) in respect of two units of housing project, denial of deduction under section 80-IB would be limited only to said two units and for balance units assessee would be entitled to deduction

Assessee can't be insisted to pay any amount for hearing appeal if department already had sufficient

CST & VAT : Gujarat VAT - Where sufficient security was available with department by way of attachment of properties of assessee, appeal filed by assessee against order of assessment was required to be heard on merits without payment of any amount

ITAT rightly held that transaction in shares were investment and not business transaction: HC

IT: Where both appellate authorities concurrently on basis of evidence held that transaction in shares held by assessee was in nature of investment, no interference was called for

Income from letting out of property of educational institution not taxable if same was used for educ

IT : Where assessee-trust generated income by giving hall and premises of its educational institution on rentals and said income was used for educational institution itself, such income could not be brought to tax

Bench of same strength can't disagree with a view taken by earlier bench; it must refer matter to la

Excise & Customs : Second bench of same strength cannot disagree with view taken by First Bench; instead, second Bench should refer matter to a Larger Bench for appropriate decision

Ongoing works contract commenced prior to 1-6-2007 may be reclassified under works contract service

Service Tax : In case of ongoing projects prior to 1-6-2007, assessee may seek reclassification under works contract services, but, assessee cannot switch over to Composition Scheme and cannot avail abatement under Notification No. 1/2006-ST; however, benefit of valuation rule 2A would be available subject to documentary evidences

Dealings by appellant opposite to predictions of market analysts doesn't prove that he was involved

SEBI : Where number of market analyst had recommended selling shares of LTFH in futures and options (F&O) segment and appellant had made profit by entering into such transaction, appellant could not be said to be privy to unpublished price sensitive information in entering such transaction

Income from letting out of educational institution not taxable if same was used for educational purp

IT : Where assessee-trust generated income by giving hall and premises of its educational institution on rentals and said income was used for educational institution itself, such income could not be brought to tax

CBDT notifies nature of business relationship which CA can have with client to ensure his independen

IT/ILT : Income-Tax (Ninth Amendment) Rules, 2015 – Insertion of Rule 51A

Trust's registration denied as building of educational institution is under construction

IT: Where assessee claimed registration under section 12A to administer educational institution but it was found that buildings for starting educational institution were under construction, assessee was not entitled for registration since no charitable activity was carried out during year

Auditor's certificate can't be a substitute for TP study to benchmark international transaction

IT/ILT : Auditor's certificate spelling out Head Office 'HO' overheads as a percentage of revenues of Indian Entity cannot be accepted as the basis for determining whether reimbursement for head office expenses received from overseas JV under agreement is on arm's length basis. The same will have to be benchmarked to an external comparable for determining Arm's Length Price. Auditor's certificate cant be substitute for Transfer Pricing study (TP Study) even though such certificate as basis for

Duty paid 'voluntarily' isn't 'duty paid under protest' for purpose of extending time limit for refu

Excise & Customs : Where it was found that assessee had paid duty voluntarily without insistence of department, same could not be regarded as 'duty paid under protest' for purpose of extended time-limit for refund claim