Importer having knowledge of misdeclaration of goods in bill of landing/import manifest is liable to

Excise & Customs : Where it is found that goods are misdeclared in Bill of lading and Import manifest and importer has deliberately not filed bill of entry in collusion with foreign supplier and shipper, Customs Department may confiscate goods and levy penalty on importer even without filing bill of entry

Six years for block assessment to be reckoned from the financial year in which seized docs were hand

IT : Where seized documents were handed over to Assessing Officer of assessee on 5-6-2009 relevant to assessment year 2010-11, Assessing Officer could reopen assessment for six preceding assessment years, i.e., assessment years 2004-05 to 2009-10 and assessment for assessment year 2003-04 was barred by limitation

Credit is admissible even if raw material is discarded after it undergoes certain manufacturing proc

Cenvat Credit : When defect in raw material is detected only after it undergoes certain processes of manufacture, said raw material cannot be said to be 'not used' for manufacture; in fact, said raw material is used for manufacture and credit thereof is available

Co. can't deny to file Form 32 with ROC as there is no provision regarding acceptance of resignation

CL : There is no provision in Companies Act, 1956 or in Regulations contained in Table A regarding acceptance of resignation of a director by company and, therefore, company cannot withhold in filing Form 32 with concerned ROC if a director resigns from his post

No reassessment to re-compute capital gains if its details were fully and truly disclosed during ass

IT: Where assessee had duly disclosed details regarding capital gain in original assessment, reassessment proceedings initiated after four years to re-compute capital gain was invalid

Trust need not to initiate charitable activities at stage of moving registration application under s

IT : Where objects incorporated in trust deed were found to be genuine for carrying on charitable activities, Commissioner was unjustified in rejecting application of assessee based on non-charitable activities at stage of moving application

Corporate guarantee can't be compared with bank guarantee for transfer pricing purposes

IT/ILT : No comparison can be made between guarantees issued by commercial banks as against a corporate guarantee issued by holding company for benefit of its AE, a subsidiary company, for computing ALP of guarantee commission

Profit derived from milk production is eligible for sec. 80-IC relief

IT: Profit derived from production of milk is eligible for deduction under section 80-IC

Receipt of order by security agency appointed by assessee amounts to valid service

Service Tax/Excise/Customs : Receipt of adjudication order by security agency appointed by assessee amounts to 'service' of order on assessee; any delay thereafter caused due to negligence of security agency (who is agent of assessee) cannot be condoned

Assessment order wasn't valid as AO had less than 60 days to make assessment after excluding period

IT: Where as per proviso to Explanation (1) to section 153, after excluding period of stay, period available with Assessing Officer for making assessment was less than 60 days, assessment order passed beyond 60 days was barred by limitation

If proprietor isn't an architect then its proprietary firm isn't liable to service tax

Service Tax : Proprietary firm and proprietor are one and same person; hence, if proprietor is not an architect, his proprietary firm cannot be considered to be an architect and therefore, no service tax can be demanded

No sec. 68 additions on failure of assessee to furnish PAN of creditors if their creditworthiness wa

IT : Where assessee duly submitted all details of creditors from whom it had obtained unsecured loans and evidence produced by assessee proved creditworthiness and genuineness of transactions, no addition under section 68 could be made

Refund of undepreciated duty on fixed assets isn't hit by doctrine of unjust enrichment

Service Tax/Excise/Customs : Refund of undepreciated amount of duty on fixed assets, which is neither booked as expenditure nor has been passed on otherwise to any other person, cannot be hit by unjust enrichment; hence, refund thereof may be claimed subject to corresponding deduction from cost of fixed assets

AO couldn't deny balance of additional depreciation in next year after allowing half of it in prior

IT : Where Assessing Officer allowed additional depreciation in immediate preceding assessment year, denial of remaining 50 per cent of additional depreciation in current year holding that business of generation and distribution of power was not eligible for additional depreciation was unjustified

Payment of duty on non-excisable goods amounts to reversal of credit on inputs which are used in suc

Cenvat Credit : If assessee has paid duty on non-manufactured goods, said payment on non-dutiable goods would amount to reversal of credit of inputs, etc. removed 'as such'; hence, department cannot again seek denial/reversal of credit

Cancellation of flat allotment on non-payment of additional price didn't amount to abuse of dominanc

Competition Act: Where complainant filed complaint against respondent builder for indulging in unfair trade practice and sought for possession of flat allotted to him by respondent, there was no unfair trade practice and Tribunal could not issue direction to respondent to deliver possession because that would tentamount to specific performance of agreement

AO couldn't tax that income of builder which didn't accrue to it due to cancellation of sale agreeme

IT: Subsequent to cancellation of agreement of sale of land, assessee filed its revised return declaring nil income, since income had not accrued to assessee in real sense, no hypothetical income of assessee could be brought to tax

Govt. authorizes 7 public sector companies to issue tax free bonds

IT : Section 10(15), Item (h) of Sub-Clause (iv) of the Income-Tax Act, 1961 - Exemptions - Interest on Bonds/debentures - Notified Bonds

CBEC unveils procedure for maintenance of electronic records and their authentication by digital sig

EXCISE LAWS : Conditions, Safeguards and Procedure for Issue of Invoices, Preserving Records in Electronic Form and Authentication of Records and Invoices by Digital Signatures

SEBI unveils cyber security and cyber resilience frame work for stock exchanges, depositories and cl

SEBI : Cyber Security and Cyber Resilience Framework of Stock Exchanges, Clearing Corporation and Depositories