AAR should dispose of issue on merits without dismissing application due to technical defaults: HC

Authority for Advance Rulings not throw out application on mere technicalities

RBI announces enhanced transparency disclosure requirements on sale of NPAs to Securitisation Cos.

BANKING/SARFAESI : Guidelines on sale of Financial Assets to Securitisation Company/Reconstruction Company and related issues

No penalty/interest can be imposed when surplus input-tax credit is sufficient to adjust reassessed

CST & VAT : Gujarat VAT - Where Assessing Authority made reassessment and raised tax demand upon assessee and also imposed penalty and interest upon it, since assessee had surplus balance of input tax credit, which had been adjusted against demand of tax upon reassessment, there was no element of avoidance of tax

ITAT deletes TP adjustment in case of 'Philips India' as DRP had passed non-speaking order

IT/ILT : Where DRP confirmed adjustment made to assessee's ALP by passing a non-speaking order, same was to be set aside and matter was to be remanded back for disposal afresh

CESTAT upholds appellate order giving correct conclusion even though for inadequate reasons

Service Tax : Where conclusion of Commissioner (Appeals) denying exemption to assessee was found to be correct, said order was to be upheld though there may be inadequate reasons for said conclusion, as appeal was against conclusion

Profit on sale of shares held as capital gains as shares were held by assessee for investment purpos

IT : Where assessee-company held shares as long term investment, profit on sale of share was to be treated as long term capital gain and not as business income; assessee was entitled for exemption under section 10(38)

'Gutkha' being an unclassified item was liable to trade tax at 10%

CST & VAT: U.P. VAT - Where assessee was engaged in manufacture of gutkha and it claimed that no tax was leviable on sale of gutkha made during period 1-4-2001 to 31-8-2001, gutkha was an unclassified item liable to be taxed at rate of 10 per cent

Appeal filed before HC against order of CLB was to be dismissed in absence of any question of law

CL: Where findings of fact recorded by CLB were based on acquisition of evidence made available before them by parties, appeal was to be dismissed as there was no question of law

Input tax credit couldn't be reversed due to default of seller in complying with VAT procedures

CST & VAT : Tamil Nadu VAT - Where assessee purchased goods after payment of input tax and availed input tax credit on such purchases, input tax credit could not have been reversed on grounds that selling dealers had not filed returns or not paid taxes or they were unregistered dealers or their registrations were retrospectively cancelled

Exp. on replacement of part of plant couldn't be capitalized if it was allowed as revenue exp. in ea

IT : Where expenses incurred for replacement in membrane cells - I plant was treated as revenue expenditure in earlier assessment years, same could not be treated as capital expenditure in relevant assessment year without any valid reason

Deptt couldn't make additions on pretext of excise duty evasion without proving that turnover was un

CST & VAT : Rajasthan VAT - Where Assessing Authority made addition of Rs. 2.94 lakhs in turnover of assessee on ground that Excise Department had found assessee liable for evasion of excise duty on said amount, since department had not discharged burden of proof to establish from any enquiry or otherwise that assessee had under-assessed its turnover, impugned addition was not justified

Fresh inputs used to remark defective finished products are also eligible for credit, says Delhi CES

Excise & Customs : Where returned duty-paid defective goods have been re-made/repaired/refining and cleared on payment of duty, even fresh inputs used in process of repairing/refining are eligible for credit and rule 16 of Central Excise Rules, 2002 does not bar said credit

CLB couldn't adjudicate upon bona-fide dispute of creditor's claim, petitioner to seek remedy under

CL: Where a company raises a bonafide dispute with regard to claim of its creditor, company court will not adjudicate such disputed claim and appropriate remedy for company would be to avail common law remedies for recovery of alleged debts due to them

Assessee would be entitled to compensation and not interest on interest for delay in tax refund

IT: In case of delay in granting refund, assessee would be entitled to compensation and interest can be awarded by way of compensation, but assessee would not be entitled to further compensation by way of interest on such interest, which is awarded as compensation