No reassessment on basis of report of investigation wing if assessee had disclosed material facts du

IT : Where assessee had disclosed all material facts in support of loan transactions at time of making assessment, initiation of reassessment proceedings after expiry of four years from end of relevant assessment year merely on basis of report of investigation wing that loan received from one 'R' was bogus, was not sustainable

Delhi Govt. prescribes 3 days deadline for restoration of registration application under DVAT

VAT : Time Limit for Restoration of Registration Application

Co. which earns income from sale of licenses is not comparable with a Co. rendering software develop

IT/ILT: A company which earns income from sale of licences ought to be rejected as comparable for company rendering software development services

Services of seed testing are not liable to service tax; CBEC clarifies

ST : Section 65B(3) of the Finance Act, 1994 – Agriculture - Clarification on Leviability of Service Tax on Seed Testing with Retrospective Effect From 1-7-2012

RBI restores eligibility criteria for factoring companies to register as NBFC-factor

BANKING : Bank Finance to Factoring Companies

SEBI prescribes timelines for commodity derivate exchanges to comply with Securities Laws

SEBI : Timelines for Compliance with Various Provisions of Securities Laws by Commodity Derivatives Exchanges

CBDT invites suggestions for proper implementation of ICDS

IT/ILT : Section 145 of the Income-Tax Act, 1961 – Method of Accounting – Income Computation and Disclosure Standards (ICDS) Notified Under Section 145(2)

Services availed by 'Vodafone' for vendor payment queries and field activations are technical servic

IT : Payments made by assessee to service providers for rendering support services such as field activations, vendor payment queries, tele-calling for bill payments would require deduction of tax at source under section 194J

Appeal not maintainable if filed after expiry of period of one month available to CCE(A) to condone

ST : Where appeal was filed before Commissioner (Appeals) belatedly, even beyond extra period of one month that is condonable by Commissioner (Appeals), appeal would not be maintainable

Duty draw back couldn't be treated as business income if it was being part of equipment cost

IT: Where assessee in respect of materials purchased paid excise duty to vendors in relevant assessment year 2009-10 and its project was not in operation during said year and it lodged a claim for refund of excise duty with Director General of Foreign Trade as deemed export benefits, since amount of excise duty related to cost of acquisition of capital assets/project, refund of excise duty would ultimately reduce cost of project and could not be treated as business income

Dept. couldn't demand reversal of credit just because minor variation were found in inventory during

Excise & Customs: Where during audit, minor variation of less than 0.5 per cent was found in inventory, i.e., Raw Material and/or finished goods, demanding Excise Duty or reversal of credit on such short and excess would be non-sustainable

CCI rejects allegation of unfair trade practice against Reliance Gas

Competition Act : CCI dismissed informant's complaint against Reliance Gas Transportation Infrastructure Ltd (Reliance Gas) for alleged imposition of arbitrary, unfair and unreasonable anti-competitive terms and conditions in hook-up facility agreement

'Annual turnover' can't be interpreted to include only brokerage for computing registration fee: SC

SEBI : Annual turnover of stock broker as per Explanation after paragraph 3 to Schedule III to SEBI (Stock Brokers & Sub Brokers) Regulations, 1992 must include value of entire transaction, for purpose of computing registration fee as per Schedule III of Regulations and in no case term 'annual turnover' can be so interpreted as to mean only amount earned by stock broker by way of brokerage

Working capital adjustment should be made for TP study on basis of average annual working capital

IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to AE, in view of fact that some comparables selected by TPO were improper on account of functional difference as they developed their own software products whereas another comparable was found inappropriate as it had huge turnover, impugned addition was to be set aside

Date of commencement of business isn't relevant to allow depreciation when asset is ready for use

IT: Provisions of section 40(a)(ia) cannot be invoked to disallow expenditure which has been actually paid during previous year and nothing remained payable on last day of previous year

No denial of Cenvat credit on input services availed prior to initiation of manufacturing activity

CENVAT: A manufacturer of excisable goods could not be denied Cenvat Credit of duty paid on input services availed prior to start of manufacturing activity

Income already disclosed prior to search proceedings couldn't be treated as undisclosed

IT: Since disclosure about a particular income was made by assessee nearly three years prior to search, same could not be treated as undisclosed income

Valuation of DTA clearances of 'tea' by EOU to be valued as per Excise law: Apex Court

Central Excise : Where, as per exemption notification, DTA clearances by EOU are liable to 'excise duty leviable on clearances by non-EOUs', said DTA clearances are to be valued as per Central Excise Valuation rules

Excise exemption available to ore can't be extended to concentrate as both are different products

Excise & Customs: Process of conversion of ore into concentrate amounts to deemed manufacture; therefore, concentrate is a different product from ore and, accordingly, CVD/excise exemption to 'ore' cannot be extended to 'concentrate'