Contributions to the Swach Bharat Kosh and Clean Ganga Fund are eligible CSR exp. - MCA notifies

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Schedule VII of The Companies Act, 2013 – Amendment in Schedule VII

SEBI raises proprietary position limits for non-banker stock brokers for currency

SEBI : Revision of Proprietary Position Limits of Non-Bank Stock Brokers for Currency Derivatives Contracts

ITAT denied sec. 10(23B) relief to assessee as it failed to produce exemption certificate for impugn

IT: If assessee does not have exemption certificate for a particular assessment year, benefit of exemption under section 10(23B) for that year cannot be granted to assessee

No denial of reassessment due to time constraint if it was made in consequence of finding/direction

IT : Where by an order any income is excluded from total income of an assessee for an assessment year, then assessment of such income for another assessment year shall be deemed to be made in consequence of any finding or direction contained in said order

HC remands penalty proceedings as main proceedings were pending for adjudication before ITAT

IT : Matter remanded to decide issue of penalty under section 271AAA since quantum appeal was pending consideration before Tribunal

Fee from marketing services was business profit as presence of NR's employees in India constituted s

IT/ILT : Marketing and management fee received by assessee on account of services outside India was not in nature of fees for technical services article 12 and should be charged to tax as per article 7 on net basis assessee did not make available its expertise and technical knowledge

Interest couldn’t be demanded beyond 1 year of relevant date if differential duty was shown in ER-1

ST : Where differential duty arising on differential price-rise was shown in ER-1 returns filed with department, department can demand interest thereon only within 1 year from relevant date and cannot invoke extended period

HC denied arbitral proceedings against liquidating Co.; directs applicant to lodge its claim with li

CL : Where applicant sought for initiation of arbitration proceedings for repayment of its dues from respondent company in liquidation, applicant was not granted leave to proceed with arbitration and was permitted to lodge its claim with Official Liquidator

Bank estopped from claiming interest on debt as it had agreed to liquidator's method of disbursing p

CL : Where appellant secured creditor agreed to Official Liquidator's method for disbursement of company's funds by paying only principal sum, appellant was estopped from challenging such method

Assessment to be made within 1 year of revival of proceeding if it got revived on non-payment of tax

IT : Tax being un-paid till specified date, proceedings before Settlement Commission was to be held abated

Input credit available on consumables used in work contract as assessee was manufacturing dutiable p

CST & VAT : Where assessee was engaged in business of printing and dyeing of fabrics manufactured by itself as also printing and dyeing of fabrics on works contract for others, it was entitled to deduction of input tax paid on consumables used in process of works contract

No denial of sec. 11 relief on non-filing of Form 10 if details about sums set apart for next year i

IT : Section 11 exemption cannot be denied merely on ground of furnishing Form 10 information by way of letter

ITAT directs TPO to re-examine ALP as assessee was in first year of operation and had incurred high

IT : Where variation in arm's length price took place because assessee company was in its first year of operation and it incurred higher expenditure on import duty on raw material, matter was to be remanded to TPO for re-consideration

HC grants complete stay of demand as Apex's Court's verdict relied upon by revenue was overruled in

CST & VAT: Where Assessing Authority made assessment relying upon decision of Supreme Court rendered in case of State of Andhra Pradesh v. Kone Elevators (India) Ltd. [2005] 140 STC 22 and raised tax demand upon assessee, since said judgment had now been overruled by Supreme Court in another case, assessee was entitled to complete stay of demand

Exp. on installation of computer software and lift was in nature of revenue exp., rules HC

IT : Expenditure incurred on installation of computer software, electrical work and installation of lifts was to be allowed as revenue expenditure

ITAT directs AO to decide whether receipt for customized research/retail management services would r

IT/ILT : Where assessee, a US based company, received certain amount from rendering customised research services and retail management services to its group concerns located in India, conclude as to whether consideration received by assessee company would fall within meaning of 'Royalty' or 'Fees for included services', matter was to be remanded back for disposal afresh in light of article 12 of India USA DTAA

No evasion penalty merely for non-filling of invoice number and date in the declaration Form ST-18C

CST & VAT : Where Assessing Officer having found that in declaration form ST-18C column of 'invoice number and date' was not filled in imposed penalty upon assessee under section 78(5), imposition of penalty was not justified

No TDS on commission paid to foreign agent for carrying out export sales outside India

IT/ILT: Where a non-resident agent of an Indian company operates outside country and payment is remitted directly abroad, merely because an entry in books of Indian Company is made, it does not mean that the non-resident has received any payment in India

HC reduced pre-deposit as CBEC's circular beneficial to assessee was not considered by lower authori

Excise & Customs : In view of circular No. 34/2007-Cus., dated 17-9-2007 separate chemically defined compounds are classifiable under Chapter 29

HC denied refund of pre-deposit as NPA amount payable by petitioner exceeded pre-deposit made before

SARFAESI : Where NPA amounts payable by petitioner to bank exceeded total deposit made by petitioner before Tribunal for hearing its appeal, application for refund of 25 per cent of deposit was to be rejected

Cultivation of land and its classification as agricultural land in revenue records proved it as a ag

IT-I : Where pursuant to search carried out in case of 'P', Assessing Officer recorded a satisfaction note that certain incriminating material seized belonged to assessee and, it was on basis of said satisfaction recorded in course of proceedings under section 153A, assessment proceedings were initiated in case of assessee under section 153C, there being no infirmity in procedure adopted by revenue, validity of impugned proceedings was to be upheld

HC upheld VAT penalty on assessee when declaration Form ST-18A was found blank

CST & VAT : When declaration Form ST-18A accompanied with goods in transit was found blank, levy of penalty under section 78(5) of Rajasthan Sales Tax Act, 1994 was justified

Mere writing off of provision would not trigger sec. 41(1) if it wasn’t claimed as deduction in prio

IT : Where assessee only made a provision for a possible expenditure or liability and neither an allowance nor deduction was claimed, section 41(1) would not apply

ITAT directs AO to examine technicality of a service before treating it as 'FTS'

IT/ILT : Where by nomenclature of services provided by assessee, a foreign company, to its associate concerns, it was not clear as to what technicality was involved, Assessing Officer shall examine relevant documents to ascertain nature of services rendered

Assessing authority couldn’t pass order if assessee's counsel failed to attend hearing due to person

CST & VAT : Where assessee's counsel could not attend at time of hearing because of his personal reason and thereupon Assessing Authority and Appellate Authority passed orders on assessee without giving opportunity, matter was sent back to make fresh assessment after affording opportunity to assessee

Respondent-Co. couldn’t refuse to transfer pledged shares to petitioner after making-up default in p

CL: Respondent-company could not refuse to transfer pledged shares in name of petitioner where right to shares had already accrued to petitioner on account of default in payment by respondent-company

Bank not to succumb to disgenuous attempt of a woman; should follow SARFAESI norms

CL: Where petitioner had borrowed money from bank and upon being unable to repay same, bank had taken possession of secured asset pursuant to orders obtained by Court and since no law or any fact had been cited in petition for Court to deviate from procedure; bank was to be permitted to take steps in accordance with orders passed by Magistrate under section 14 of SARFAESI Act, 2002

ITAT allows benefit of second proviso to sec. 40(a)(ia) in case of payment to NR; Non-discrimination

IT/ILT: Rigour of disallowance of payment under Section 40(a)(ia) is relaxed in case of payment to resident if recipient pays taxes on such sum and files return of income - Whether it would be contrary to scheme of DTAA and discriminatory if similar relaxation is not allowed under Section 40(a)(i) in case of payment to non-resident without withholding of taxes if such non-resident pays taxes on such sum and files return of income - Held Yes, Whether relaxation under second proviso to Section 40(

Hire charges paid to UAE ship operating in international traffic was taxable only in UAE as per Indi

IT/ILT: Where for purpose of export, assessee hired vessel owned by a UAE company which operated only in international traffic/waters between India and Maldives, in view of Indo-UAE DTAA, hire charges paid to UAE company had to be taxed only in UAE

Ministry appoints officers of directorate of enforcement to adjudicate cases involving violation of

FEMA/ILT : Section 16 of The Foreign Exchange Manangement Act, 1999 - Appointment of Adjudicating Authority - Notified Adjudicating Authorities

Ministry appoints officers for adjudicating cases involving violation of FEMA under repealed Act

FEMA/ILT : Section 50, Read with Section 4 of The Foreign Exchange Regulation Act, 1973 (Repealed Act) - Penalty / Appointment and Powers of Officers of Enforcement - Notified Officers of Enforcement

RBI reviews guidelines on joint lenders forum and corrective action plan

BANKING : Framework for Revitalising Distressed Assets in The Economy - Review of The Guidelines on Joint Lenders' Forum (JLF) and Corrective action Plan (CAP)

Assessee couldn’t plead for ignorance of proceedings when it had received SCN and had sought adjourn

Service Tax : Having received show-cause notice and sought adjournment once, assessee cannot plead ignorance of proceedings or violation of natural justice when three notices of personal hearing went unserved due to assessee's door being locked

No denial of registration to trust on non-commencement of charitable activities without considering

IT: Application for registration under section 12AA could not be rejected on ground that assessee had not started its activities or its objects were mixed; objects of trust to be considered

No question of law arose from order of Tax Board as it had only restored the case to AO

CST & VAT: Where assessee claimed sale in question as sale within State and Assessing Officer treated sale as inter-State sale and Tax Board without deciding any issue restored matter to Assessing Officer to frame assessment de novo, no question of law arose out of order of Tax Board

Legal exp. incurred by developer to recover interest-free deposit from tenants was allowable as busi

IT : Licence fee paid by assessee to group resource company providing centralized resources to all group companies for availing valuable benefits, was allowable as business expenditure

Tribunal can extend stay beyond 365 days after passing speaking order that delay isn’t attributable

Excise & Customs : Tribunal may extend waiver of pre-deposit/stay of demand beyond 365 days (total) only if : (a) delay in disposing appeal is not attributable to assessee and (b) a speaking/reasoned order is passed

Sec. 12AA registration denied as medical trust was collecting sum on assurance of admission in colle

IT : Where assessee trust formed with an object of running a medical college, started collecting unaccounted money on assurance of providing employment and admission in said college even before obtaining recognition from MCI and affiliation from concerned university, it was to be concluded that its purpose was to run medical college with profit motive and, therefore, assessee's claim for registration under section 12AA was to be rejected

Commission paid to foreign agents for procuring export orders wasn't covered under the ambit of 'FTS

IT/ILT : Where assessee company paid commission to its non resident agents for services rendered for completion of its export commitment, assessee would not be liable to deduct TDS on said payment made

Jurisdiction of appeal before HC/SC has to be determined by contents of original order and not by or

Excise & Customs : Issues/Contentions decided in order-in-original would determine whether an appeal would lie before High Court or Supreme Court and issue decided by Tribunal and raised before appellate court would not be relevant; therefore, if order-in-original deals with charge/rate of duty, appeal would lie to Supreme Court only

HC sanctions amalgamation scheme as petitioners had dealt with issues raised by Regional Director/sh

CL : Where petitioner companies had satisfied all queries of Regional Director in respect of proposed scheme of amalgamation, scheme was to be approved

Rise in price with retro-effect doesn’t lead to invocation of extended period for recovery of intere

ST : In case of retrospective price-rise, assessee is liable to pay differential duty thereon along with interest and extended period of limitation cannot be invoked for recovery of interest if duty has been paid, as there is no fraud, collusion, etc.

Assessee couldn’t claim business losses if all exp. had been incurred to earn income from house prop

IT: Where expenses had been incurred for purpose of earning of house property income and not in doing business and consequently there was no business loss which could be set off against income from house property, set off was rightly disallowed

Writ seeking direction to Govt. to amend ST laws allowing abatement on reimbursement of statutory wa

Service Tax : Where assessee sought writ of mandamus : (a) directing Government to amend law and (b) directing CBEC to withdraw/amend clarification, High Court held that : (i) no direction can be issued to Government to amend law and (b) assessee could approach CBEC for withdrawal/amendment of clarification

Sec. 14A disallowance can be triggered even in respect of investments yielding no exempt income

IT : Disallowance under section 14A, read with rule 8D is to be made not only in respect of income which does not form part of total income but also in respect of income which shall not form part of total income

SC allows withdrawal of SLP against order directing GTA to payback refund received under nullified j

Service Tax : Supreme Court permitted withdrawal special leave petitions against judgment of High Court holding that : (a) assessee includes agent of person liable to pay service tax; (b) where GTA received refund of tax paid by service recipient under reverse charge, same is received as an agent of assessee being assessee and therefore, (c) in case of subsequent recovery, GTA has to payback refund received it

HC admitted winding up of Co. as debt owed to bank wasn't disputed and it wasn't in a position to pa

CL: Where respondent-company had disputed neither debt owed to petitioner-bank nor fact that it had been unable to discharge its debt, winding up petition against it was to be admitted

Comparables chosen by assessee couldn't be ignored merely if it had sustained losses in earlier year

IT/ILT: Comparable cases cannot be ignored merely on ground of loss suffered by assessee in some years

Ministry increases validity period of industrial license; does away with stipulation of annual capac

FDI/FEMA/ILT : Streamlining The Procedure for Grant of Industrial Licenses

Stock Exchanges can waive-off penalty for client code modification of non-institutional trade due to

SEBI : Modification of Client Codes of Non-Institutional Trades Executed on Stock Exchanges (All Segments)

Directors are liable on dishonour of cheques if they are in charge of business of Co.; SC's obiter d

CL : Once in a complaint filed under section 138 read with section 141 of the Negotiable Instrument Act basic averment is made that Director was in charge of and responsible for conduct of business of company at relevant time when offence was committed, Magistrate can issue process against such Director

Assessment in hands of trust quashed as trust deed clearly defined beneficiaries and their share of

IT: Where assessee, a revocable trust, was formed with object of making investment in mezzanine fund, in view of fact that trust deed gave clear description of beneficiaries/contributories and thus, those beneficiaries were not uncertain and moreover, as regards share of each beneficiary, trustees were duty bound to follow distribution mechanism specified in trust deed, conditions regarding applicability of section 164(1) did not satisfy and, thus, assessment made in hands of assessee-trust in t

No TDS liability of employer on sums remitted under approved VRS if value of benefits didn’t exceed

IT : Once scheme for voluntary retirement is approved, occasion to effect deduction of tax at source would arise only if benefit of a particular employee exceeds Rs. five lakhs

Reassessment made without verification of books was liable to rectification proceedings

CST & VAT : Where reassessment order was passed without looking into books of account, application for rectification was to be accepted to verify books of account

AO to consider sec. 54B relief after verifying revenue records indicating status of land as agricult

IT : Where in support of claim for deduction under section 54B, assessee produced revenue record showing that land acquired by State Government was used for agricultural purpose, since said evidence was not considered by authorities below while rejecting assessee's claim, impugned order passed by them was to be set aside

SC: CCE(Appeals) can address question of facts and law but High Court can't adjudicate facts in writ

Excise & Customs : Commissioner (Appeals) can address both issues relating to facts and law keeping in view applicability of relevant provisions/ notifications

HC upheld reassessment as assessee had wrongly deducted interest on housing loan under sec. 57

IT : Where in course of assessment proceedings relating to subsequent assessment year, Assessing Officer received information that assessee had wrongly claimed deduction of interest under section 57 in respect of loan taken for purchase of residential house property, he was justified in initiating reassessment proceedings for relevant assessment year

Assessing authority to pass revisional order independently without being influenced by order of othe

CST & VAT : Assessing Authority has to take a decision independently while forming a final opinion and not pass orders based on influence of any other authority

When property in goods passes on to buyer is relevant to determine place of removal: CBEC clarifies

CENVAT CREDIT/EXCISE & CUSTOMS LAWS : Rule 2(qa) of The Cenvat Credit Rules, 2004 – Place of Removal – Determination of – Clarifications on Relevant Considerations to ascertain Place of Removal

Income from letting out of factory alongwith Machinery was taxable as business receipt if both were

IT: Where assessee, engaged in manufacture and sale of IMFL products, let out entire factory alongwith excise licence and plant and machinery, in view of provisions of section 56(2)(iii), amount of lease rent was liable to be taxed as 'business income'

CLB ordered investigation against Co. as it was conducted in a manner to defraud petitioner-Co and i

CL: Where circumstances suggested that business of company was being conducted with intend to defraud petitioner and its members, investigation into affairs of respondent No. 1 was to be ordered

Cotton waste won’t come within the meaning of scrap to attract TCS under sec. 206C

IT: Where assessee obtained/filed Form 27C for non-collection of tax at source technical breach of submitting same by applying section 154 was liable to be condoned

If pre-deposit in cash was causing undue hardship to assessee, recovery could be ensured by attachme

Excise & Customs : Where making of pre-deposit in cash is not possible due to undue hardship, interests of revenue may be safeguarded by ordering attachment of property belonging to assessee to ensure recovery

AO can’t seek to add notional interest for shares pledged by a co. to enable its sister concern to r

IT : Where borrower issued shares to assessee-NBFC as a measure of repaying loans and, since interest was waived by assessee-NBFC, borrower had not booked liability toward current year's interest in its account books, such interest did not form income to assessee for year

AO can’t seek to add notional interest for shares pledged by a co. to enable its sister concern to r

IT : Where borrower issued shares to assessee-NBFC as a measure of repaying loans and, since interest was waived by assessee-NBFC, borrower had not booked liability toward current year's interest in its account books, such interest did not form income to assessee for year

CIT couldn’t make revision alleging lack of inquiries by AO without proving that his findings were e

IT : Commissioner must reach a finding that finding of Assessing Officer was erroneous, not because inquiries were not conducted, but because final finding was wrong and untenable

No disallowance of TDS if tax liability arose subsequently due to retro-amendment to definition of r

IT/ILT: Where assessee had made payments for sales promotion activities, in foreign currency and tax authorities had failed to show that payment received by non-resident was liable to tax in India either in terms of Indian Income tax Act or in terms of Indo-US DTAA, assessee was not liable to deduct TDS on such payments made to a foreign resident

HC advises Tribunal not to hesitate in passing lengthy order after considering entire materials on r

Service Tax : Where assessee was claiming that it had received services in 2004-05 and made payment therefor in 2008-09, Tribunal could not confirm demand under section 66A without considering invoices, agreements, ledger account, etc.

SAT upheld penalty on appellant-Co. as it failed to make timely disclosure under SEBI Takeover norms

SEBI : Where company and its promoters failed to make timely disclosures under Takeover Regulations, penalty was rightly imposed upon them for violating such provisions

No reassessment to deny provision for doubtful-debts as application of income if it was disclosed in

IT : Where in income and expenditure account, stock exchange had already reflected 'provision for doubtful accounts', reassessment after four years could not be made holding that same could not be treated as application income under section 11

No penalty without proving fraud/collusion even if extended period has been invoked and accepted by

Excise & Customs : Even if revenue has invoked extended period of limitation for confirmation of demand and even if same has been accepted by assessee for payment of duty, penalty cannot be levied without first proving fraud, collusion, etc

Commercial expediency for an exp. is assessee's decision; TPO shall only compute its ALP in uncontro

IT/ILT : TPO cannot treat Arm's Length Price of services paid for as 'Nil' by considering the services as worthless so long as the agreement under which they are rendered is not a sham and services are actually rendered under the agreement by the other party. All that TPO can see is at what price similar services, whatever be their worth, are actually rendered in uncontrolled conditions. Whether services are commercially expedient or not is a call for the assessee to take and not for the TPO to

Sec. 144C assessment order had to be quashed if AO didn't furnish draft assessment order to assessee

IT/ILT : Assessment order u/s 144C is illegal and liable to be quashed if draft assessment order to which assessee is entitled to u/s 144C(15) is not furnished to the assessee by AO to enable assessee to approach DRP if he wants

Dealers have permission to pay lump sum tax if they transfer goods in works contract and apply for A

CST & VAT/INDIAN ACTS & RULES : Gujarat Value Added Tax (Amendment ) Rules, 2014 – Amendment in Rule 28

Receipt on account of carbon credit given to assessee is a capital receipt

IT : Where a basket of 'market value' was available for computing profitability of an undertaking on captive consumption of power, assessee could choose any one of them as market value

Assessee can’t escape from concealment penalty by declaring income pursuant to survey proceedings

IT : Where assessee, engaged filed a revised return pursuant to survey proceedings declaring certain undisclosed income, said return could not be regarded as a voluntary return and, therefore, assessee being guilty of concealment of particulars of income, was liable to pay penalty under section 271(1)(c)

Seizure of goods was illegal as officer didn’t handover seized goods to jurisdictional AO within spe

IT : Seized articles are required to be handedover within 15 days of seizure to Assessing Officer who has jurisdiction over searched person

HC directs hearing of appeal without any further pre-deposit as assessee had already made substantia

CST & VAT : Where Tribunal directed assessee to deposit 10 per cent of penalty amount as a precondition for hearing appeal, since assessee had made substantial deposits, appeal before Tribunal deserved to be heard without any deposit

No disallowance of interest on loan if firm extended interest free loan to partners from its funds

IT : Where assessee utilised borrowed fund in business and gave interest free advances to partners, etc. from interest free fund, disallowance of interest on borrowed fund would not be justified

Petitioner had no locus to file oppression plea as he had resigned from directorship and sold his en

CL: Where petitioner resigned from directorship suo moto and sold his entire shareholding, he was not qualified to file petition alleging acts of oppression and mismanagement

HC allows interest at 8% on delayed refund of rebate on export of goods

Excise & Customs : Where rebate was first denied and later allowed by revisional authority, which caused inordinate delay, High Court granted interest at 8 per cent p.a. on delayed refund from expiry of 3 months from first rejection of rebate

CIT couldn't make addition on money lending activity if it wasn't a subject matter of assessment bef

IT : Where money lending activity was not subject matter of assessment before Assessing Officer, Commissioner (Appeals) erred in making addition on said issue

CIT had to verify only objects of trust for its registration even if it hadn’t commenced charitable

IT : Commencement of activity is not a pre-condition for registration of trust when objects of trust and its genuineness is not questioned

Sec. 234D applicable in case of assessments completed after June 1, 2003 without considering year of

IT : In case of any assessment completed after 1-6-2003, regardless of year of assessment, provisions of section 234D would be applicable to such assessment year

Administrative charges collected on sale of fly ash couldn't be termed as business support services

Service Tax : Administrative charges towards sale of fly ash cannot be termed as business support service, more so when in respect of subsequent period, department was holding it to be not service, but sale of fly ash and recovering excise duty thereon

No winding-up petition against a Co. for non-recovery of debt due to its illegal status

CL: Once a debt is rendered unrecoverable owing to its illegal status, section 433(e) cannot be pressed into service for winding up of a company on ground that it did not pay such an illegal and unrecoverable debt

ITAT directs AO to re-examine ALP as assessee had filed annual reports of comparables rejected by TP

IT/ILT: Where TPO rejected comparables given by assessee on ground that annual report of those companies were not available, however, assessee filed financial summaries of those 9 companies and annual reports in case of 7 companies out of 9 companies, matter required readjudication

ITAT directs revenue to grant wealth tax exemption in respect of one house property owned by assesse

WT: Wealth tax exemption is available to single residential property

Tribunal can extend stay beyond 365 days after passing speaking order that delay isn't attributable

Excise & Customs : Assessee may apply for extension of stay even beyond 365 days from initial grant of stay, but, each time, Tribunal can grant extension for up to 180 days and that too, only if delay in disposing appeal is not due to assessee

ALP couldn't be adjusted in under-utilized capacity; doing so would deem perfect business conditions

IT/ILT : In view of provisions of Rule 10B(1)(e)(iii) of Income-tax Rules, 1962, relief granted by Commissioner (Appeals) by making adjustments on account of capacity under utilisation in results shown by tested party i.e. assessee herein and thus computing hypothetical financial results which tested party would have achieved in perfect conditions was impermissible in law

ALP of advertisement exp. reimbursed to foreign AE couldn't be taken at nil if it was incurred for I

IT/ILT : As long as expenses are incurred by AE under instructions from and on behalf of assessee, and assessee has reimbursed cost to AE without any mark up, arm's length price of said transaction cannot be taken at zero

No sec. 32A relief for investment in hotel as preparation of food items therein couldn’t be deemed a

IT : Preparation of food in hotel is not manufacture, thus hotel building is not a plant entitled to investment allowance

HC upheld revisional order as assessee failed to explain non-production of info demanded by AO

CST & VAT : Where Assessing Officer proposed to revise order of assessment and in absence of any materials produced by assessee he confirmed revision of assessment, since there was no explanation for non-production of information, order of assessment was affirmed

AO couldn’t invoke sec. 40A(3) to disallow cash payments if he had made additions by rejecting books

IT : Where Assessing Officer treated a part of sundry creditors as non-genuine taking a view that assessee could not file any details or no explanation was offered in respect to them, in view of fact that liability in question still existed in assessee's books of account, impugned addition was to be deleted

HC directs testing of toys imported from China to find out violations of foreign trade policy by ass

Excise & Customs : Where department had absolutely confiscated toys imported from China on ground of violation of Foreign Trade Policy, High Court directed testing of toys prior to upholding violation of Foreign Trade Policy

Info on black money can't be disclosed due to confidentiality clause in treaties; MoF seeks clarity

IT/ILT : Section 90 of The Income-Tax Act, 1961 – Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign Countries – Press Release on Filing of I.A. NO.14 IN WP(C) NO.176 OF 2009 (Ram Jethmalani & ORS. V. Union of India), by Union of India

No reassessment to change head of income if nature of income was duly scrutinized during assessment

IT : Where after scrutiny Assessing Officer treated a certain sum as capital gain, he could not treat said sum as business income by resorting to re-assessment

CLB directs Co. to redeem shares of existing shareholders first before issuance of further shares

CL : Where company failed to redeem preference shares due to absence of distributable profits and it had proposed to reissue further redeemable preference shares against existing preference shares, company was directed to first settle down claims of preference shareholders who were objectors to such issue

CBDT prescribes conditions to get automatic approval for long term bonds for concessional TDS under

IT/ILT : Section 194LC of The Income-Tax Act, 1961 - Income by Way of Interest from Indian Company - Approval of Long Term Bonds and Rate of Interest for the Purpose of Section 194LC

Contaminated aerated water isn't manufactured good if drained as per prevention of Food Adulteration

Excise & Customs : Aerated water drained on account of contamination, under/over filling of bottles or badly crowned bottles, in compliance with Weights and Measures Act as well as under Prevention of Food Adulteration Act was not 'marketable' and was, therefore, not excisable goods and not chargeable to excise duty