No limitation on powers of legislature to levy a tax on rendition of 'sovereign' service : CESTAT

Service Tax : Exemption available to 'services provided by RBI' cannot be extended to services provided under agency from RBI

No additions by invoking sec. 50C when AO failed to examine that property could fetch stamp duty val

IT : Where Assessing Officer had not examined whether assessee could have sold her plot at a price which was stipulated by stamp duty authorities and assessee had given a detailed clarification about low price, addition made on basis of stamp duty valuation was to be deleted

Import of 'parts of plant' doesn't get exemption which is available to 'complete plant'

Excise & Customs : Interpretative rule 2(a) of Tariff will have no application to an exemption notification under section 25; hence, import of parts of a plant cannot be considered as 'plant' itself and cannot be eligible for exemption available to 'plant'

High Court admitted winding up plea as Co. raised contrary defenses to stall process of its winding

CL : Where company raised different lines of defence which ran contrary to each other, defences were cooked up to stall process of winding up and, therefore, winding up petition against company was to be admitted

Tax and interest amount paid on revised income had to be refunded as revised return was declared as

IT : Where revised return filed by assessee was declared invalid, tax and interest amount offered by assessee based on such invalid return had to be refunded by authorities

CBDT suggests speedy prosecution to instill fear among tax evaders

IT/ILT : Central Action Plan for Financial Year 2015-16

High Court denied to dismiss writ on ground of alternate remedy which was already time-barred

Excise & Customs : Where a writ petition filed against adjudication order alleging violation of principles of natural justice, is pending in High Court for more than one year, same cannot be rejected on ground of an appeal remedy, which may be barred by limitation

A Co. developing software can't be compared with a Co. using that software for providing non-develop

IT/ILT: A software product company cannot be compared with a company providing software development services, similarly, a company providing software development services is as different from a company providing non-development software services

ITAT allows valuation loss on stock-in-trade of shares as purchases were genuine and valuation was m

IT : Where assessee claimed deduction of loss incurred on valuation of shares kept as stock-in-trade, in view of fact that transaction of purchase of shares was genuine and loss had been computed on principle of stock valuation of 'cost or market price whichever is less', claim so raised was to be allowed

No extended period of limitation if assessee submits proper declarations by way of regular filing of

Cenvat Credit : Where assessee had made proper declarations before revenue by regularly filing of returns, extended period of limitation was not invocable

No reassessment after 4 years when full and true disclosures were made by assessee during assessment

IT : Where based only on assessment records, Assessing Officer opined that depreciation on 'plant and machinery' and 'land and building' given on lease was not allowable, since there was no failure on part of assessee to fully and truly disclose all material facts, reopening of assessment was not valid

Govt. constitutes Committee for dealing with issues arising from implementation of Companies Act, 20

COMPANIES ACT, 2013 : Constitution of Companies Law Committee for Effective Implementation of Companies Act, 2013

Govt notifies various entities for the purpose of deduction under Sec. 35AC

IT : Section 35AC, read with Explanation (B) Thereto, of the Income-Tax Act, 1961 - Eligible Projects or Schemes, Expenditure on - Notified Eligible Projects or Schemes

Activity which is part of import transaction is liable to customs duty; it can't subject to service

Service Tax : Question of rendering any service in respect of imported goods would arise only after customs transaction is completed; hence, import freight/charges, etc. which are incurred prior to import or which are included in customs value, cannot be charged to service tax under Cargo Handling or any other service

No revision if AO after examining lease agreement had treated letting out of commercial space as bus

IT : Where in case of assessee, a builder and developer, Assessing Officer after examining lease agreement and relevant material on record, identified letting out of floor space in infrastructure facility as business activity of assessee, view taken by him being one of possible views, could not be set aside by passing a revisional order

Government exempts excise duty on Ethanol produced from molasses for supplying to Oil Companies

EXCISE LAWS : Section 5A of the Central Excise Act, 1944 - Power to Grant Exemption from Duty of Excise - Exemption to Specified Excisable Goods - Amendment in Notification No.12/2012 - C.e., Dated 17-3-2012

AC restaurants are liable to pay service-tax at 5.6% from June 1, 2015; FinMin clarifies

ST LAWS : Section 66E(I) of the Finance Act, 1994, Read with Rule 2C of the Service Tax (Determination of Value) Rules, 2006 – Declared Services – Valuation of Services Provided in Relation to Serving of Food or Beverages by a Restaurant, Eating Joint or a Mess Having Facility of Air-Conditioning or Central Air-Heating in Any Part of Establishment- Clarification on Rate of Service Tax on Restaurant Service

No penalty even when assessee was transporting goods via route which didn't have check post as he ha

CST & VAT : Rajasthan VAT - Where Competent Authority checked a vehicle transporting goods from Jaipur to Agra and having found that vehicle was moving on road which did not have check-post imposed penalty under section 78(10A) upon driver of vehicle, since documents produced by driver were neither found to be incomplete nor forged one, imposition of penalty was not justified

Date of presentation of documents of property before registrar won’t be deemed as date of transfer u

IT : Transaction of transfer of property would relate to date when sale-deed was executed, sale consideration was paid and possession was handed over but not on date when document was presented before Registrar for registration of sale-deed

'Walt Disney' didn't abuse its dominance by requiring release of its movies in India only via Digita

Competition Act : Where informant filed complaint against OP for releasing their movies in India only through Digital Cinema Initiatives (DCI) compliant servers and projectors and DCI compliant was found to be better than non-DCI compliant format, OPs had not contravened sections 3 and 4

Prior to 27-2-2010, no ST was leviable on services provided 'by' vessels in Continental Shelf

Service Tax : As per Notification 1/2002-ST as amended by Notification 21/2009-ST, only services 'to' installations, structures and vessels in CSI/EEZI were subjected to service tax and, therefore, services provided 'by' installations, structures and vessels in CSI/EEZI could not be taxed prior to 27-2-2010

High Court confirms conviction against taxpayer due to false info shown in tax return

IT: Where upon perusal of complaint it was evident that only after getting proper sanction complaint had been lodged and magistrate concerned had also taken cognizance of same, conviction and sentence under sections 276C and 277 were to be confirmed

HC directs AO to examine identity and capacity of creditors for making additions of cash credit u/s

IT : Where during scrutiny, Assessing Officer did not apply his mind to scrutinize identity and capacity of lenders who furnished loans, matter was to be readjudicated

An assessee can't take credit of inputs used by other units having separate entity and registration

Cenvat credit : An assessee can take credit of inputs used within its factory; no credit can be taken on inputs used by other units/companies having separate entity and separate registration

A Call Center can't be compared with a Co. providing services requiring special knowledge and domain

IT/ILT : A company providing high end services, i.e., special knowledge and domain expertise, cannot be compared to a low end service provider, namely, call centre services

Order passed by AO to transfer case to new jurisdiction was invalid as it was made without an order

IT : Where in case of assessee, Assessing Officer at ward 4 Agra himself transferred jurisdiction of case to Assessing Officer at ward 5(3), New Delhi and there being no transfer order passed by Chief Commissioner or Commissioner, it was a case of violation of provisions of section 127 and, therefore, impugned assessment order passed by Assessing Officer, ward 5(3), New Delhi was to be regarded as void ab initio

No disallowance of depreciation to broker if membership card wasn't transferred in year of demutuali

IT : In year of allotment of shares in lieu of Membership Card of stock exchange, protective addition on account of claim of depreciation so long claimed by member on said membership card, was not justified; same might be done in future in year in which transfer of shares would take place

West Bengal VAT Act: Provision which levies tax on sum realised above MRP of foreign liquor wasn't u

CST & VAT: West Bengal VAT - Where State Government of West Bengal by West Bengal Taxation Laws (Amendment) Act, 2008 caused amendments in sections 2(40)(d) and 22D of West Bengal Sales Tax Act, 1994 subjecting members of West Bengal Foreign Liquor 'Off' and 'On' Shop Owners Association to pay tax on that part of sale price of quantity of foreign liquor sold by them by which such sale price exceeds maximum retail price of equal quantity of such foreign liquor, impugned amendments were not ultra

Approval granted to 100% EOU set-up under STP scheme couldn't be deemed to be an approval under sec.

IT : Though considerations which apply for granting approval under sections 10A and 10B may to an extent, overlap, yet deliberate segregation of these two benefits by statute reflects parliamentary intention that to qualify for benefit under either, specific procedure enacted for that purpose has to be followed

Suspension of CHA license was to be set aside when enquiry wasn't completed within time-limit

Excise & Customs : Where CHA's license was suspended pending enquiry and enquiry was not completed within time-limit (fixed by Commissioner as well as fixed by Circular), suspension was set aside with liberty to department to proceed with enquiry

CIT(A) has inherent power to grant stay on demand if appeal is pending before him, says ITAT

IT : Commissioner (Appeals) has inherent power to stay demand, when appeal is pending for disposal before him

No condonation of delay on ground that assessee's consultant withheld papers of appeal

Service Tax : Where assessee sought condonation of delay on ground that his earlier consultant withheld back papers for a long time, Tribunal rejected said claim as unacceptable and denied condonation on ground of gross negligence and inaction on part of assessee

Gift not to be deemed as unexplained when gift deed and bank certificate were furnished to prove its

IT : Where assessees received certain amount as gift from NRI through cheque and they produced bank certificate and gift deed regarding same, addition of said gift as unexplained income was not justified

Credit on capital goods allowable even if they are not owned by assessee

Cenvat Credit : For taking credit of duty paid on capital goods, it would not be necessary that capital goods shall either be owned by assessee or those shall be acquired by finance from financing agency

Gujarat Gas Co. isn't dominant player in supply of gas due to presence of GAIL, Indian Oil Corporati

Competition Act: Where reserves, surplus, turnover and assets of OP's competitors such as GAIL, IOCL and GSPC were much larger than OP and consumers were not entirely dependent on OP for supply of natural gas, OP was not dominant in relevant market

No deemed dividend as assessee wasn't substantial shareholder on date of advance as he had already g

IT : Where Assessing Officer made addition to assessee's income under section 2(22)(e) finding that assessee had taken loan from company in which he was holding 38.8 per cent shares, in view of fact that assessee had already gifted 30 per cent shareholding to his wife and son, impugned addition deserved to be deleted

Delay in filing appeal by assessee thinking that appeal was filed by its tax department wasn't condo

IT: Where assessee filed its appeal with a delay of 373 days taking a plea that it was under a bona fide belief that appeal had been filed by concerned head of its taxation department within prescribed time, it being a case of gross negligence on part of assessee, appeal was to be dismissed being barred by limitation

Buyer may take credit of duty indicated in invoice even if full duty isn’t passed on to him

Cenvat Credit : Residual Fuel Oil (RFO) is different from Low Sulphur Heavy Stock (LSHS) even though classifiable under same tariff heading; hence, credit restrictions applicable to LSHS do not apply to RFO

Excise duty is excludible from sales as well as cost while determining operating margin under TP stu

IT/ILT : In course of determination of ALP, excise duty being a pass through cost has to be excluded from sales as well as costs for both assessee and comparable companies while computing operating margins

Govt. eases approval norms for foreign equity inflows via Govt. route; amends Consolidated FDI polic

FDI/FEMA/ILT : Consolidated FDI Policy Circular of 2015 Effective from 12-5-2015 – Review of the Investment Limit for Cases Requiring Prior Approval of Foreign Investment Promotion Board (FIPB)/cabinet Committee on Economic Affairs (CCEA) – Amendment in Paragraph 5.2

Investments made by NRIs in securities to be treated as domestic investments; Govt. amends consolida

FDI/FEMA/ILT : Consolidated FDI Policy Circular of 2015 Effective From 12-5-2015 – Review of Foreign Direct Investment (FDI) Policy on Investments by non-Resident Indians (NRIS), Persons of Indian Origin (PIOS) and Overseas Citizens of India (OCIS) – Amendment in Paragraph 2.1.27 and Insertion of Paragraph 3.6.2 (vii)

Protocol to India-Denmark DTAA mandates furnishing of info. even if held by banks or financial insti

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 – Denmark – Amendment in Notification No. GSR 853(E), Dated 25-9-1989

Interest couldn't be levied under Secs 234A/234B/234C if AO didn’t mention relevant provision in ass

IT : Counter sales of goods effected against convertible foreign exchange to foreigners which does not involve clearance at customs is to be treated as export out of India and, hence, eligible for benefit of section 80HHC

Interest under Act couldn't be levied if AO failed to mention relevant provision in assessment order

IT : Counter sales of goods effected against convertible foreign exchange to foreigners which does not involve clearance at customs is to be treated as export out of India and, hence, eligible for benefit of section 80HHC

Grant of refund after due examination by lower authorities couldn’t be said to be prejudicial to rev

IT: Where applicability of provisions of sections 11 and 13 was examined by both lower authorities, relief granted by Assessing Officer in assessment/refund Form ITNS 150 could not be prejudicial to interest of revenue

Unjust enrichment doesn’t apply to amounts paid under investigation for which no SCN was issued

Excise & Customs : Excess credit : (a) reversed by assessee under protest and in course of investigation and (b) for which no show-cause notice has been issued, cannot be retained by department without any demand having been raised; refund thereof is not hit by bar of unjust enrichment under section 11B

Reassessment proceedings couldn't be upheld when original order was set-aside by CIT under sec. 263

IT : Where during assessment industrial undertaking established in backward area disclosed that it earned interest, dividend and rent from investments made out of surplus funds accumulated from profits of business and Assessing Officer allowed section 80HH deduction, reopening of assessment was to be set aside

Assembling of components of genset amounts to manufacture for sec. 80-IB relief

IT : Assembling of various components of gensets amounts to 'manufacturing' for purpose of allowing deduction under section 80-IB

Department must execute Tribunal's order even if time-limit for filing appeal against such order has

Excise & Customs : Time-limit for filing appeal does not operate as stay of order impugned; therefore, even if said time-limit has not expired, Tribunal order must be executed by Department and failure therein may be challenged in writ jurisdiction

RBI cuts bank rates by 25 basis points

BANKING : Change in Bank Rate – Penal Interest Rates which are Linked to Bank Rate

Govt. issues revised list of major initiatives on improving ease of doing business in India

CL : OTHERS : Major Initiatives on Improving 'Ease of Doing Business' in India

High Court denied to interfere with Tribunal's remand order as it was based on factual findings

IT : Where assessee had income from various sources but did not file income-tax return despite several opportunity and Assessing Officer passed assessment order which was upheld by Commissioner (Appeals) while Tribunal remitted matter back to Assessing Officer without deciding any issue, order of Tribunal could not be interfered with

First Appellate Authority was justified in dismissing appeal, being delayed beyond 210 days

CST & VAT: Karnataka VAT - Where assessee filed appeal under section 62 before First Appellate Authority late by 287 days along with application seeking condonation of delay, since First Appellate Authority was not empowered to condone delay beyond 210 days, he was justified in dismissing appeal as barred by limitation

No tax or MAT on donee-co. in respect of gift received from another concern; ITAT affirms gifting po

IT : Where assessee received certain amount from 'R' Ltd. on account of dividend receivable by four concerns against their shareholding in 'R' Ltd., since there was no dispute about genuineness of transaction because receipt of amount was duly authorised by respective Memorandum and Articles of Association of assessee and donor companies, it was to be regarded as gift; it is neither taxable as income from other sources under section 56 nor as capital gain nor as income under section 2(22)(e)

Mere supervision of loading of goods without any clearing/forwarding as such doesn't amounts to C&F

Service Tax : Merely supervising and liaisoning with coal company and railways to see that material required by cement companies is loaded as per schedule, cannot amount to clearing and forwarding agent's services, as there is no 'clearing activity' and 'forwarding activity' performed

CCI dismissed complaint as it was filed due to trade rivalry between parties

Competition Act : Where dispute between informant and opposite parties appeared to business dispute and trade rivalry, there was no competition issue involved in matter

Losses of eligible units couldn't be set off against income from units not eligible for exemption un

IT : Where loss suffered by assessee in a unit entitled for exemption under section 10B, cannot be set off against income from any other unit not eligible for such exemption

Dominion over the property is sufficient to claim depreciation even if conveyance deed isn't yet exe

IT : Where Assessing authorities treated certain items of income as 'income from other sources' and without any elaborate discussion about nature of those items of income, denied benefit of exemption under section 10(23G), matter was to be remanded to decide true nature of income

RBI unveils guidelines on compensation of non-executive directors of private sector banks

BANKING : Guidelines on Compensation of Non-Executive Directors of Private Sector Banks

RBI allows banks to cross hold long-term bonds among themselves to finance infrastructure and afford

BANKING : Issue of Long Term Bonds by Banks for Financing of Infrastructure and Affordable Housing – Cross Holding

CBDT's recent instruction for filing appeal by revenue would also apply to pending cases, says Delhi

IT : In view of CBDT Instruction No. 5 of 2015, dated 10-7-2014, where tax effect of appeal filed by revenue before Tribunal was less than Rs. 4 lakhs, appeal was to be dismissed

AO shall recorded his satisfaction before invoking his jurisdiction to assess any other person under

IT : Recording of satisfaction of Assessing Officer(s) is a pre-condition for invoking jurisdiction under section 153C

RBI doubles Forex remittance limit for resident-individuals under Liberalised Remittance Scheme

FEMA/ILT : Liberalised Remittance Scheme (LRS) for Resident Individuals – Increase in Limit from Usd 125,000 to Usd 250,000 and Rationalisation of Current Account Transactions – Remittance Facilities for Persons Other Than Individuals

No SSI-exemption even if other's brand name which was used on goods related to goods different from

Excise & Customs : Even if goods are different, so long as brand name or trade name of some other company is used, benefit of SSI-Notification would not be available

Exp. on acquisition of know-how wasn't covered u/s 35AB if it was in nature of revenue exp, rules Gu

IT : Expenditure incurred for acquisition of technical know-how for running business for a short period was revenue in nature allowable under section 37(1); applicability of section 35AB would not arise

Zinc Dross having 96% zinc content arising during manufacture of galvanized tubes is excisable

Excise & Customs : Zinc Dross (having 96 per cent zinc content) arising in course of manufacture of galvanized tubes is a 'manufactured by-product' and liable to duty

Credit of foreign TDS can't be denied even against tax levied on corresponding income eligible for s

IT/ILT: In view of amendment made to section 10A by Finance Act, 2000 with effect from 1-4-2001, assessee was entitled to get credit of tax deducted at Japan in respect of income exempt in India by virtue of para (2a) of article 23 of India-Japan DTAA

RBI doubles the Forex remittance limit by resident-individuals under Liberalised Remittance Scheme

FEMA/ILT : Liberalised Remittance Scheme (LRS) for Resident Individuals – Increase in Limit from Usd 125,000 to Usd 250,000 and Rationalisation of Current Account Transactions – Remittance Facilities for Persons Other Than Individuals

Karnataka VAT : AO had to consider revised return filed belatedly as it showed additional tax liabil

CST & VAT : Karnataka VAT - Where Assessing Authority passed assessment order ignoring assessee's revised returns on ground that they were not filed within prescribed period, in view of Commissioner's circular dated 7-7-2008, matter required to be remanded back to Assessing Authority for considering revised returns

No penalty on seizure of gold if assessee admitted that it was derived out of undisclosed income and

IT : Where assessee made statement regarding seized unaccounted gold and explained manner in which same was derived and treating its value as income paid tax, penalty was not to be levied under section 271(1)(c)

Value of duplicate CDs manufactured on job-work will not include royalty paid by distributor for Mas

Excise & Customs : Where assessee was manufacturing and selling duplicate CDs to distributor using Master CD supplied by such distributor, royalty paid by distributor to producer of music for such Master CD, cannot be included as 'additional consideration' in value of such duplicate CDs

Income from share transactions is taxable as business income if assessee is dealing with large volum

IT: Where assessee was dealing in large volume of shares for which one has to devote considerable time and resources and has to carry out activities in a systematic manner, he would be considered as trader of shares and income from share transactions would be assessed as business income

MCA amends rules to incorporate changes made by Companies Amendment Act, 2015

COMPANIES ACT, 2013/INDIAN ACTS & RULES/AAA : With a view to incorporate the amendments as laid down under Companies Act (Amendment), 2015, the Government has amended the corresponding Companies Rules. Amendments relates to easing of doing business in India. Key changes are as under:

Buyer can't be denied refund of CVD on department's apprehension that importer may have claimed refu

Cenvat Credit : Where department has not even alleged that CVD paid by importer has been claimed as refund by him, buyer of said goods cannot be denied credit of such CVD merely because importer's invoice does not contain declaration that 'refund of CVD has not been claimed'

Non delivery of plot on complainant's failure to make payment wasn't abuse of dominance by developer

MRTP : Where complainant had paid 25 per cent of cost of plot allotted to it by respondent but condition of payment of balance price together with interest was a condition precedent for delivery of possession of plot, complainant had no right to seek possession of plot without paying balance price with interest

No reference to DVO to determine construction cost of factory without rejecting books of assessee

IT : Where books of account in respect of cost of construction are maintained, reference to DVO cannot be made without rejecting said books of account on some legal or justified basis

No reassessment on basis of info received from DIT, Investigation without recording his own satisfac

IT: Where in reassessment, Assessing Officer made additions on account of unsecured loans merely on basis of information from DIT Investigation without recording his own satisfaction for issuing reassessment, reassessment was not valid

Exp. incurred on stamp duty and registration charges for raising share capital was deductible under

IT : Where assessee entered into a 'Common Loan Agreement' in terms of which lender bank agreed to finance a part of maintenance of a road project, in view of fact that as per terms of said agreement, assessee was required to keep certain amount as fixed deposit with bank, interest income earned on same was to be taxed as business income

Firm needed not to explain source of income of partners who had made capital contribution; sec. 68 a

IT: Partnership firm is not required to explain source of income for partners regarding amount contributed by them towards capital of firm

Default of assessee to disclose material facts amounts to suppression; triggers invocation of extend

Excise : Where declaration and periodical returns, being vital documents submitted by assessee, did not mention that 'sewing thread' was cleared on 'hanks', they suppressed a material fact which, to their knowledge, would not bring their sewing thread within exemption Notification; hence, extended period was invocable

Security Holograms are classifiable as 'printing matter' (4901) and not as 'self-adhesive product'

Excise & Customs : Security Holograms are classifiable as 'printed matter' (4901) and not as 'Self-adhesive product' (3919) because primary use is 'security' and adhesiveness is incidental

Funds remitted by NR to India out of income accrued outside India aren't taxable in India

IT/ILT : Provision of section 5 does not permit taxation of amounts remitted to India from sources outside India which are not incomes under provisions of Act

Nomination under Companies Act/Depositories Act isn't a 'super will' that displaces the law of succe

Companies Act : Nomination under sections 109A and 109B of the Companies Act,1956 (corresponding to section 72 of the Companies Act,2013) or under Be-law 9.11 of the Depositories Act,1996 only provides the company or depository a legally valid quittance so that it does not remain answerable to a raft of succession litigations and an endless slew of claimants under succession law. The company or depository gets a legally valid discharge but the nominee continues to hold in a fiduciary capacity

MCA fixes May 29, 2015 as enforcement date of provisions of Cos Amendment Act, 2015

COMPANIES ACT, 2013/INDIAN ACTS & RULES : Section 1 of The Companies (Amendment) Act, 2015 – Act – Enforcement of – Notified date on Which Provisions if Sections 1 To 12 and 15 To 23 of Said Act Shall Come into Force

Circular denying benefit of zero rating on goods used in works contract carried out at SEZ isn't unc

CST & VAT: Tamil Nadu VAT - Circular No. 9 of 2003, dated 24-7-2013 sets out statutory provision and benefit of zero rating which accrues to dealer under section 18 and it is neither contrary nor ultra vires of provisions of VAT Act, not is it violative of article 14 of Constitution or irrational

Purchase of tenancy rights giving possession, control and transferable right in flat would provide s

IT: Where assessee had substantial rights over property which were almost identical to ownership of property, exemption under section 54F was to be allowed

HC upheld reassessment initiated to examine tax implications of deferred revenue on warranty claims

IT: Initiation of reassessment for examining tax implications of deferred revenue on warranty claims is justified

Over-invoicing of export consignment would invite penalties and confiscation of consignment

Excise & Customs : Provisions of section 113(d) would get attracted and goods may be liable for confiscation when value of export goods in invoices is exaggerated

No tax on interest income if assessee hadn't charged any interest, pending litigation on recovery of

IT : Pending litigation for recovery of loans given to co-operative housing societies, interest income could not be brought to tax in hands of housing finance corporation

Denial of sec. 10(23C) relief was justified on failure of assessee to produce audited books of accou

IT: Where assessee-educational institution seeking approval for exemption under section 10(23C)(vi) failed to produce audited accounts and balance-sheet for relevant assessment year despite opportunities granted, approval was denied

Oppression plea of petitioner couldn't be rejected at the outset without giving a reasonable opportu

CL : When dispute in petition filed under section 397/398 was with regard to legal or illegal transfer of shares, petition could not be rejected at threshold without giving reasonable opportunity to parties to establish their case

No disallowance if employees’ contribution to PF was deposited by employer before due date of filing

IT: Even employees' contribution towards provident fund made by assessee/employer on or before due date of filing return under section 139 would be eligible for deduction under section 43B(b)

IRDA specifies additional norms for insurers on handling of the unclaimed funds of policy holders

INSURANCE : Handling of Unclaimed amounts Pertaining to Policyholders

IRDA unveils revised norms on safety of electronic data and issuance of e-insurance policies

INSURANCE : Revised Guidelines on Insurance Repositories and Electronic Issuance of Insurance Policies

Refund of excise duty would be taxable u/s 41(1)

IT : Where excise duty refund received by assessee under section 41(1), same would be taxable

High Court debars co-operative society from carrying out banking business as it didn’t obtain licens

CL : A Cooperative Society registered under the Rajasthan Cooperative Societies Act, 2001 or a Multi-State Cooperative Society registered under the Multi-State Cooperative Societies Act, 2002 is not entitled to carry on banking business without obtaining licence from RBI.

Assessee engaged in manufacture of limestone powder in Himachal Pradesh is entitled to sec. 80-IC re

IT: Where assessee was engaged in business of manufacture of limestone powder and poultry grit claim of assessee under section 80-IC was to be allowed

Settlement under Bombay Sales Tax was denied to assessee as there was no statutory provision in this

CST & VAT : Maharashtra VAT - Where appellant, a partner in a firm, had addressed a letter to State Minister for Finance seeking settlement of sales tax dues payable by him as a partner of firm and said Minister accepted offer of settlement, in absence of any provision in Act and Rules, there could be no settlement with appellant so as to discharge him from his obligation to pay sales tax dues payable by firm

Sales commission and discounts aren't AMP exp.; ITAT directs adjudication in accordance with LG spec

IT/ILT: Sales Commission, discount, etc. are in nature of expenses directly connected with sales and, hence, would not be included within overall AMP expenses for processing under transfer pricing provisions; matter was to be decided following L.G. Electronics India (P.) Ltd. v. Asstt. CIT [2013] 140 ITD 41/29 taxmann.com 300 (Delhi – Trib.) (SB)

Indian Co. was AE of Singaporean Co. as their common director participated in their management and c

IT/ILT: Where assessee, an Indian company, made purchases of textiles, yarn etc. on commission basis for 'K', a Singapore based company, in view of fact that one 'G' was holding 99.9 per cent shares in assessee-company and he was also a common director in both companies who participated in management of both companies, condition of one enterprise participating directly or indirectly or through one or more intermediaries in its management or control or capital as prescribed under clause (a) and (