Credit entry in bank couldn't be held as unexplained if it wasn't related to accommodation entry une

IT : Where Assessing Officer as a result of search conducted under section 132 on one 'F', who was engaged in providing accommodation book entries to assessee, passed block assessment order on assessee and added credit entries found in bank account of assessee on ground that said entries were not explained by assessee, impugned addition on above ground was not justified

Even revision notice has to be issued by Commissioner within time frame specified for issuing show c

Service Tax: Notice under section 84 for revision of adjudication order granting refund, must be issued within time-limit of section 73 viz. 1 year from date of grant of refund; time-limit of 2 years in section 84 is for passing of revisional order

SEBI releases format for disclosure of shareholding pattern under new listing norms

SEBI : Disclosure of Holding of Specified Securities and Holding of Specified Securities in Dematerialized Form

SEBI prescribes methods of achieving minimum public shareholding under new listing norm

SEBI : Manner of Achieving Minimum Public Shareholding

Validity of sec. 234E can't be challenged just because it doesn't have provision for condonation of

IT: Constitutional validity of unamended section 234E cannot be challenged on ground that it does not provide for condonation of delay and an appeal

SEBI prescribes format for publishing financial results

SEBI/AAA : Formats for Publishing Financial Results

ITAT invokes MFN clause of India-Dutch DTAA to import ‘make available’ clause from India-US treaty

IT/ILT : Ahmedabad ITAT interprets MFN clause of India-Dutch treaty; imports 'make available clause from India-US DTAA to decide taxability of 'Fee for Technical Services'.

SEBI nods to listing of stock exchanges, proposes norms for issuance of green bonds

SEBI : SEBI BOARD MEETING – Listing of Stock Exchanges, Committee on Clearing Corporations, Transfer of Profits by Depositories to Their Investor Protection Fund etc.

No reassessment to curtail sec. 80-IC relief as 'reason to believe' wasn't supported by tangible mat

IT: Though in case of section 143(1)(a), any argument of it being illegal because of change of opinion is not sustainable, however, there has to be some tangible material in possession of Assessing Officer to reopen such cases

No denial of fee continuity benefit just because few partners didn't continue as directors in new Co

SEBI : Whether where there were five partners, of which three partners subsequent to corporatization jointly held 40 % paid-up equity capital and were also the Whole-time Directors of the company, then the departure of the other two erstwhile partners would not deny the corporate entity the benefits of fee continuity under Paragraph I(4) of Schedule III of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992- Held – Yes

Fruit Juice and Fruit Juice Beverages aren't distinct products; both are classifiable under heading

Excise & Customs : There is no distinction between fruit juice and fruit juice beverages; hence, diluted fruit juice is also 'fruit juice' and classifiable as 'preparation of fruit' under Heading 20.01 and not under Heading 22.02 as 'non-fruit beverages'

Gift received by MLA from his NRI father via normal banking channels is outside the ambit of FCRA

FCRA : Gift received by MLA from his father who is NRI out of the latter's personal funds through normal banking channels is outside the purview of FCRA,1976/FCRA,2010 as the same cannot be said to be received from a "foreign source". Such a gift would be outside the realm of both these legislations as the transaction is between an Indian father and an Indian son. The contribution made by a citizen of India living in another country (Non-Resident Indian), from his personal savings, through the n

Exp. incurred on room cleaning to install machinery therein wasn't includible in value of machinery

[2015] 63 taxmann.com 273 (Mumbai - Trib.)

Stakeholders allowed to appear before Court as creditor didn't have absolute right to insist winding

CL: Where even though petitioning creditors had made a case for winding up of respondent company on ground of its inability to pay its debts, they had no absolute right to insist on winding up and Court in its discretion was justified in giving time to admit and advertise petitions, so that all stakeholders would be in a position to come before Company Court and be heard in matter before a final decision on winding up was taken

Even wrongly paid interest and penalty can be adjusted against tax dues payable under VCES

Service Tax : Where assessee had paid interest/penalty wrongly without any knowledge of VCES, then, on filing declaration under VCES, assessee could file application for correction of accounting codes and seek adjustment of wrongly paid interest/penalty against 'tax dues' under VCES

No exclusion of comparable due to related party transactions above 15% of turnover without any suppo

IT/ILT : No comparable can be excluded from TP study mere relying on legal proposition that companies having related party transactions of more than 15 per cent cannot be considered as comparable, without supporting evidence on record

Transport entity wouldn't fall outside ambit of charitable unit on receipt of fee from testing of au

IT : Where main object of assessee-association of state road transport undertakings, improving public transport system in country, merely because assessee received revenue from testing automobile parts and consultancy services, same could not be held for earning profits

No TP adjustment for corporate guarantee issued by parent-Co. on behalf of its subsidiary-Co.

IT/ILT : The issuance of corporate guarantees by holding company on behalf of its subsidiary where it is done to provide or compensate for lack of subsidiary's core strength to raise bank finances is in the nature of quasi capital or shareholder activity and does not amount to a service in respect of which arm's length adjustment can be done. This is a transaction which cannot happen in an arm's length situation. This is because no bank will ever issue a guarantee in favour of an entity which la

Revenue couldn't challenge order of SetCom if there was no irregularity or lack of jurisdiction in o

IT: Where department filed a writ petition praying for quashing of order passed by Settlement Commission admitting assessee's application for settlement, department was to be directed to raise all objections before Commission itself

Dept. couldn't pressurize assessee to disclose income during search by seizing demand draft above 30

IT: Where assessee offered a summary disclosure of an amount due to pressure of proceedings during search operations which were adversely affecting business and no incriminating material was discovered as a result of search operations and sole basis of additions was disclosure which was involuntary, additions were not justified

Amount paid pursuant to adjudication order is to be refunded when order is set-aside and matter rema

Excise & Customs : Once adjudication order has been set aside and matter remanded back for adjudication afresh, department has no authority in law to retain amounts deposited pursuant thereto; hence, assessee may filed refund claim

Embroidery machine used for carrying out embroidery work on fabric is entitled to additional depreci

IT: Where assessee was engaged in business of embroidery work on synthetic fabrics on job work basis, work of embroidery carried on by assessee would fall within ambit of definition of manufacture and thereby it was entitled to avail of additional depreciation on embroidery machine installed

Assessee proved genuineness of exp. by establishing identity of parties and producing payment detail

IT : Where assessee paid certain amount to sub-contractors for carrying out work by them and proved genuineness of payment by producing cogent evidence and sub-contractors also confirmed that they received payment by banking channel, expenditure was allowable as business expenditure

Commission earned on sale of goods of foreign co. in India not liable to service-tax for period prio

Service Tax : Commission on sale of goods of foreign company in India amounts to 'export', as service is provided to foreign service recipient to be used in their country though such services result in sale of product in India

ALP of info-technology cost allotted to AE can't be Nil if it is critical for functioning

IT/ILT : Where in course of business of manufacturing artificial flavours, food and non-food ingredients, assessee paid information technology cost to its AE for services such as internet charges, WAN site fee, SAP support fee etc., since said services were required for assessee's business, TPO could not determine ALP of same at nil

Due date for filing of Annual Return and Financial Statements further extended by one month

COMPANIES ACT, 2013 : Section 137 of the Companies Act, 2013 – Accounts of Companies – Copy of Financial Statement to Be Filed with Registrar - Relaxation of Additional Fees and Extension of Last Date of in Filing of Forms Mgt-7 (Annual Return) and Aoc-4 (Financial Statement)

ICSI releases revised edition of draft guidance notes on 'Annual Return'

COMPANIES ACT, 2013 : Draft of Guidance Note on Annual Return (Revised Edition)

Matters arising within Dadar and Nagar haveli are appealable in Bombay HC and not in Gujarat HC

Excise & Customs : In case of matters arising within Union Territory of Dadra and Nagar Haveli, appeals would lie to Bombay High Court and not Gujarat High Court, even if adjudicating and appellate authorities are located in Gujarat

Exp. incurred on overhauling of 'Bucket Wheel Excavator' used in mines was to be allowed as revenue

IT : Where assessee without giving any reasons changed its accounting policy and claimed amount spent on purchase of loose tools as revenue expenditure which had been capitalised in earlier years, Assessing Officer was justified in initiating reassessment proceedings

Govt. authorizes Central Registry of SARFAESI to act as Central KYC records registry under PMLA

MONEY-LAUNDERING : Section 73 of the Prevention of Money-Laundering Act, 2002, Read with Rules 2 and 9A of the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 – Power to Make Rules – Authorisation of Cersai to Perform Functions of, Central KYC Records Registry Under said Rules, Including Receiving, Storing, Safeguarding and Retrieving KYC Records in Digital Form of A Client

CCE(A) can't direct verification of matters not doubted in Show Cause Notice

Service Tax: Where there was no allegation in show-cause notice as regards balance of unutilized credit in cenvat account, Commissioner (Appeals) could not travel beyond show-cause notice to direct verification of unutilized credit.

Tribunal can't recall its earlier order in garb of rectification

Excise & Customs : Where assessee had sought rectification only on issue of redemption fine owing to mistake apparent from record, Tribunal could not have recalled entire order and passed a new order dealing with levy of duty, penalty, fine and confiscation

Delhi HC sets aside reassessment as AO had issued notice prior to recording of reasons for reassessm

IT : Where notice under section 148 was issued by Assessing Officer prior to recording of reasons for reassessment and, assessee's objections were not disposed of by passing a speaking order, impugned notice deserved to be set aside

Conversion charges paid on factory land for using it for other commercial activities were revenue ex

IT : Where factory premises of assessee was already in use for 30 years, on which conversion charge was paid in instalment for using it for commercial/service activities interest paid along with instalments could not be treated as capital expenditure

CLB's order holding that there was no oppression due to capital reduction didn't give rise to any qu

CL : Where appellant was party to arrangement by which his shares were divested and his shareholding was reduced in company, CLB's order holding that there was no oppression on account of reduction of appellant's shareholding did not give rise to any question of law

Genuine expenses couldn't be disallowed just because signature of one person was found on all vouche

IT : When record justified weaving charges claimed by assessee, same could not be disallowed on specious plea that one person, who represented all weavers, signed vouchers for all persons

Automobile cess and EC/SHEC thereon held as excise duty; eligible for export rebate

Central Excise : Since provisions of Central Excise Act relating to 'levy and collection' and 'refund' of duty are made applicable to Automobile Cess, hence : (a) 'Automobile Cess and EC/SHEC thereon' is 'duty of excise' in terms of section 3 of the Central Excise Act, 1944; and (b) 'refund' as defined in section 11B ibid would include 'rebate' is accordingly, eligible for rebate under rule 18 of the Central Excise Rules, 2002

Car AC kits and gas compressor to be classified separately if both aren't sold as single unit

Central Excise : Where 'Car AC kits' and 'gas compressors' are sold separately by different invoice or by separate pricing, then, Kit would be covered by Entry 8 and compressor would be charged as per Entry 1 of Notification No. 166/86-C.E

Sec. 36(1)(vii) allows deduction of only actual bad debts and not doubtful debts

IT: Section 36(1)(vii) deals with only actual claim of deduction; provision for bad and doubtful debts cannot be allowed under this section

Mis-declaration of description of goods attracts penalty even in case of exempted goods

Excise & Customs : Medical diagnostic equipment for automatic analysis of blood samples, even if incorporates principles of photometry, is to be classified as 'auto analyses', and not as 'photometer'

Penalty to be imposed on failure of assessee to supply goods mentioned in tax invoice

Excise & Customs : Where appellant-company did not supply goods/inputs as mentioned in tax invoice, while recipients of goods/inputs reversed Cenvat Credit on these transactions, assessee-appellant company, and not its director, was to be penalized

Additions rightly made on basis of admission of accommodation entry that radically changed character

IT : Where assessee claimed a sum to have been derived from share business but in course of search proceedings admitted that it included accommodation entries, levy of penalty was justified

CBDT releases Explanatory Notes to provisions of the Finance Act, 2015

IT/ILT : Finance Act, 2015 – Explanatory Notes to the Provisions of Said Act

Export price can't be said to be overvalued because of huge profits earned by exporters

Excise & Customs : Where assessee had purchased goods in India at Rs. 640 and exported same at Rs. 741.60, then, without challenging genuineness of said transactions, export price could not be regarded as overvalued merely because of huge profit made by domestic seller

No disallowance of interest just because assessee had own funds if borrowed funds were used for busi

IT: Where Assessing Officer treated purchases of cotton made by assessee, a hospital, as unverifiable and disallowed same, since books of account of assessee being not rejected and consumption of cotton having comparatively decreased, disallowance required to be restricted to 15 per cent of purchases

Buy-back price to be disclosed even if promoter is exempt from public announcement under takeover co

SEBI : Where appellant-promotor bought back its shares from State Financial Institution, no public announcement is required as same is being protected under regulation 3 of SEBI (Substantial acquisition of shares and takeover regulations, 1997), however, rate at which shares were bought back had to be disclosed.

Customs duty was payable on reduced price if reduction was made prior to import

Excise & Customs : Where purchase price fixed in first contract has been genuinely revised and lowered in second amending contract entered into prior to import, customs duty is payable as per reduced price

Co. engaged in 2D/3D animation isn't comparable with software development co.

IT/ILT : Company engaged in animation services cannot be considered as comparable to software development company

Director's act of nominating own person on board without giving notice to co. was mala fide: HC

CL: Where second respondent had right to appoint nominee on board of company but there were strained relationship between parties, i.e., appellant and second respondent, action of second respondent in nominating its own persons on board without any notice was mala fide and vindictive

Services of Air Travel, CA and CS availed by exporter for functioning of its business are eligible i

Cenvat Credit : Input services/activities in relation to business can cover all activities/services relating to functioning of business; hence, all such activities/services would be eligible as input service and refund of credit can be allowed under rule 5

CBDT signs 11 more unilateral APAs with Indian counterparts of foreign Cos

IT/ILT : Section 92CC of the Income-Tax Act, 1961 – Transfer Pricing – Advance Pricing Agreement (APA) – Signing of 11 More Unilateral APAs

RBI eases norms on filing of online returns by NBFCs

NBFCs : Revision of Online Returns to be Submitted by NBFCs

Delay in filing TDS return due to non-submission of PAN by payee won't invite penalty

IT : Where assessee challenged penalty order passed under section 272A(2)(k) on ground that delay in filing TDS returns occurred due to non-submission of PAN details by concerned deductees within stipulated time, matter was to be remanded back for disposal afresh

Exp. on foreign trip of MD and his wife disallowed in absence of details of business visa and meetin

IT : Where assessee showed value of share in books on which it had never claimed diminution/increase, income earned on sale of shares was capital gain, and not business income

SEBI unveils format for disclosing financial results for entities having listed their debt securitie

SEBI : Format for Financial Results for Listed Entities which have Listed their Debt Securities and/or Non-Cumulative Redeemable Preference Shares

RBI relaxes restriction on deployment of expatriates in Indian branches by foreign banks

BANKING : Engagement of Services of Expatriate Officers in Indian Offices of Foreign Banks

RBI directs AD banks to consider Bill of entry as evidence for physical imports of goods

FEMA/ILT : Import of Goods into India – Evidence of Import

RBI permits FPIs to buy defaulted non-convertible debentures/bonds

FEMA/ILT : Investment by Foreign Portfolio Investors (FPI) in Corporate Bonds

RBI scraps requirement of taking approval from Civil Aviation Ministry on import of aircraft, helico

FEMA/ILT : Advance Remittance for Import of Aircrafts/Helicopters/Other Aviation Related Purchases

Corporate guarantee provided to AE involves rendering of services; covered under TP provisions

IT/ILT: Where assessee made trade advances to AEs, interest was chargeable and TPO was to be directed to adopt EURIBOR + 2 per cent rate of interest as appropriate bench mark price and make adjustments towards interest and advance provided to AEs

Credit of EC can't be used to pay SHEC

Cenvat Credit: As per First Proviso to rule 3(7)(b) of the CENVAT Credit Rules, 2004, credit of EC on excisable goods and EC on taxable services can be used only for payment of EC on finished excisable goods or EC on taxable service; hence, credit of EC cannot be used for discharging SHEC

Date of failure is relevant and not date of imposition of penalty to apply amended sec. 15A of SEBI

SEBI : Where SEBI's summons to respondent to furnish required documents was prior to 29-10-2002 when SEBI(Amendment) Act, 2002 came into force by which penalty under section 15A had been enhanced to Rs. 1 lakh for each day of failure to furnish required document, return or report, or Rs. 1 crore, whichever is less, penalty prior to amendment to section 15A would be applicable, i.e. Rs. 1.5 lakhs on failure of respondent to furnish required documents

Co. providing engineering consultancy services isn't comparable with a co. rendering marketing servi

IT/ILT : In case of assessee, rendering marketing support services to its AE, companies providing engineering consultancy or pay roll services or conducting clinical trials of food and drugs or research and survey or providing consultancy services or advisory services, could not be accepted as valid comparables while determining ALP

No cancellation of trust’s registration just because trust deed allows trust to carry on other busin

IT : Merely because one of clauses of trust deed of assessee trust provided that trust could carry on other business as decided by trustees, it would not per se disentitle trust from being considered for registration under section 10(23C)(vi)

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'

ITAT deletes TP addition as impugned transactions were made between two resident persons

IT/ILT : Where assessee-company and company providing management services to it were both resident in India, transaction between them would not fall within definition of international transaction; requiring ALP computation under TP provisions

Reprinting of revised price before packing isn't violation of weight & measurement norms

Standards of Weights and Measures Act: Where a revised price was required to be printed on wrapper before packing contents and it was under such circumstances that initial label was blacked out and a separate MRP was printed same was not in derogation of or inconsistent with sub-clause (7) of rule 23; penalty proceedings imposed on this ground were to be set aside

No penalty if assessee had bonafide belief that charitable institutions not covered under commercial

ST : Where appellant-institution was under bonafide belief that being a charitable trust it was not covered by expression 'Commercial Training and Coaching Centre', though related notification was amended retrospectively to cover such institution, longer period of limitation could not be invoked for raising demand; further, benefit of waiver of penalty would be available to appellant

Cos having huge turnover and excess related party transactions are excludible from list of comparabl

IT/ILT : In case of assessee, rendering software development services to its AE, companies having functional dissimilarities, excess RPT and huge turnover, were to be excluded from list of comparables while determining ALP

Question of change of opinion didn't arise if return of income was accepted under sec. 143(1); reass

IT: There being no assessment under section 143(1)(a), question of change of opinion, does not arise and, reassessment can be made

Apex Court discuss scope of ‘commercial expediency’ to allow deduction of interest to Hero Cycles

Once it is established that there is nexus between the expenditure and the purpose of business (which need not necessarily be the business of the assessee itself), the revenue cannot justifiably claim to put itself in the arm-chair of the businessman or in the position of the board of directors and to decide how much is reasonable expenditure having regard to the circumstances of the case.

CBEC exempts excise duty on raw material and parts used in manufacturing of shipping vessels

EXCISE/NT : Omnibus general exemption to goods specified in Chapters 1 to 98 of Tariff – Amendment in Notification No. 12/2012-C.E., dated 17-3-2012

SC draws distinction between exempted goods and exempted units for allowing input tax credit

Rajasthan VAT- Assessee could claim input tax credit of raw material used in manufacturing of Asbestos Cement Sheets when assessee was specifically exempted from paying VAT due to exemption notification.

Apex Court discus’s scope of ‘commercial expediency’ to allow deduction of interest to Hero Cycles

Once it is established that there is nexus between the expenditure and the purpose of business (which need not necessarily be the business of the assessee itself), the revenue cannot justifiably claim to put itself in the arm-chair of the businessman or in the position of the board of directors and to decide how much is reasonable expenditure having regard to the circumstances of the case.

Dept. can't raise issue of ineligible input service for the first time without raising it in show-ca

Service Tax : Show-cause notice is foundation of demand and order-in-original and subsequent orders passed by appellate authorities under statute would be confined to show cause notice; hence, department cannot challenge order of Tribunal on grounds not mentioned in notice/adjudication order

No service-tax on service portion of works contract for period prior to June 1, 2007

Service Tax: Despite contract giving break-up of price for materials as well as services separately, if contract is treated as 'turnkey contract'/'works contract', no service tax is payable on service portion thereof prior to 1-6-2007

Seized gift couldn't be treated as unexplained if no incriminating material was found during search

IT: Where Authorised Officer conducted search under section 132 upon assessee and thereafter Assessing Officer framed assessment under section 143(3) read with section 153A, whereby he treated amount of gifts received by assessee from two individuals an unexplained cash credit and added same in his income, since there was nothing on record to suggest that gifts were ingenuine, impugned addition was beyond scope and ambit of an assessment envisaged under section 153A

Notional interest on surplus funds can't be deemed as profit of eligible undertaking under sec. 10A

IT : An assessee cannot include notional interest on surplus funds as income in computation of profits and gains derived by its undertaking from export of articles or things, for purpose of claiming exemption under section 10A

Stamp duty value won't apply if value of property adversely affected due to its usage for industrial

IT : Stamp duty value won't apply if value of property adversely affected due to its usage for industrial purposes only

Service-tax is payable on amount of service charges and wages in case of manpower supply services

Service Tax: In case of manpower supply to shipping companies, service tax is payable under 'manpower supply services' on value inclusive of service charges and wages of labour

RBI postpones date of issue of Gold Bonds to Nov 30, 2015

BANKING : Sovereign Gold Bonds, 2015-16 – Shifting of Issue Date Thereof

Comparable chosen in earlier draft order could be used later if such order was set-aside without dec

IT: Where earlier draft assessment order was not dealt on merits, but set aside only on ground of violation of principles of natural justice, there was nothing wrong in adopting comparables selected by TPO in earlier order by revenue in determining arm's length price in international transaction of assessee