Central Excise dues shall have precedence over dues of State Investment and Financial Corporation: H

Excise & Customs : Section 11E prevails over any right of investment/financial corporation to recover dues of borrower/mortgagee under State Financial Corporation Act and also prevail over mortgage created prior to enactment of section 11E; hence, central excise dues have precedence over dues of investment/financial corporation

Value of derivative transactions in commodities at MCX won’t be included in turnover for tax audit p

IT : Value of sale transactions of commodity through MCX without delivery cannot be considered as turnover for purpose of section 44AB and, therefore, failure on part of assessee to get its accounts audited in such a case, would not lead to levy of penalty under section 271B

Show cause notice issued in compliance with principles of natural justice couldn't be said to be arb

Service Tax : Where show cause notice has been issued in compliance with principles of natural justice, it cannot be said to be arbitrary or illegal and therefore, writ petition filed thereagainst was disposed of with a direction to assessee to submit their explanation thereto

Investment in share capital of overseas subsidiaries not to be deemed as an international transactio

IT/ILT : Following order passed in case of Vijai Electricals Ltd. v. Addl. CIT [2013] 60 SOT 77 (URO)/36 taxman.com 386 (Hyd.), it was to be concluded that amount representing investment in share capital of subsidiaries outside India was not in nature of transaction referred to section 92B and, thus, transfer pricing provisions were not applicable to such a transaction

Civil Court can entertain petition challenging appointment of directors as it isn’t barred under Com

BL: Appointments of directors to board of banking company being not made according to sub-section (3) or (4) of section 10A of Banking Regulation Act, protection of sub-section (6) would not be available; such appointments being not final could be challenged

Appeal dismissed for want of COD clearance can be restored after discontinuation of COD system

Excise & Customs : Where appeal had been dismissed for want of clearance from CoD (Committee on Disputes), said appeals could be restored after said system of CoD was recalled/discontinued by subsequent judgment of Supreme Court

Pre-deposit must be determined after considering available Cevnat credit when SSI exemption is denie

Service Tax : If small service provider exemption is denied, assessee would become entitled to Cenvat credit; therefore, pre-deposit in such cases must be determined after deducting Cenvat Credit available

Circuitous transfer of funds to shareholder’s firm wasn’t deemed dividend if Co. got back its fund o

IT : Circuitous transfer of funds to shareholder’s firm wasn’t deemed dividend if Co. got back its fund on same day

AO to initiate fresh examination under Karnataka Sales Tax Act after considering cases cited by asse

CST & VAT : Where Assessing Officer passed assessment order on assessee without considering case law relied upon by it, matter was remitted back to Assessing Officer to pass assessment order afresh

AO is duty bound to refer matter to DVO if assessee objects to stamp duty valuation

IT: Where assessee had clearly objected before Assessing Officer against adoption of stamp duty valuation, it was duty of Assessing Officer to refer valuation of property to Valuation Cell of Income-tax Department

ALP of corporate guarantee couldn’t be compared with yield on domestic bonds without analysing AE’s

IT/ILT : Where TPO made addition to assessee's ALP taking a view that assessee had not charged any fee for corporate guarantee for taking loans in USA given on behalf of its AE, since TPO could not arrive at credit rating of AE without there being any analysis on creditworthiness of AE and, moreover, addition made by TPO on basis of difference between domestic bond yield and that of loan availed in USA could not be accepted as domestic yield so as to compare it with loans in US and rates charged

Exp. on repair and renovation of rented premises used for the purpose of business is revenue in natu

IT : Where assessee incurred expenditure on repairs and renovation of rented premises but neither any capital asset had been created nor enduring benefit had been derived and it was incurred merely for carrying on its business efficiently, it had to be treated as revenue in nature

CLB allowed right issue to existing shareholders in equal proportion as Co. needed funds for expansi

CL : Where company required funds for its expansion and managing its affairs and proposed right issue to all shareholder in same proportion without prejudice to any shareholder, such issue was to be allowed

Distinction between renting and hiring of cab is illusory; both are liable to service-tax

Service-tax : Supplying cars/vehicles under a rate contract basis, depending upon distance, time and usage of vehicles amounts to 'rent-a-cab service' and liable to service tax and, for this purpose, difference between renting and hiring of a cab is an illusory distinction

Concealment penalty imposed for claiming interest paid under Income-tax Act as business expenditure

IT: Where assessee-company had committed an error in preparing its return of income and its action in claiming impugned interest levied and paid under sections 234A, 234B and 234C as a business expenditure was a misrepresentation, levy of penalty in respect of impugned claim was justified

Protest was invalid if assessee had not challenged the classification list approved by department

Central Excise : Where after alleged filing of protest letter, assessee had filed classification lists, which were approved by department, and assessee had never challenged said classification in appeal, protest, if any, had become invalid in eyes of law; therefore, refund claim was barred by limitation

Liability arose due to book entries were outside the ambit of sec. 269SS, rules HC

IT: Object of section 269SS is to prevent transaction in currency; it is not intended to affect cases where a debt or a liability arises on account of book entries

Co. incurring abnormal losses due to winding-up of relation with key clients are excludible from com

IT/ILT : A company having incurred super losses due to extraordinary events, like winding up of relationship with clients, filing of bankruptcy by some clients, etc., is to be excluded from comparables list; simultaneously company earning super profit should also have to be excluded from list of comparables

No suppression of facts if nature of input services couldn’t be disclosed in excise return in absenc

Cenvat Credit : In absence of any column in returns requiring nature of input or input services to be disclosed, non-disclosure of same cannot attribute any malafide to assessee and, therefore, extended period of limitation cannot be invoked

FMC’s order declaring a Co. ‘unfit’ to hold shares in commodity exchange would apply to security mar

SEBI : Where trades regulated by FMC and SEBI are nothing but different facets of trade operating within financial market system in India, order passed by FMC declaring a company as not a "fit and proper person" to acquire or hold shares of commodity exchange would ipso facto apply to securities market regulated by SEBI