In lending business one can’t assume that cash shortage found in search to be set-off with unexplain

IT: When undisclosed income that was invested remained unexplained by assessee, shortage of cash in unaccounted money lending business could not be set off against unexplained investment on basis of mere presumption

Sec. 80P: Society wasn't a co-operative bank if it didn't receive deposits and admits other society

IT : Where assessee, a co-operative society registered under the Karnataka State Co-operative Societies Act, did not receive deposits from public and, moreover, by-laws of society permitted admission of any other co-operative society as its members, assessee could not be regarded as primary-co-operative bank and, there being no application of section 80P(4), its claim for deduction under section 80P(2)(a)(i) was to be allowed

Mere claiming forex fluctuation loss under wrong provision won't lead to levy of concealment penalty

IT : Merely because assessee had claimed deduction of foreign exchange fluctuation loss on account of acquisition of fixed assets wrongly under section 37 instead of dealing same under section 43A, no penalty would be levied under section 271(1)(c)

CLB directs Kanthi Narahari to re-commence hearing on judicial matters of Andhra Pradesh and Telenga

COMPANIES ACT, 1956 : Section 10E of The Companies Act, 1956, read with Regulation 4 of The Company Law Board Regulations, 1991 - Constitution of Board of Company Law Administration - Revision in Work Distribution of Chennai Bench – Cessation of Office Order Dated 4-9-2014 w.e.f. 1-12-2014 Allocating Additional Charge of Chennai Bench Pertaining to States of Andhra Pradesh and Telengana to Member (Judicial) in Addition to his Existing Work

SEBI plans to widen definition of insider in insider norms and to reduce timeline to complete delist

SEBI : SEBI Board Meeting – Proposed Replacement of SEBI (Prohibition of Insider Trading) Regulations, 1992 Inter Alia for Strengthening Legal and Enforcement Framework; Conversion of Listing Agreements into Regulations; Proposed Amendment in SEBI (Delisting of Equity Shares) Regulations, 2009 & SEBI (Mutual Funds) Regulations, 1996 etc.

Mere claiming forex fluctuation under wrong provision won't lead to levy of concealment penalty on a

IT : Merely because assessee had claimed deduction of foreign exchange fluctuation loss on account of acquisition of fixed assets wrongly under section 37 instead of dealing same under section 43A, no penalty would be levied under section 271(1)(c)

No evasion penalty on issue relating to classification if assessee was boda-fide disputing it before

Excise & Customs : In matters involving classification, where assessee was bona fide disputing classification before Supreme Court, no 'evasion penalty' can be levied under rule 25 of Central Excise Rules, 2002

HC dismissed winding-up plea against guarantor-Co. as adjudication of debt against borrower was stil

CL : Winding up petition against guarantor of loan would not be maintainable when adjudication of debt against borrower was pending

No sec. 41(1) addition if liability towards old creditors was discharged in subsequent years

IT: Where liability towards old creditors shown in books of account was discharged in subsequent years, section 41(1) could not be applied to make addition of said amount

Sums paid for managing routine affairs of new branch attracts sec. 194J TDS as they were professiona

IT : Manage day-to-day affairs of new branch of assessee-company would be professional or managerial in nature, and payment made for same would be allowable expenditure subject to compliance of section 194J

HC condoned delay in filing of appeal as appellant-stock broker had sufficiently explained cause of

SEBI : Where appellant-stock broker company had sufficiently explained delay in filing appeal, delay was to be condoned

HC condoned delay in filing of appeal as appellant-stock broker had sufficiently explained cause of

SEBI : Where appellant-stock broker company had sufficiently explained delay in filing appeal, delay was to be condoned

In settlement of cases, 'co-operation' means full and true disclosure of facts pertaining to assesse

Excise & Customs : 'Co-operation' not only means participation; in context of settlement, it means true and full disclosure of facts pertaining to assessee; hence, where Settlement Commission found 10 aspects where information was withheld by assessee, order sending back case to Central Excise Officer was valid

In case of inherited property CII had to be taken of the year in which asset was acquired by previou

IT: When an asset is acquired by way of inheritance, cost of acquisition of asset should be calculated on basis of cost of acquisition by previous owner and said cost of acquisition has to be calculated on basis of indexed cost of acquisition as provided in Explanation (3) to section 48

ITAT rejects plea of improper/delayed service of notice as it was sent in time via speed post on pro

IT : If notice under section 143(2) has been sent through post and delivered on time on correct address, it is a proper service in time

Assessee could demand execution of comparable due to differences in FAR analysis even after selectin

IT/ILT : Where TPO made addition to assessee's ALP in respect of export made to AE by applying internal CUP method, in view of fact that Tribunal in earlier year had made certain adjustment to price charged to third parties so as to make it comparable with price charged from AE, following said order of Tribunal, matter was to be remanded back for disposal afresh

Assessing authority directed to supply copy of seized docs to assessee for enabling him to file repl

CST & VAT : Where Assessing Authority conducted survey upon assessee and seized various records and thereafter he issued show cause notice to assessee, Assessing Authority was directed to supply copies of documents being relied upon by him to assessee so as to enable it to submit effective reply

Time-limit of six months prescribed for taking credit for first time; not applicable for taking re-c

CENVAT CREDIT/EXCISE & CUSTOMS LAWS : Rule 4 of The Cenvat Credit Rules, 2004 - Conditions for Allowing Cenvat Credit – Clarification on Availment of Cenvat Credit after Six Months

Freight forwarding transaction was at ALP as assessee had chosen standard model of 50:50 to share pr

IT/ILT: Where assessee, along with its associated enterprise, offers multi modal transportation services to business to business shippers through global freight forwarding services in relation to both import and export, 50:50 business model of sharing profits in equal ratio with service provider at other end of transaction, is a standard practice

No reassessment to tax subsidy as revenue receipt if it was held as capital receipt in prior revisi

IT : Where subsidy received under West Bengal Industrial Promotion Scheme, 1994 was treated as Capital receipt in revisional proceedings taken under sec. 263 in earlier year, Assessing Officer could not reopen assessment during relevant year taking a view that amount in question was revenue receipt