AO had rightly made reference to DVO as assessee had utilized unaccounted income in construction of

IT : Where cost of construction shown in books of account was not proper, reference by Assessing Officer to DVO was justified

HC directed assessing authority to suspend recovery proceeding as assessee had agreed to pay sales t

CST & VAT : Tamil Nadu VAT : Where assessee was in arrears of sales tax and thereupon Assessing Authority addressed a letter to principal of assessee informing in this regard, since assessee agreed to pay dues, Assessing Authority was directed to keep impugned proceedings in abeyance

No abuse of dominance by electricity-co. when it didn't allow others to supply electricity in its ar

Competition Act: Where OP-Local authority opposed Informant's request for supply of electricity no case of contravention of provisions of section 4 was made out as exemption is granted to a local authority in terms of provisions of section 42(3) of Electricity Act, 2003 from provision of its network to other distribution licensee for wheeling electricity by way of open access

No agency PE under India-France DTAA even if agent is wholly dependent on foreign Co. unless transac

IT/ILT : As per Article 5(6) of India-France DTAA, even if agent is wholly or almost wholly dependent on the foreign enterprise he still will not constitute dependent agent PE unless additional condition of the transactions being not at arm’s length price is fulfilled. The initial onus is upon the Revenue to show that the transactions are not at arm’s length price, thus, AO was directed to examine whether the transactions between the agent and assessee (i.e., foreign company) were at arm’s lengt

Sec. 14A disallowance can be made even when assets yielding tax-free income form part of trading ass

IT : Provisions of section 14A, read with rule 8D of 1962 Rules, apply even in a case where assets yielding tax-exempt income form part of trading assets of assessee

Concealment penalty on assessee upheld on his failure to explain source of flats acquired and shown

IT: Where assessee claimed that flats shown in return of income was acquired by surrendering his tenancy rights but failed to prove such rights, penalty levied under section 271(1)(c) was justified

ITAT directs AO to allow sec. 54F relief after considering recent ruling of Apex Court in case of Sa

IT: Where assessee cited order of Supreme Court in support of claiming deduction but same being recent was not available to Assessing Officer, nor before Commissioner (Appeals), matter was to be restored to decide in light of said order

No revision by CIT due to retro-amendments if AO had already made assessment

IT : Though amendment in section 115JB by Finance (No. 2) Act, 2009 by way of insertion of Explanation (i) is retrospectively brought with effect from 1-4-2001, revenue could not have benefit of same where assessment was already made

Delay filing appeal due to accident of staff of representative wasn't condonable without medical cer

Service-tax : Delay caused due to accident of staff of Chartered Accountant cannot be condoned when assessee could not name said staff and no medical certificate evidencing injury was filed

Petitioner couldn't file civil suit to recover interest if CLB admitted winding up plea on default o

CL: Where winding up petition for non-payment of principal sum had been allowed, petitioner was not to be relegated to remedy of civil suit for its claim of interest on that sum

ITAT deletes TP addition by following earlier case to hold that transaction was at ALP as facts rema

IT/ILT : Following order passed by Tribunal in assessee's own case relating to earlier assessment year, impugned addition made by TPO to assessee's ALP in respect of exports of spares and components to AE by applying internal TNMM, was to be set aside

RBI reduces realization and repatriation period for export proceeds to 9 months for units in SEZ, EO

FEMA/ILT : Export of Goods / Software / Services - Period of Realisation and Repatriation of Export Proceeds for Exporters Including Units in SEZS, Status Holder Exporters, EOUS, Units in EHTPS, STPS and BTPS

Banks to alert customers via SMS/email before levying penal charges for not maintaining min balance

BANKING : Levy of Penal Charges on Non-maintenance of Minimum Balances in Savings Bank Accounts

Sum received for hiring out dredgers wasn’t taxable as royalty under Article 12 of India-Netherland

IT/ILT : Sum received by Dutch Company for hiring out dredgers to its Indian AE would not be taxable in India as 'Royalty' as Article 12 of India-Netherland DTAA does not include such payments within its ambit.

No writ against CLB's order unless Compat was dysfunctional at the time of filing writ petition

Competition Act : CCI imposed penalty upon petitioner and directed it to file undertaking in terms of directions contained in order, writ petition filed by petitioner challenging that order would not be maintainable as CompAT was functioning and appeal if preferred by petitioner to CompAT would have been taken up for hearing along with application for interim relief which would have been filed therewith and petition could not be compared with other petitions in batch wherein interim relief was g

Sums collected by director from customers in ordinary course of business couldn’t be held as deemed

IT : Where assessee, a shareholder and director of a company collected certain amount from customers of company in ordinary course of business and kept it in his savings account which was finally remitted to company within a gap of short period, same could not be added to assessee's taxable income as deemed dividend

Credit of input services can't be denied merely because value thereof don't form part of final produ

Cenvat Credit : Revenue's submission that 'CENVAT credit cannot be allowed for service if value thereof does not form part of value subjected to excise duty' runs counter to fundamental concept of Service Tax; hence, transportation of final product upto customer's premises was eligible for Cenvat credit as input service

Income from letting out of office alongwith furniture is income from other sources if both are insep

IT : Income received by assessee by letting out fully furnished office premises and furniture was required to be assessed under head income from other sources

Sec. 14A disallowance couldn’t be made if assessee hadn’t earned or received any exempt income durin

IT : Disallowance cannot made under section 14A where assessee had not earned/received any exempt income during relevant year

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