Denial of part of sec. 80-IC relief doesn't lead to imposition of concealment penalty

IT : Penalty need not be imposed when part of deduction under section 80-IC to assessee was denied on basis of some estimated addition

Trust can’t carry forward excess application of fund over and above its income

IT: Excess application of funds over and above income of trust can arise only when funds are applied from the corpus of the trust, accumulated funds, loans or goods and services received from the creditors. When funds are applied from borrowed funds or by way of sundry creditors the same can be treated as application of funds in the year in which such loan/sundry creditors are repaid from the income of the trust. However, when amount is applied from the corpus fund or accumulated fund the same c

Orders passed under Service Tax Amnesty Scheme are appealable

Service Tax : 'Designated authorities' under Service Tax Voluntary Compliance Encouragement Scheme amount to 'adjudicating authorities', as they pass order/decision; hence, orders passed by them are appealable as per Finance Act, 1994

Assam Govt. notifies 6% VAT rate without any input credit for liquor dealers

VAT/INDIAN ACTS & RULES : Assam Value Added Tax (Amendment) Ordinance, 2015 – Amendment in Sections 10, 14, First Schedule, Second Schedule and Third Schedule of the Assam Value Added Tax Act, 2003

AO gets flak from High Court for assuming discrepancies in stock when assessee had explained such di

IT : Where Assessing Officer rejected assessee's books of account and brought to tax sum in respect of unaccounted purchases, unaccounted sales and embroidery charges on basis of surmises and assumed discrepancies in closing stock, deletion of addition was justified

Welding electrodes used for repairing of plant and machinery aren't eligible for credit as inputs or

Cenvat Credit : Welding electrodes used for repair and maintenance of plant and machinery are ineligible for credit as inputs as well as capital goods

Govt. reduces minimum land area to establish SEZ in Gujarat for textile sector

SEZ /INDIAN ACTS & RULES: Special Economic Zones (Amendment) Rules, 2015 – Amendment in Annexure II

Allowability of depreciation on acquiring dormant subscribers from Reliance is debatable issue

IT : Where Assessing Officer conducted enquiry and allowed depreciation on purchase of dormant subscribers, since said issue was a debatable issue, Commissioner was unjustified in invoking revision proceedings merely because he did not agree with view taken by Assessing Officer

Refund of Cenvat credit allowable on export of goods even if proceeds weren't realized

Cenvat Credit : In absence of any such condition in rule 5 of CENVAT Credit Rules, 2004 and Notification 5/2006-C.E. (N.T.) issued thereunder, refund of credit cannot be denied on ground that export proceeds have not been realized

CESTAT, Delhi calls for list of pending cases from Advocate involving duty/penalty below 50 lakhs

EXCISE : Section 86 of the Finance Act, 1994 – Appellate Tribunal, Appeals to – Increase in Monetary Limit for Single Member Case Where Issue Does not Involve Classification/valuation or Intepretation of a Notification

'EMI' method allowed to compute income from hire purchase transactions even if books weren't maintai

IT : Where a hire purchase agreement was entered into between assessee and purchasers for purchase of vehicles on hire purchase basis, while computing taxable income assessee could follow Equated Monthly Instalment (EMI) method, even though he had maintained books of account on Sum of Digits (SOD) method

Govt. establishes 'Serious Fraud Investigation Office' under Companies Act, 2013

COMPANIES ACT, 2013 : Section 211 of the Companies Act, 2013 – Serious Fraud Investigation Office – Establishment of – Notified Serious Fraud Investigation Office

Undue delay in allotment of shop and illegal demand of maintenance charges by developer was an unfai

MRTP : Where respondent had unreasonably delayed allotment of shop/showroom to complainants and illegally demanded maintenance charges on quarterly basis and disconnected supply of electricity, respondent was guilty of practicing unfair/restrictive trade practices

Mere use of own name on goods doesn't make those goods as 'branded'

Excise & Customs : Where goods were cleared with superscription 'manufactured and packed by SVS & Sons' on packaging, said use of assessee's own name on goods does not make those goods 'branded'; said goods can be regarded as cleared without any brand name and eligible for exemption accordingly

Rents of unsold flats weren't business incomes just because they were shown as stock-in-trade in wea

IT : Where assessee-property dealer, disclosed rental income derived from letting out of unsold flats as 'income from house property', rental income could not be treated as business income merely because assessee in wealth tax proceedings claimed said unsold flats is its stock-in-trade

‘1081’ is notified as Cost Inflation Index for Financial Year 2015-16

IT/ILT : Section 48 of the Income-tax Act, 1961 – Capital gains – Computation of – Notified cost inflation index u/s 48, explanation (v)

No transfer can take place under an unregistered Joint Development Agreement

IT : There can be no "transfer" u/s 2(47)(v) of the Act read with sec 53A of the Transfer Of Property Act,1882 under an unregistered agreement in view of sub-section (1A) of section 17 of the Registration Act,1908 .Also, there is no transfer under the said provisions if possession is delivered to developer in his capacity as licensee for the development of property and not in his capacity as transferee

No denial of credit of insurance service/repair service used for motor car to firm even if car is in

Cenvat Credit : Credit of insurance/repair of motorcar is available to assessee-firm even if car is in name of partner, provided car is shown as assets in books of firm and depreciation and other expenditure thereon is incurred/borne by firm

If rebate is allowed on export then differential duty can't be demanded on supplementary invoice iss

Excise & Customs : Where goods are exported on payment of duty under claim of rebate and rebate has been allowed, assessee cannot be asked to pay differential duty on supplementary invoice raised for price-difference on such 'completed export'

ITAT rejects 'bright line test' for AMP expenditure; follows ratio of High Court in case of 'Sony Er

IT/ILT : Following Order passed by jurisdictional High Court, it was to be held that TPO could not make addition to assessee's ALP in respect of AMP expenses incurred on behalf of AE by working out non-routine AMP expenses on basis of bright line test