Interest paid on borrowed sum isn't deductible when income is determined by applying estimated rate

IT : Depreciation is allowable even if total income is estimated by applying net profit rate

Prior to 1-3-2007, no reversal of credit was required on inputs after opting for exemption

Cenvat Credit : Prior to 1-3-2007, credit taken on inputs during period before taking exemption need not be reversed; reversal under rule 11(3) of CENVAT Credit Rules, 2004 is required only from 1-3-2007

Reassessment set aside as AO had disallowed interest by treating it as capital exp. due to change of

IT : Assessing Officer having allowed deduction in respect of assessee's claim for payment of interest, could not initiate reassessment proceedings merely on basis of change of opinion that interest expenditure in question was capital in nature

ITAT directs AO to exclude seven comparables to determine ALP following decisions of co-ordinate ben

IT/ILT : Following decisions of co-ordinate Benches, seven companies were directed to be excluded from comparables for computing ALP of transactions entered into by assessee with its AEs

No sec. 11 relief if trust was doing supermarket business on commercial lines, being not incidental

IT : Where assessee trust carried on supermarket business for and on behalf of trust on commercial basis and there was no nexus between supermarket business and activity incidental to attainment of objects of assessee, assessee would be disentitled for exemption under section 11

No capital gain on transfer of transferable development rights as its cost of acquisition couldn't b

IT : Where assessee had not incurred any cost to acquire TDR attached to land owned by society, transfer of same to developer for consideration for construction of a floor space index would not be eligible to capital gains tax

Presence of large builders offering commercial space in same area rules out dominance of opposite pa

Competition Act: Presence of large number of players in relevant market for services of development of commercial space in shopping malls in Noida and Greater Noida indicated that commercial shop buyers had choice and were not solely dependent on opposite party and, therefore, opposite party was not dominant in relevant market

HC dismissed writ as assessee had already filed appeal against the adjudication order

Service Tax : Where assessee had filed appeal against adjudication order and all issues (including time-bar) could be raised before appellate authority, writ petition filed against said adjudication order was to dismissed in view of effective alternate remedy

'Academy of Scientific and Innovation Research' notified as scientific research association under se

IT : Section 35(1)(ii) of the Income-Tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/institutions - Academy of Scientific and Innovative Research (Acsir), New Delhi

Services provided by clubs to its members weren't liable to ST prior in introduction of negative lis

Service Tax : Services provided by clubs to its members are not liable to service tax during period from 16-6-2005 to 30-6-2012

Initiation of search would provide sec. 153A jurisdiction even if no undisclosed income was unearthe

IT : Where expenses on renovation and cost of improvement of leased building were incurred only for purpose of carrying on day to day business and did not bring into existence of any capital assets, same would be allowable as revenue expenditure

HC deletes sec. 69B additions as AO failed to prove that purchases were made out of undisclosed inco

IT : Where Assessing Officer could not show that assessee had made purchases out of undisclosed income, addition was not justified under section 69B

Supply of electricity to affiliate under book adjustment amounts to sale of electricity; input credi

Cenvat Credit : Transfer of possession of electricity to sister concern to 'sale' within meaning of section 2(h), as Book adjustment is also a form of payment; hence, in case of such sale of electricity, assessee is liable to reverse pro rata credit of inputs used in generating said electricity

HC directed AO to analyse provisions of clubbing before making addition of gift in name of HUF

IT : Where assessee received cheques as gift in his individual name, but deposited same in HUF account, before making addition in hand of HUF matter to be readjudicated for in-depth analysis of section 52(2)(vii) and section 64(2)

Failure to file timely return of TCS isn't a technical mistake; HC upheld proceedings for such failu

IT : Where assessee, a State Government undertaking, did not furnish return in Form No. 27EC well in time, impugned penalty order passed under section 272A(2)(c) was to be upheld

Sec. 80P: Co-operative society not to be deemed as co-operative bank if it didn't accept deposits fr

IT: A co-operative society, not accepting deposits of money from non-members, cannot be regarded as primary co-operative bank and provisions of section 80P(4) would not be applicable in its case to deny deduction under section 80P(2)(a)(i) to it

No disallowance if trust was accumulating funds to pay on death of bank employees to fulfill its obj

IT: Where assessee-society constituted for welfare of employees of a bank, had accumulated a sum under heading 'Further utilization' for making payments to members or their legal representatives in case of their death, retirement or permanent disability, assessee had fulfilled its obligation as required under section 11(2) and no disallowance was called for

No limit on number of subscribers of NCDs issued by NBFCs via private placement with minimum subscri

NBFCs : Raising Money Through Private Placement Of Non-Convertible Debentures (NCDS) By NBFCs

No disallowance for cash payment for purchase of gold bars held as investment: ITAT

IT: Where assessee had shown purchase of gold as investment in balance sheet as well as in wealth-tax return and, further, purchases and sales were made at prevalent market price, loss incurred on sale of gold within a year was to be treated as short term capital loss

If Rule is stuck down as ultra vires, all demand and proceedings thereunder become futile

Excise & Customs : Where Rule under which demand is raised has been struck down, demand and consequential proceedings are academic and are to be set aside