Tribunal couldn’t reduce penalty by simply observing that penalty was on higher side, rules High Cou

Excise & Customs : Reduction of penalty by merely observing that 'penalty is on higher side' and without disclosing as to how penalty is on a higher side, must necessarily be held to be arbitrary and matter must be remanded back for consideration afresh

Claim for Cenvat refund must be filed within one year from 'date of export'

Cenvat Credit : Refund application under rule 5 of CENVAT Credit Rules must be filed within 1 year from 'date of export' as per section 11B; hence, refund claim filed beyond that but within 1 year from 'last date of concerned quarter' is time-barred

Solatium should also be taken into consideration while computing market value of an asset as on 1-4-

IT : Solatium is also to be taken into account for purpose of computing fair market value of land

ITAT directs AO to determine whether settler and beneficiary of trust are same before invoking sec.

IT : Where from orders of revenue authorities it appeared that there was confusion about facts whether settlor and beneficiary of trust were one and same and whether income arising from sale of shares by assessee-trust and distributed to beneficiaries was offered to tax by beneficiaries and assessed accordingly, matter was remanded for fresh consideration

Reassessment was void if CIT sanctioned initiation of reassessment without recording his satisfactio

IT : Where Commissioner simply put 'approved' and signed report thereby giving sanction to Assessing Officer to reopen assessment, it did not amount to recording of proper satisfaction in terms of section 151(1)

CAT dismisses complaint of Adidas against Nike as later had taken permission of ICC to use Sachin’s

MRTP : Where pursuant to sponsorship agreement with International Cricket Association Nike was permitted to use names of a number of cricketers including Tendulkar on its sports products for purpose of advertising, it could not be said that Nike had violated separate agreement between Adidas and Tendulkar entered for advertising Adidas sports product; unfair trade practice could not be alleged

Sec. 153A proceedings won't restrict additions only to incriminating materials found during search,

IT: During assessment under section 153A, additions need not be restricted or limited to incriminating material, found during course of search

AO couldn’t make disallowance by resorting to rectification proceedings for debatable issues

IT: Where rectification pertaining to computation of deduction under section 80HHC was highly debatable, rectification could not be resorted to under provisions of section 154

Non-consideration of issue not pressed before ITAT couldn't be considered as its apparent mistake

IT : Once assessee had withdrawn challenge on a particular issue by not pressing it before Tribunal, non-consideration of said issue would not be considered as mistake on part of Tribunal

Delhi HC disagrees with Special Bench’s decision in LG’s case; rejects ‘bright line’ test to determi

IT/ILT: Where AO/TPO accepts comparables adopted by assessee, with or without making adjustments, as a bundled transaction, it would be illogical and improper to treat AMP expenses as a separate international transaction - If functions performed by tested parties and the comparables match, with or without adjustments, it would mean that AMP expenses are duly accounted for - It would be odd to accept comparables and determine or accept transfer price and still segregate AMP expenses as an interna

Immunity under special Act to NRI and donee from disclosure of source of investment not extended to

IT : Immunity provided to bond holders of India Development Bond in US dollars under section 6 of Remittance of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunity and Exemptions) Act, 1991, is not available to gifts found to be bogus routing unaccounted money of bond holder through such bonds, by purchasing bonds for consideration in India

Commissioner cannot cancel registration certificate by exercising powers under different section

CST & VAT: Gujarat VAT - Where assessee was granted registration under Gujarat Sales Tax Act and Deputy Commissioner issued on him a notice under section 75 read with section 100 of VAT Act to show-cause why registration be not cancelled and further he by an order cancelled registration, Deputy Commissioner exercised powers under a wrong provision which was not available to him

Law prevalent at time of making payments would decide TDS liability; no disallowance due to retro-am

IT/ILT : Where assessee made payments to foreign parties for monitoring and supervision of discharged cargo, in view of fact that retrospective amendment brought to section 9(1)(vii) by Finance Act, 2010 was not in existence at time when payments were made, amount in question was not taxable in India as fee for technical services

No Sec. 14A disallowance without any material indicating that interest-bearing funds were used to ea

IT: Where Assessing Officer disallowed an amount by holding that interest bearing funds had been used to earn tax free dividend, etc., but there was no tangible material to record his satisfaction, disallowance made was unjustified

HC quashed writ filed by petitioner against categorizing loan as NPA as he had already availed right

SARFAESI : Where remedy under section 17 was available to petitioner against impugned action of respondent under section 13 and same had been availed by petitioner, writ petition against impugned action was to be dismissed

CIT can’t pass order on application seeking approval or renewal u/s Sec. 80G after 6 months of recei

IT: If an application for approval/renewal under section 80G is not disposed off within six months from date of application, Commissioner has no jurisdiction to pass an order either granting approval or rejecting it

No revision by CIT alleging discrepancy in stock if AO had verified actual quantity of stock during

IT : Where Assessing Officer found that assessee maintained correct and proper books of account and assessment order was passed after considering actual quantity of stock from books as well as that physically available, revision was not justified

Concealment penalty deleted as impugned issue on basis of which penalty was levied was held as quest

IT : Where High Court admitted substantial question of law in respect of which penalty was levied, impugned order of penalty was to be deleted

Mere book adjustment can’t be deemed as contravention of Sec. 269SS/269T

IT : Making book adjustment of funds by assessee firm with sister concern without making payment of cash, could not said to be violation or contravention of section 269SS and section 269T

Now NBFCs can distribute Mutual Fund products without seeking permission from RBI

NBFCs : Modification of Guidelines on Distribution of Mutual Fund Products By NBFCs