Request for cross-examination of witness can't be denied just because it would delay adjudication

Excise & Customs : In absence of any extraordinary circumstances, denial of cross-examination citing that 'there is no requirement in law' or 'it would delay adjudication' was unjustified and said denial vitiated entire adjudication and, therefore, demand was set aside

Govt. releases FAQs on Gold Bond Scheme

IT/BANKING : Frequently Asked Questions on Sovereign Gold Bonds Scheme, 2015

Resale price method to be adopted for benchmarking transaction of seeds imported from AE for resale

IT/ILT : Where selection of TNMM by department had been found to be inappropriate by Tribunal in earlier years and assessee's RPM had been accepted on identical facts, TPO was directed to adopt RPM as most appropriate method for benchmarking assessee's transaction of import of seeds to its AE in relevant year

Govt. notifies Gold Bond Scheme; investment window will open from Nov 5, 2015

IT/BANKING : Sovereign Gold Bonds Scheme, 2015

No denial of sec. 80-IB relief on entire housing project due to non-completion of construction of fe

IT: Fact that assessee, a builder, had not completed construction of all blocks of housing project, within stipulated period, would not deprive assessee from availing of deduction under section 80-IB (10) in respect of each of completed block on stand alone basis

High Court unhappy with AO for overlooking stay application; directed him to consider the same

IT : In view of Instruction No. 1914 Assessing Officer has got ample power to dispose of stay application during pendency of appeal in which demand is disputed; if Assessing Officer had completely overlooked stay application, he had to consider same

Concrete sleepers used for laying railway line aiding in transportation of goods are eligible inputs

Cenvat Credit : Concrete sleepers used for laying railway line for movement of goods between plant facilities installed within factory premises; and JO trucks for movement of nitrogen and oxygen gas cylinders within factory, are eligible for Cenvat credit as 'input'

Modifications in revised framework for revitalizing distressed assets shall also be applicable to NB

NBFCs : Early Recognition Of Financial Distress, Prompt Steps For Resolution And Fair Recovery Of Lenders : Framework For Revitalising Distressed Assets In Economy – Review Of Guidelines On Joint Lenders' Forum (JLF) And Corrective Action Plan (CAP)

SLP dismissed against HC's order which held that advances received for job work couldn't be held as

IT : SLP dismissed against High Court's ruling that advances received by assessee - shareholder under an agreement to do job work for company could not be treated as deemed dividend

Govt. to issue Sovereign Gold Bonds via designated post offices in Nov, 2015

BANKING : Sovereign Gold Bond 2015-16

No fresh permission/renewal for opening of liaison office of foreign law firms: Apex Court

FEMA/ILT : No Fresh Permission/Renewal Of Permission To Los Of Foreign Law Firms – Supereme Court's Directions

Land acquired under an agreement not to be held as compulsory acquisition under Sec. 194LA

IT : The question of compulsory acquisition will arise only where the compensation cannot be determined by agreement. In other words when the compensation is based on an agreement between State Government and owner of the land, no more can we say that it is a compulsory acquisition

Major setback for 'AAP Govt.' - High Court quashes directive of audit of discoms by CAG

CAG Act : Direction of Delhi Govt ordering tariff audit of discoms by CAG quashed as the opportunity given to discoms to represent against the proposal for audit was not a "reasonable opportunity" within the meaning of section 20(3) of the CAG Act as the opportunity was given without disclosing the public interest in which audit of DISCOMS by CAG was deemed expedient and as the opportunity to represent was given before consultation with CAG and before the terms and conditions for audit were agre

No deduction of customs duty and excise duty if their liability is contingent upon uncertain facts

IT : Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible

Gift couldn't be held as unexplained if made by relatives out of love/affection and they were income

IT : Where assessee claimed that during year his minor children had received gifts of Rs. 3.71 lakhs from four relatives and Assessing Officer rejected gifts and added amount in income of assessee, since all ingredients of valid gifts had been proved by assessee, impugned addition was not justified

Last date for filing of reconciliation return under DVAT further extended to Dec 15, 2015

VAT : Filing Of Reconciliation Return For Year 2014-15

SLP granted against HC's order in which sec. 80P relief was given to credit cooperative society

IT : SLP granted against High Court's order where it was held that since assessee was a credit co-operative society, engaged in providing credit facilities to its members only, it was entitled to claim deduction under section 80P(2)(a)(i)

No rectification if error relating to denial of credit on export services couldn't be discovered wit

Service Tax/Excise/Customs : An error, which has to be established by a long drawn process of reasoning on points where there may conceivably be two opinions does not amount to 'error apparent on face of record' and is not a rectifiable mistake

Official docs of girl remain valid even after her marriage if supported by marriage certificate

BANKING : Submission of Officially Valid Documents in Respect of Change of Name on Account of Marriage or Otherwise – Amendment in Prevention of Money-Laundering (Maintenance of Records) Rules, 2005

Appeal filed before ITAT to be restored when proceedings before SetCom is abated

IT: Where assessee had not paid requisite amount of taxes and interest on revised undisclosed income on or before specified date, settlement application filed by assessee stood abated