Karnataka HC dismissed revenue appeal against refund order for unjust enrichment as tax burden not passed on by assessee

EXCISE/ST/VAT : Where value of goods which were cleared by assessee - manufacturer to various depots situated throughout India was not known at time of clearance from factory gate and…

Continue ReadingKarnataka HC dismissed revenue appeal against refund order for unjust enrichment as tax burden not passed on by assessee

Passing order without disposing of request of adjournment is violation of principles of natural justice: HC

INCOME TAX : Where Assessing Officer had proceeded to pass impugned assessment order without dealing with request of assessee for adjournment, there had been a violation of principles of natural…

Continue ReadingPassing order without disposing of request of adjournment is violation of principles of natural justice: HC

Assessee to file fresh application claiming sec. 10(46) relief as a copy of such application not forwarded to CBDT: HC

INCOME TAX : Where petitioner had made an application claiming exemption under section 10(46) and said application was forwarded to Commissioner, but said application had not been given due consideration…

Continue ReadingAssessee to file fresh application claiming sec. 10(46) relief as a copy of such application not forwarded to CBDT: HC

SCN issued to a respondent under FEMA after 10 years of committing an offence under FERA was rightly quashed: HC

FEMA, BANKING amp; INSURANCE : Where on 1-6-2000, FEMA was enacted repealing FERA and on 5-2-2010 i.e. after almost 10 years, a show cause notice was issued by Deputy Director…

Continue ReadingSCN issued to a respondent under FEMA after 10 years of committing an offence under FERA was rightly quashed: HC

Limitation period to file Form 10 by due date of filing ITR is applicable only w.e.f. 01-4-2016: ITAT

INCOME TAX : Where Assessing Officer rejected claim of application of income in respect of increase in fixed deposits, since assessee had not shown that amount kept in fixed deposits…

Continue ReadingLimitation period to file Form 10 by due date of filing ITR is applicable only w.e.f. 01-4-2016: ITAT

Exp. incurred on electricity, rent, security charges, etc. indicates commencement of business; interest exp. allowable

INCOME TAX : Assessee borrowed a loan for purpose of purchase of land for starting a new project and claimed interest paid on such loan as a deduction under section…

Continue ReadingExp. incurred on electricity, rent, security charges, etc. indicates commencement of business; interest exp. allowable

HC justified reassessment as AO made independent inquiries before issuing notice based on info. received from AIMS module

INCOME TAX : Where AO issued a reopening notice on ground that an information was received that shares sold by assessee were of penny stock, thus, income on sale of…

Continue ReadingHC justified reassessment as AO made independent inquiries before issuing notice based on info. received from AIMS module

Mandatory e-filing of Non-Preferential Certificate of Origin extended till 31st October, 2021: Notice

The DGFT has issued trade notice to extend the mandatory electronic filing of Non-Preferential Certificate of Origin (CoO). Now the option of submission and issuance of CoO (Non-Preferential) by the…

Continue ReadingMandatory e-filing of Non-Preferential Certificate of Origin extended till 31st October, 2021: Notice

Supreme Court upholds – no 14A disallowance where investment in shares is made out of excess common funds

Section 14A was introduced in the Income-tax Act, 1961 (the Act) by the Finance Act, 2001 with retrospective effect from 1 April 1962.Section 14A was introduced in the Income-tax Act,…

Continue ReadingSupreme Court upholds – no 14A disallowance where investment in shares is made out of excess common funds

RTA to comply with norms pertaining to ‘Transmission of Securities’ as provided in Cos. Act: SEBI

The SEBI has observed that in some cases due to dispute from the legal representative of one of the deceased holders, the RTAs have not effected transmission to the surviving…

Continue ReadingRTA to comply with norms pertaining to ‘Transmission of Securities’ as provided in Cos. Act: SEBI