COMPANY CASES (CC) HIGHLIGHTS
F Order by CLB directing rectification of register set aside on failure by petitioner to file relevant documents : Baroda Crystal Glass Works Ltd. v. Suman Kumar Sinha (Guj) p. 130
F Subsequent order directing parties to present their case on merits amounts to reviewing consent order, not permissible : Aarti Sponge and Power v. Bimal Kumar (Chhattisgarh) p. 134
F Appeal by third party agreement holders in respect of property attached by Recovery Officer in proceedings initiated by bank cannot be transferred to company court : B. Raju v. Official Liquidator, High Court, Madras (Mad) p. 115
F Request for assistance in taking possession of assets and documents does not include Chief Judicial Magistrate in non-metropolitan area : K. Arockiyaraj v. Chief Judicial Magistrate (Mad) [FB] p. 88
F Where valuer operating within framework of orders passed by CLB and High Court and orders attaining finality, no infirmity in valuer's report : Bimal Kumar Agarwal v. Aarti Sponge and Power Ltd. p. 146
F Regulations :
Securities and Exchange Board of India (Issue and Listing of Debt Securities) (Amendment) Regulations, 2014 P. 45
Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2014 P. 48
F Notifications :
Securities and Exchange Board of India (Certification of Associated Persons in the Securities Markets) Regulations, 2007 : Notification under regulation 3 P. 44
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ITR'S TRIBUNAL TAX REPORTS (ITR (Trib)) HIGHLIGHTS
F International transactions : ALP : Where identical product representing only small percentage of total turnover of comparable company, raw materials different, huge difference in interest burden, company not to be treated as comparable : Manaksia Ltd. v. Addl. CIT (Kol) p. 220
F Exemption : Capital gains : Where borrowing from holding company for purchase of shares capital rather than commercial, gains on sale of shares to be treated as capital gains, assessee entitled to exemption with respect to long-term capital gains : Renato Finance and Investments Ltd. v. Dy. CIT (Mumbai) p. 232
F Charitable purpose : Where assessee conducting coaching classes on co-operative basis and without profit motive, entitled to registration u/s. 12A : Paras Prerna Trust v. DIT (Exemption) (Mumbai) p. 239
F Penalty : Disallowance of deduction in quantum proceedings does not automatically warrant levy of penalty u/s. 271(1)(c), penalty to be deleted : Sun Infraa v. Dy. CIT (Hyd.) p. 451
F International transactions: ALP : Catering services : Meal provided as a basket and transaction to be considered as whole and price charged to AE the highest, no adjustment called for u/s. 92CA(3) : Taj Sats Air Catering Ltd. v. Addl. CIT (Mumbai) p. 465
F Depreciation allowable on goodwill : Taj Sats Air Catering Ltd. v. Addl. CIT (Mumbai) p. 465
F Where purchase of paintings for utilisation of advertising films are part of furniture, depreciation allowable under head furniture and fixtures: Highlight Pictures (India) P. Ltd. v. Asst. CIT (Mumbai) p. 475
F Penalty cannot be made on estimation of income: Asst. CIT v. Technip Italy SPA (Delhi) p. 494
F International transactions : ALP : Selection of comparables : Software development services : Where high operating margin reflected due to extraordinary event in comparable company, comparable to be excluded : Intoto Software India P. Ltd. v. Asst. CIT (Hyd.) p. 504
F Communication expenses were reduced from export turnover to be excluded from total turnover : Intoto Software India P. Ltd. v. Asst. CIT (Hyd.) p. 504
F International transactions : Where interest on loans advanced to foreign subsidiaries period less than one year, differential interest to be levied for relevant period instead of for entire period of one year : Infotech Enterprises Ltd. v. Addl. CIT (Hyd.) p. 542
F Where payment to Netherlands company towards purchase of software not royalty, expenditure allowable : Infotech Enterprises Ltd. v. Addl. CIT (Hyd.) p. 542
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GOODS AND SERVICE TAX REPORTS (GSTR) HIGHLIGHTS
F Penalty imposable on finding of suppression of material facts with intent to evade payment of duty and deletion of penalty without assigning reasons not justified : CCE v. Hanil Lear India P. Ltd. (Mad) P. 98
F Recapping barrels of imported goods after sample taken for testing amounts to re-labelling and not manufacture : CCE v. Indian Additives Ltd. (Mad) P. 103
F Decision of Supreme Court binding on Department and court until overruled by larger Bench, pendency of decision by larger Bench not to postpone all other decisions: Gujarat Narmada Valley Fertilizers Co. Ltd. v. CCE & C (Guj) P. 114
F Appellate Tribunal's order passed on application for waiver of pre-deposit of duty appealable to High court : Surya Air Products P. Ltd. v. Union of India (P&H) P. 118
F Where appeal lies against interlocutory order of Appellate Tribunal, writ petition not maintainable : Surya Air Products P. Ltd. v. Union of India (P&H) P. 118
F Appeal against Interlocutory orders of Appellate Tribunal regarding stay or pre-deposit would lie to High Court : Metal Weld Electrodes v. Customs, Excise and Service Tax Appellate Tribunal (Mad) P. 126
F Where remedy in form of right of appeal available under statute, writ petition questioning correctness or otherwise of orders passed by Tribunal not maintainable : Metal Weld Electrodes v. Customs, Excise and Service Tax Appellate Tribunal (Mad) P. 126
F Legislative intent to be gathered from plain language of provision : Metal Weld Electrodes v. Customs, Excise and Service Tax Appellate Tribunal (Mad) P. 126
F Literal meaning to be resorted to in absence of statutory definition : Metal Weld Electrodes v. Customs, Excise and Service Tax Appellate Tribunal (Mad) P. 126
F Assessee not entitled to Cenvat credit of duty paid on inputs used as fuel for generation of steam and electricity in turn used for manufacture of exempted goods : Commissioner of Central Excise v. Gujarat Narmada Valley Fertilizers Co. Ltd. (Trib-Ahd) P. 111
F Charge against customs house agent cannot be proved based on retracted statement without corroborative evidence : M. K. Shipping Services v. Commissioner of Customs (Trib-Mum) P. 173
F Where test report not considered either by enquiring authority or adjudicating authority and proof of goods under export to be basmati rice available, no case of mis-declaration made out : Santosh Chawla v. Commissioner of Customs (Trib-Mum) P. 180
F Refund : Where assessee not passing on burden of duty on customers, bar of unjust enrichment not applicable : CCE v. Crystal Granite and Marble P. Ltd. (Trib-Mum) P. 189
F Acts :
Finance Act, 2014 P. 22
F Notifications :
Customs Act, 1962 : Notification under section 25(1) : Exemption to specified goods exported out of India : Amendments P. 32
Customs Tariff Act, 1975 : Notification under section 9A(1) and (5) : Anti-dumping duty on import of 4, 4 Diamino Stilbene 2, 2 Disulphonic Acid from China P. 19
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