Burden of proof on assessee to establish that non-filing of ITR was not willful; HC upholds prosecution

INCOME TAX : Where petitioner failed to file timely return and prosecution was initiated under sections 276CC and 276C, then a presumption as to culpable mental status of assessee, can be drawn under section 278E, and therefore, it would be for assessee to establish that failure was not wilful

from www.taxmann.com Latest Case Laws https://ift.tt/3pRHNse

Refund of unutilised CENVAT credit allowed on closure of manufacturing unit: CESTAT

EXCISE/ST/VAT : Refund on closure of manufacturing unit is not prohibited

from www.taxmann.com Latest Case Laws https://ift.tt/3nGx6G0

Interest income can’t be taxed under head PGBP if there was no business compulsion to make bank deposits: ITAT

INCOME TAX : Where for assessment year 2012-13 Assessing Officer being of view that assessee, a real estate developer, had not set up his business at all during year, disallowed business expenditure claimed by it, since assessee had started acquiring lands in 2007 itself, it could be concluded that business of assessee had already been set up, and, thus, expenses incurred in running business of assessee was allowable u/s 37(1)

from www.taxmann.com Latest Case Laws https://www.taxmann.com/research/direct-tax-laws/top-story/101010000000315588/interest-income-can’t-be-taxed-under-head-pgbp-if-there-was-no-business-compulsion-to-make-bank-deposits-itat.aspx

Internal Committees of bank couldn't declare petitioner a 'wilful defaulter' without reasons; devoid of principles of natural justice: HC

FEMA, BANKING amp; INSURANCE : Where Default Identification Committee of bank declared petitioner as wilful defaulters and same was confirmed by Review Committee, since decision of both committees was devoid of reasons, in as much representation of petitioner had not been dealt with at all, Committees violated principles of natural justice and therefore, decision of both committees was to be set aside

from www.taxmann.com Latest Case Laws https://ift.tt/3BxCtMC

AO was bound to consider issue raised by assessee on cause of delay in payment of advance tax raised during reassessment

INCOME TAX : Where specific issue related to cause of delay in payment of advance tax was raised by petitioner pursuant to issue of notice under section 148, revenue was bound to consider said issue and pass reasonable order as to whether petitioner was entitled to waiver of interest charged under section 234B or not

from www.taxmann.com Latest Case Laws https://ift.tt/3vWHflA

Siemen's policy to share passwords of MRI and CT Scan machines after payments of fees isn't anti-competitive: CCI

COMPETITION ACT : Where informants purchased MRI and CT machines from OP which were password protected and informants alleged that OP was not sharing passwords with them and, thus, they were unable to get machines serviced from outside, in view of fact that, informants could have obtain password from OP against payment of fee but they, did not take any steps to obtain same, no case of contravention of provisions of section 4 was made out against OP

from www.taxmann.com Latest Case Laws https://ift.tt/3blxEeR

Notice in SLP filed against ruling that contribution towards superannuation fund allowable though said fund was unapproved

INCOME TAX : Notice issued in SLP filed against order of High Court that contribution made towards superannuation fund was to be treated as business expenditure and, thus, same was to be allowed as deduction under section 37(1) even though said fund was unapproved under Employee's Provident Funds Act, 1952

from www.taxmann.com Latest Case Laws https://ift.tt/2ZttAGC