Home Highlights November 2016 Year 2016 This

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1. CIT(A) allowed assessee to withdraw appeal against section 263 revision order, stating Tribunal quashed section 263 order and CIT(A) erred in not deciding appeal merits....

2. Doctrine of Promissory Estoppel - withdrawal of exemption - the withdrawal of the exemption to the pan masala with tobacco and pan masala sans tobacco is in the larger...

3. Exemption from Service Tax - The exemption which was earlier granted in the public interest was withdrawn in the public interest - Whether public interest existed or not...

4. Seeking withdrawal of main Insolvency and Bankruptcy Application - In the instant case on hand, the Committee of Creditors had voted under Section 12A of the Code...

5. Seeking withdrawal of CIRP - The tribunal noted the appellant's repeated failures in meeting commitments to the operational creditor. - It highlighted that the HDFC...

6. Section 68 addition for cash deposits cannot be made where assessee filed return u/s 44AD and did not maintain books of accounts, as provisions of section 68 apply only...

7. Faceless assessment regime mandated u/s 151A - Jurisdictional Assessing Officer not permitted to issue notice u/s 148, as it would breach Section 151A provisions - No...

8. Suspension of Customs Broker License - Deemed Suspension or automatic suspension? - There is no existence of any provision of “Deemed Suspension” or “automatic...

9. Benefit under Served From India Scheme (SFIS) denied - double jeopardy or double whammy - It only results in wastage of public money and public man-hours in case the...

10. Tribunal granted the full waiver from pre-deposit without assigning any reason - revenue in appeal - prejudice to the interest of public revenue - As the Tribunal has...

11. Assessment u/s 153A - undisclosed income - purchase of properties - payment of on money - AO has rejected the reply to the show cause notice without assigning proper...

12. Valuation of goods - old and used self-propelled platform supply vessel Sagar Fortune - The justification offered for invoking rule 12 of Customs Valuation...

13. The request of the appellants for withdrawal of an offer to acquire the equity shares of SRMTL rejected by the SEBI - order of SEBI sustained - SC

14. Withdrawal of the LTCG in the return filed in response to the notice u/s 148 - Reopening of assessment - When there is no transfer and there is no capital gain arising...

15. Withdrawal of the share application money - The prospectus issued by a company was an invitation to offer and if the application for shares is made, pursuant to issuance...