TAX UPDATES NOV 8,2015
TAX UPDATES :
- Excise & Customs : Chief Commissioner, being higher authority, is empowered to exercise powers conferred on subordinate authorities; hence, Chief Commissioner may also file appeal before Tribunal against order of Commissioner (Appeals) [2015] (Madras) Sree Vishnu Electronics v. Commissioner of Central Excise
- Competition Act : Where real estate developers i.e., Jaiprakash Associates (JAL) and Jaypee Infratech (JIL) did not have ability to influence conditions of competition in relevant market for provision of services for development and sale of residential apartments in Noida and Greater Noida and there were several established real estate players offering world class amenities, JAL/JIL was not in a dominant position in relevant market and, therefore, question of examining alleged abusive conduct did not arise [2015] (CCI) Sunil Bansal v. Jaiprakash Associates Ltd.
- IT: Reassessment by jurisdictional Assessing Officer on basis of notice issued by Income-tax Officer collecting AIR information, but having no jurisdiction over assessee, is invalid [2015] (Lucknow – Trib.) Mohd. Rizwan v. ITO
- IT: Where on same set of evidence produced by assessee, Assessing Officer and Commissioner draw different opinions, such difference of opinion cannot be a basis to invoke jurisdiction under section 263[2015] (Chandigarh – Trib.) Pawan Kumar v. CIT
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