News Update

Filing of Form 10A & 10AB: CBDT extends due date to June 30RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesIsrael-Iran War: A close shave for Global Economy but for how long?I-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HCSC asks EC to submit more info on reliability of EVMsRight to Sleep - A Legal lullaby
 
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New Delhi, October 09, 2017
ST – Since degree is not issued, the college should be considered as a 'Commercial training or Coaching centre’ is absurd interpretation: CESTAT by Majority
 
Kolkata, October 09, 2017
I-T - Minor defect in Form 3CM cannot be adopted as basis to deny weighted deduction on R&D expenses, once research facility is approved by DSIR: ITAT
 
Mumbai, October 09, 2017
ST - Transportation is most prominent element of composite contract - GTA classification cannot be faulted: CESTAT
 
New Delhi, October 09, 2017
CX - Switchgears sold in numbers, hence, even if weighing over 25 kg each not exempted under SWAM - S. 4A correctly applied: CESTAT
 
Ahmedabad, October 07, 2017
ST –90% of water supplied through pipeline was to Panchayats at non-commercial rate – no profit motive – not taxable under CICS: HC
 
Kolkata, October 06, 2017
Cus - Drawback - Regulation 6A does not make it mandatory for a unit located in a SEZ to open a Foreign Currency Account: High Court
 
Mumbai, October 06, 2017
I-T - When delay of over 8 years in filing appeal is attributable to wrong professional advice, it can be said that reasons were beyond assessee's control and condonation is justified: HC
 
Mumbai, October 06, 2017
CX – Motors, generator, engine, remnant oil arise during breaking up of ship - sale of these cannot be considered as trading activity - rule 6 of CCR, 2004 cannot be invoked: CESTAT
 
Kolkata, October 06, 2017
I-T - When employer-employee relationship is not there, payments made to consultant doctors not liable to provisions of Sec 192: ITAT
 
New Delhi, October 06, 2017
CX - Goods cleared under exemption to a project financed by ADB are not specified in EXIM policy as 'deemed exports'– no refund u/r 5 of CCR : CESTAT
 
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