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Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast US imposes fresh sanctions against Iranian drone production IREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects Voting for General Elections 2024 commences tomorrow Global warming up to 3 degrees to cost 10% of global GDP: Study Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of Agency GST implications for Corporate Debtor under IBC I-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HC Brazil’s proposal to tax super-rich globally finds many takers in G20 Group I-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITAT CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister I-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITAT Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT US Poll: Biden trumps Trump in money race by USD 75 mn I-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITAT Netanyahu says Israel to decide how and when to respond to Iran’s aggression I-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITAT Google slays costs by laying off staffers & shifting roles outside US I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT Heavy downpours drown Dubai; Airport issues travel advisory Cus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HC HM pledges to make India completely Maoist-free GST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HC Microsoft to inject USD 1.5 bn in AI Group G42 of UAE GST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HC Canadian budget proposes more taxes on higher income groups & tax credits for EVs World leaders appeal for quick ratification of UN Ocean Treaty


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Mumbai, December 20, 2016 ST - Validation by FA, 2011 is to accord retrospective exemption to same class of providers to which Central Government did, within its powers, accord prospective exemption: CESTAT

Ahmedabad, December 20, 2016 I-T - Whether compensation & interest awarded to an assessee in pursuance of acquisition of his land for public purposes under provisions of Land Acquisition Act, can be subjected to Income Tax - NO: HC

Mumbai, December 20, 2016 ST - Appellant does not cease to be 'outdoor caterer' merely because services have been provided at premises provided by service recipient: CESTAT

Mumbai, December 20, 2016 CX - As long as credit is not retained for utilization at later stage, condition of non-availment of credit has been complied with - lump sum reversal at end of month suffices: CESTAT

New Delhi, December 19, 2016 I-T - Whether if non-compete fee is received as salary, any obligation to pay interest under Sections 234B & C, arises - NO: SC

Mumbai, December 19, 2016 ST - Appellant opted for WC Composition scheme on 11/03/2010 but after ten days withdrew option and paid ST in terms of Notfn. 1/2006-ST - Differential ST demand issued on 02/04/2014 is clearly time barred: CESTAT

Allahabad, December 19, 2016 I-T - Whether if termination of a contract is a normal incident in business, the income received from cancellation of such contract & interest thereon is to be considered as revenue income � YES: HC

Mumbai, December 19, 2016 ST - If appellant is discharging ST under �Renting of Immovable property�, there is no reason for denial of CENVAT credit on various input services used in relation to building of such commercial property: CESTAT

Mumbai, December 19, 2016 CX - In absence of any provision requiring one to one co-relation, even though service is not used in appellants' factory but received and used in different factory of same company, credit cannot be denied: CESTAT

New Delhi, December 18, 2016 Demonitization - RBI has allowed higher withdrawal of cash if deposits in new notes are made: Minister

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April 18, 2024

INTL - Expenses incurred by a non-resident individual towards obtaining Special Power of Attorney & anciliary expenses, for purpose of transferring property located in India, are covered u/s 48(i) & allowable: ITAT

April 18, 2024

TP - If assessee has suo-moto offered guarantee commission and no inherent risk arises to financial services utilized by AE from assessee, then no further guarantee adjustment is required: ITAT

April 18, 2024

Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC

April 18, 2024

SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC

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