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IndiGo orders 30 Airbus A350s for long hauls Filing of Form 10A & 10AB: CBDT extends due date to June 30 RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimes CPGRAMS recognized as best practice in Commonwealth Secretaries of public service Israel-Iran War: A close shave for Global Economy but for how long?KABIL, CSIR ink MoU for Advancing Geophysical Investigations I-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITAT TRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum Leasing I-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITAT Technology Board okays funding of Dhruva Space's Solar Array Project I-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: ITAT Health Secy visits Bilthoven Biologicals, discusses production of Polio Vaccine I-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: ITAT Study finds Coca-Cola accounts for 11% of branded plastic pollution worldwide I-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITAT Delhi HC says conspiracy against PM is a crime against State I-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITAT Brazil makes new rules to streamline consumption taxes I-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITAT Biden signs rules mandating airlines to give automatic refunds for delayed or cancelled flights I-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITAT BYD trying to redefine luxury for new EV variants GST - 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: HC SC asks EC to submit more info on reliability of EVMs Right to Sleep - A Legal lullaby


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Bangalore, October 17, 2016 IT - Whether when assessee has made investment, but quantum was less in comparison of its own funds, in such case, to that extent disallowance u/s 14A cannot be warranted on account of interest expenditure - YES: ITAT

Ahmedabad, October 17, 2016 Income tax - Whether validity of valuation done by DVO is an issue that can be challenged in a writ petition - NO: HC

Mumbai, October 17, 2016 ST - Treatment of effluent waste cannot be considered as processing of goods by any stretch of imagination - not taxable under BAS: CESTAT

Mumbai, October 17, 2016 CX - When entire o-in-o itself was set aside and Revenue's appeal was allowed by Commissioner (A), no grievance remained for filing an appeal before Tribunal: CESTAT

Paris, October 16, 2016 International migration rate doubles in last 25 years; reached 244 mn in 2015; Most economies fail to exploit its potential: OECD

Ahemdabad, October 16, 2016 GVAT - Whether Revenue can exercise power of provisional attachment even in cases of disputed tax liability under Gujarat Entry tax Act - NO: HC

Chennai, October 15, 2016 Cus - When petitioner has accepted terms of settlement, they would be estopped from challenginge order of CCESC: High Court

Bengaluru, October 14, 2016 I-T - Whether when stock in trade by profession is excluded from capital assets definition, provisions of Sec 54F would still apply on its transfer - NO: HC

Mumbai, October 14, 2016 CX - Footwear, even though supplied in bulk, but in absence of exemption provided u/r 34 of SWAM Rules, 1977, they are correctly valued u/s 4A and not u/s 4 of CEA, 1944: CESTAT

Mumbai, October 14, 2016 Cus - No royalty what so ever has been paid and, therefore, question of addition of royalty to assessable value becomes irrelevant - Issue is only of an academic interest: CESTAT

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TP - Arm's length computation of corporate guarantees issued by assessee in favour of its AEs abroad taken at 1% which has been approved for earlier A.Ys, cannot be disturbed in absence of contrary: ITAT

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