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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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New Delhi, September 22, 2016 ST - Nature of financial dealings or payment of consideration for services rendered by itself will not decide the tax liability of the service: CESTAT

New Delhi, September 22, 2016 CX - It would be farfetched to assume that only on basis of use of consumables, which is refractory material and prone to breakages/defects, clandestine production and clearance of MS Ingots can be alleged: CESTAT

New Delhi, September 21, 2016 Union Budget 2017 to be presented on Feb 1; History of Rail Budget comes to an end; Plan & Non-Plan classification also gone

Chennai, September 21, 2016 Arrears of Central Excise duty under compounded levy scheme cannot be paid from CENVAT Credit - No error in the order of Tribunal: High Court

Chennai, September 21, 2016 I-T - Whether when issue has been remanded for limited purpose, Settlement Commission has jurisdiction to shift terminal date for calculation of interest u/s 234B - NO: HC

Mumbai, September 21, 2016 Cus - Interest u/s 27A - Refunding Authority is not powerless - If refund application filed by party is incomplete, Refunding Authority can always return back same - CBEC to take action: High Court

Allahabad, September 21, 2016 CX - Contention of Revenue is inputs were not received but fact is appellants manufactured final product; paid duty and filed statutory returns- presumptive case not tenable: CESTAT

Mumbai, September 20, 2016 I-T - Whether sum spent to keep doctors in good humour so that they recommend assessee's pharma products to patients amounts to illegal gratification and same is not allowable expenditure - YES: ITAT

Mumbai, September 20, 2016 CX - Action of appellant in withdrawal of an appeal after disposal of stay petition would amount to seeking remedies elsewhere - since jurisdiction of another fora invoked, no case made out for condonation of delay: CESTAT

Bangalore, September 20, 2016 I-T - Whether unless there is some evidence to indicate that extra consideration had flowed in purchase of property, DVO Report cannot form a basis for any addition - YES: HC

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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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