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Right to Sleep - A Legal lullaby US warns Pak of punitive sanctions against trade deal with Iran I-T- Income surrendered before approaching Settlement Commission not covered u/s 115BBE, where this provision did not exist during relevant AYs: HC Chinese companies decry anti-subsidy probe by EU I-T- Entire interest expenditure is allowable as deduction if loan funds is not diverted for non-income earning activities/personal purposes : ITAT UK’s key water supplier, Thames Water, slips into financial quagmire I-T- Sale consideration cannot be considered as unexplained cash credit if sale takes place in online platform and sale consideration is received through stock broker in banking channels : ITAT UK to send military aid package worth USD 619 mn to Ukraine I-T- Section 69C includes expenditures reflected in account books, as well as those discovered during Search & Seizure for which no valid explanation is forthcoming from assessee: ITAT US regulator bans non-compete agreements by employees I-T- Penalty imposed u/s 273B upheld where assessee unable to provide just cause for failure to file audit report within prescribed due date as per Section 44AB: ITAT Palestinian PM unveils new reform package I-T- Assessee cannot contest validity of penalty notice on grounds of irrelevant provision not being struck off, by highlighting such defect for the first time before ITAT itself: ITAT Air India, Nippon Airways join hands for travel between India and Japan Govt receives 7 bids for giga-scale Advanced Chemistry Cell under PLI 10 killed as two Malaysian Military copters crash I-T- Lower authorities erred in disallowing long term capital loss : ITAT SC grills Baba Ramdev & Balkrishna in misleading ad case 1351 candidates to contest in phase 3 of LS Elections I-T- Revisionary order u/s 263 invalidated where passed in ignorance of repeated factual submissions to prove that original assessment order is not erroneous or prejudicial to revenue's interests: ITAT Indian Coast Guard, Oman Coast Guard to jointly combat transnational illegal activities at sea ST - Department cannot retain any amount which is otherwise not payable by the Assessee; nothing acts as embargo on assessee's right to demand refund of tax paid under misaken notion: CESTAT AFMS, ICMR join hands to undertake biomedical research for Armed Forces Cus - If noticee seeks Cross Examination of such persons, same should be granted, appellant will produce all documentary evidence before Adjudicating Authority in support of their claim that seized gold is part of their normally procured gold in course of their commercial transactions: CESTAT


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Mumbai, August 23, 2016 ST - Appellant failed to show advance amount in ST-3 return & discharge tax - there was a confusion at material time with regard to manner of payment of ST in respect of newly introduced WCS - fit case for invocation of s.80: CESTAT

Patna, August 23, 2016 I-T - Whether deduction for contribution made to gratuity fund is allowable when the plea that payment was made to approved gratuity fund was not only raised at belated stage but also there did not appear to be concluded contract between assessee and the fund - NO: HC

Mumbai, August 23, 2016 CX - There is no time limit prescribed for issue of SCN u/s 11B and thus it is open to Revenue to point out shortcomings in refund claim even after one year: CESTAT

Ahmedabad, August 22, 2016 VAT - Legislature providing for exemption from payment of tax does not necessarily and by itself imply that product was otherwise exigible to tax: HC

Chennai, August 22, 2016 Income tax - Whether High Court exercising writ jurisdiction, should re-examine and interfere with a factual finding recorded by Settlement Commission - NO: HC

Chennai, August 22, 2016 Appellant cannot be put in worse position when in appeal - Principle of 'no reformatio in peius' applies - Tribunal order erroneous: High Court

Ernakulam, August 22, 2016 Income tax - Whether right to privacy granted under Article 21 can be pleaded as ground to invalidate provision of Sec 133(6) which provides for right of State to gather information under fiscal administration - NO: HC

Chennai, August 22, 2016 Import of prohibited drug - goods should have been absolutely confiscated instead of allowing re-export by paying redemption fine and penalty - Order marked to Chairman CBEC to protect interest of revenue: CESTAT

Visakhapatnam, August 21, 2016 Vizag Port all set for major expansion; Gadkari inaugurates CFS, solar plant, Liquid Cargo Berth & asks Port officials to hire consultant to reduce pollution

New Delhi, August 20, 2016 Global Innovation Index 2016: India improves innovation rank by 15 positions;, Switzerland tops the tally

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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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