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RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimes Israel-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: 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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Mumbai, August 18, 2016 ST - 'Development fee' is not linked to provision of service and hence not liable to service tax: CESTAT

Mumbai, August 18, 2016 CX - S.110 of Customs Act, 1962 - If appellant's prayer of quashing impugned order is allowed, it will be frustrating due process of law that is required in quasi-judicial proceedings - Appeal dismissed: CESTAT

Mumbai, August 17, 2016 FTP - Once there was clear stipulation in policy itself, then, all that circular does is to clarify this obvious position - If there was no obligation to pay duty, then, there is no question of claiming refund - Petitions dismissed: High Court

Mumbai, August 17, 2016 ST - Maintenance or repair service - Ships or vessels move easily on water but, not being goods that are amenable to severance from land or water, are not distinguishable from immoveable property - s. 65(105)(zzg) did not extend to Ships: Tribunal by Majority

Kolkata, August 17, 2016 I-T - Whether loss incurred by assessee in derivative transaction is liable to be assessed as loss of deemed speculation business even though for purpose of Sec 43(5) transactions in derivatives were not 'speculative transactions' - NO: ITAT

Mumbai, August 17, 2016 Cus - Allegation of having acted as a mere conduit for generation of documents to show that watch movements and parts were genuinely imported would not attract provisions of s. 112 - Penalty set aside: CESTAT

Mumbai, August 17, 2016 CX - Supplier fraudulently taking credit and by utilizing same paying duty - CENVAT credit cannot be denied as there is no evidence produced to assert that appellants knew that supplier of goods had wrongly availed CENVAT Credit: CESTAT

Mumbai, August 16, 2016 CX - Fact that guesthouse is located right next to factory implies that it is used in relation to manufacturing activity - credit of repair and maintenance services of guesthouse is admissible: CESTAT

Mumbai, August 16, 2016 Cus - Even if claim of revenue that documentation is incomplete is not in doubt, it is seen that no such deficiency was brought to notice of applicant- interest liability crystallizes: CESTAT

New Delhi, August 15, 2016 Consumer Affairs Minister urges Industry to spend on promoting consumer awareness about food safety�

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