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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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New Delhi, May 17, 2016 FERA - Seizure of Foreign Currency - Permission to import currency has to be proved; Amount of seized currency returned has to be paid back to Govt with interest: Supreme Court

New Delhi, May 17, 2016 VAT - Proviso ought to be given normal and natural meaning keeping in mind context, object and reasons for its enactment and incorporation: Supreme Court

Mumbai, May 17, 2016 I-T - Rent paid by an entity to its directors for leasing out their land in favour of the entity for carrying out agricultural operations, is liable to be disallowed u/s 14A, if it is directly attributable to earning of agricultural/exempt income: ITAT

Mumbai, May 17, 2016 Cus - Either delivery of goods should be given to appellant and if department has failed to give delivery of goods then appellant shall be entitled for refund of duty and interest paid by them - Matter remanded: CESTAT

Mumbai, May 16, 2016 ST - While most departments of government do end up participating in litigation initiated by private entities, they are not normally geared for litigation with other government departments - delay in filing appeal condoned: CESTAT

New Delhi, May 16, 2016 I-T - Whether when assessee was to receive full consideration on transfer of assets, merely manner of discharge of sale proceeds would alter the scheme and decide taxability of capital gains - NO: HC

New Delhi, May 16, 2016 Cus - Post-amendment by FA, 2012, Section 153 of CA, 1962 does not provide for service of SCN on a customs agent - right of owner of goods cannot be defeated without prior notice on him - seized goods rightly ordered to be released: HC

New Delhi, May 15, 2016 CBDT gears up to notify Income Declaration Scheme 2016 from June 1, 2016; Tax to be charged @ 30% + KKC + 25% penalty

New Delhi, May 14, 2016 Impact of liquor ban - surplus molasses - Centre accepts Bihar's proposal for lifting 6 cr litre of ethnol for blending with petrol scheme

New Delhi, May 14, 2016 Cus - There is no provision in Act that enables Revenue to direct carrier of goods to waive demurrage charges or container charges even where order of confiscation is ultimately held to be illegal: HC

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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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