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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, May 10, 2016 Writ jurisdiction - If there is gross miscarriage of justice by Commissioner (A), High Court can exercise its jurisdiction under Article 226: High Court

Chennai, May 10, 2016 Customs - Refund of Additional duty of Customs (SAD) - Commissioner (Appeals) has followed a novel way to deny refund to appellant on extraneous ground not known to law - Copy marked to Chairman CBEC to remove bottlenecks in refund : CESTAT

New Delhi, May 09, 2016 Cus - Drawback - It is not open for a Court, while interpreting any statute, to examine material which weighed with authority while framing that law if provisions of statute are clear and unequivocal: High Court

New Delhi, May 09, 2016 CX - Valuation - Transfer of cenvat credit taken inputs to a sister concern - value shown in invoice on basis of which Cenvat Credit was taken by assessee, is value for assessment; Post manufacturing expenses cannot be loaded on to amount equal to duty of excise: Supreme Court

Mumbai, May 09, 2016 I-T - Whether if one of partners does agree to sell firm's property, same can be construed as encumbrance and any compensation paid to him is to be treated as expense incurred exclusively for sale of capital asset - YES: ITAT

Chennai, May 09, 2016 Customs - As per Sec110(2), it is clear that in absence of any notice u/s 124(a) within six months from date of seizure, assessee is entitled to get release of goods: High Court

Mumbai, May 09, 2016 ST - In every case of refund amount is refundable only when it is not payable - if it is accepted that every such amount shall be treated as payment without authority of law, then Section 11Bof CEA, 1944 will stand redundant: CESTAT

Chennai, May 08, 2016 Tamil Nadu VAT Act, 2006 - Whether moment goods went out of protective cover given by SEZ, duty automatically got attached to goods and hence, inclusion of same in sale price for purpose of levy of value added tax is valid - YES: HC

New Delhi, May 07, 2016 CX - Classification of Guar Gum & Guar Dal Flour - Assessee succeeds on grounds of limitation itself - Revenue appeal dismissed: SC

New Delhi, May 07, 2016 ICC applauds WTO on its new report on bridging trade finance gap for SMEs

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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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IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC

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SARFAESI Act - Writ petition can be disposed of as infructuous as one time settlement has been entered into between parties : HC

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