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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, March 11, 2016 I-T - Whether only sum received during year as advance can be brought to tax as deemed dividend u/s 2(22)(e) and not amount which was received during earlier period - YES: ITAT

Mumbai, March 11, 2016 ST - Penalty u/s 78A on Group CEO of company could not have been invoked for any aberrations by assessee prior to 10.05.2013 as section was inserted by FA, 2013 - Penalty set aside: CESTAT

Chennai, March 11, 2016 Tribunal has power & jurisdiction to recall its order dismissing appeal for non-compliance with pre-deposit: High Court

New Delhi, March 10, 2016 RS passes Real Estate Bill tightening screws on developers; 70% of collections from buyers to be kept in separate account

New Delhi, March 10, 2016 I-T - Whether subsidies received towards reimbursement of actual costs of manufacture are eligible for Sec 80IB benefits - YES: Supreme Court

Mumbai, March 10, 2016 ST - Tax paid by job worker although they are entitled for exemption - assessee taking credit then reversing the same upon objection by department - as appellant has been granted relief, they can take credit without a refund claim: CESTAT

Kolkata, March 10, 2016 I-T - Whether deduction on account of provision for leave encashment is allowable which is claimed on basis of actual incurring of liability and paid as per Sec 43B(f) - YES: ITAT

Mumbai, March 10, 2016 ST - There is only one charging section in service tax i.e. Ss 66 & 66A is merely a deeming provision - since tax was paid u/s 66 of FA, 1994, hence credit is admissible to appellant : CESTAT

Mumbai, March 09, 2016 ST - Rebate on Franking is offered as an incentive by Postal department for reduced workload on post office staff - Such a rebate can hardly be designated as commission or remuneration for a service: CESTAT

Ahmedabad, March 09, 2016 I-T - Whether mere fact that sister concerns of assessee firm had paid tax in excess of their liability, it would enable AO to make adjustment of some tax paid in excess by another assessee as Income Tax Act simply does not recognize any such inter-assessee adjustments - NO: HC

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