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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 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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New Delhi, January 22, 2016 I-T - Whether Instruction No 9 of 2006 issued by CBDT, directing AOs to initiate reassessment in case of audit objection overrides statutory powers vested in AOs u/s 147 - YES: HC

New Delhi, January 22, 2016 Central Excise - Valuation - Notional Interest on Advance - Onus on Revenue to prove nexus: Supreme Court

Mumbai, January 22, 2016 ST - There is no notification which authorizes Commissioner to exercise powers in respect of cases originating outside his jurisdiction - he should have written to CBEC seeking power to adjudicate case just as DGCEI has power to issue SCN on pan India basis: CESTAT

Ahmedabad, January 22, 2016 I-T - Whether where assessee has applied for release of asset within prescribed time, Revenue can refuse such request on ground of not being satisfied about source of its acquisition - YES: HC

Mumbai, January 22, 2016 CX - Tribunal had upheld duty liability but remanded matter only for re-computing duty after extending cum-duty and MODVAT benefit - in this view of matter, appellant is required to pay interest u/s 11AA on re-determined duty: CESTAT

Mumbai, January 22, 2016 Cus - Producing some other person as Phiroze Bhai, whom appellant knew very well, before investigating authorities itself indicates that appellant had something to hide � by shielding Phiroze Bhai, appellant has made himself liable for penalty u/s 112: CESTAT

New Delhi, January 21, 2016 Delhi DRI seizes 37 look-alike pistols & revolvers from parcels imported from Paris; Vigil stepped up against possible threat from ISIS operatives in India

New Delhi, January 21, 2016 Cus - ADD on PVC imported from China - It is well settled that notification always has prospective effect unless contrary intention is evident from language thereof -Notf.38/2008-Cus does not contain even hint or an indication that it was intended to have retrospective effect - Appeal rejected: CESTAT by Majority

Mumbai, January 21, 2016 CX - Base frame is not integral part of pump, it is only an accessory - Base frame would be classifiable under CH 8485 and not CH 8413, irrespective of fact that such base frames are designed for specific model of pumps: CESTAT

New Delhi, January 21, 2016 Trade Marks - Whether Registrar of Trademark can deny its jurisdiction to adjudicate upon application for rectification of register, when Section 125 of Act has no application - NO: Supreme Court

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Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

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April 24, 2024

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

April 25, 2024

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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