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Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast US imposes fresh sanctions against Iranian drone production IREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects Voting for General Elections 2024 commences tomorrow Global warming up to 3 degrees to cost 10% of global GDP: Study Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of Agency GST implications for Corporate Debtor under IBC I-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HC Brazil’s proposal to tax super-rich globally finds many takers in G20 Group I-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITAT CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister I-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITAT Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT US Poll: Biden trumps Trump in money race by USD 75 mn I-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITAT Netanyahu says Israel to decide how and when to respond to Iran’s aggression I-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITAT Google slays costs by laying off staffers & shifting roles outside US I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT Heavy downpours drown Dubai; Airport issues travel advisory Cus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HC HM pledges to make India completely Maoist-free GST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HC Microsoft to inject USD 1.5 bn in AI Group G42 of UAE GST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HC Canadian budget proposes more taxes on higher income groups & tax credits for EVs World leaders appeal for quick ratification of UN Ocean Treaty


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Mumbai, January 11, 2016 ST - Revenue cannot simply allege that activity of appellant is IPR service without specifying service - This is basic flaw in entire proceedings and shows complete lack of appreciation of statutory provisions: CESTAT

Mumbai, January 10, 2016 CX - Application for waiver of pre-deposit on the ground that factory is closed and FIs have taken over possession of all movable and immovable assets is dismissed as making of pre-deposit of 7.5% of duty is mandatory: CESTAT

New Delhi, January 10, 2016 Companies Act - Whether a Company Court, directly or through Liquidator, can wield any control over sale of secured asset by secured creditor in exercise of powers under SARFAESI Act - NO: SC

Mumbai, January 09, 2016 Overenthusiasm by Customs leads to harassment - When by general practice IGM was not filed for vessel when duty was Nil, proposition that duty may be levied after 14 years when B/E was 'got' filed would lead to an anachronistic situation - Demand set aside: CESTAT

Mumbai, January 09, 2016 CX - Lower authorities ignoring submission made by appellant - Castor oil compound being exempted by notfn. 3/2006, demand of duty on ground of undervaluation does not arise: CESTAT

Mumbai, January 08, 2016 Cus - In entire investigation, there is not a tip of evidence in support of DRI allegation that overvaluation of rough diamonds is for purpose of money laundering, remittance of money overseas to cover differential cost of other imports or to park money abroad for other unlawful activities: CESTAT

Mumbai, January 08, 2016 CX - Car manufacturer clearing cars for use by own officials - Rule 8 is not directly applicable & it would be more appropriate to determine value u/r 11 r/w Rule 4 and assessee has paid duty correctly by taking AV as was applicable for cars cleared to other customers: CESTAT

Chennai, January 08, 2016 I-T - Whether provisions of Sec 14A cannot be invoked, when investments made were in sister concerns, or after such investments those companies became sister concerns - YES: ITAT

Mumbai, January 08, 2016 Cus - Under garb of rectification it is not appropriate to interfere with order passed as same would amount to reviewing order - nonetheless, penalty cannot be imposed simultaneously on Proprietorship concern and Proprietor: CESTAT

Hyderabad, January 07, 2016 I-T - Whether mere fact that loan was obtained after completion of construction on lease rentals cannot be sole reason to come to conclusion that assessee has not incurred expenditure on acquisition of property - YES: ITAT

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April 18, 2024

INTL - Expenses incurred by a non-resident individual towards obtaining Special Power of Attorney & anciliary expenses, for purpose of transferring property located in India, are covered u/s 48(i) & allowable: ITAT

April 18, 2024

TP - If assessee has suo-moto offered guarantee commission and no inherent risk arises to financial services utilized by AE from assessee, then no further guarantee adjustment is required: ITAT

April 18, 2024

Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC

April 18, 2024

SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC

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