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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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Mumbai, October 06, 2015 I-T - Whether share trading or banking activity can be said to have an inherent quality of producing both regular banking income as well as dividend income, to qualify as condition for apportionment of expenses u/s 14A - YES: ITAT

New Delhi, October 06, 2015 ST - Refund - Direction of Commr(A) to verify total credit available as unutilized credit would result in waste of time as accounts were already subject to audit and as there is no such allegation raised in SCN: CESTAT

Paris, October 05, 2015 Final report on BEPS Project released; reveals annual revenue loss of USD 100-240 bn to Exchequers

Chennai, October 05, 2015 Benefit of Notification No 67/95 CE is admissible to clinker captively consumed for manufacture of Cement supplied to SEZ units/Developers - Tribunal allows bunch of appeals by Cement Companies and dismisses revenue appeals

Bengaluru, October 05, 2015 VAT - In course of ERP implementation even if any software comes into existence, title of software vests with client & not with assessee - they are not goods available in market - not liable to VAT: High Court

Mumbai, October 05, 2015 CX - Clandestine production and clearance of TMT bars without payment of duty - No credence can be paid to capacity determined under compounded levy scheme introduced in 1998 and abandoned after 2-3 years as scheme did not work properly: CESTAT by Majority

New Delhi, October 05, 2015 I-T - Whether when assesse's business is not restricted to only financing and treats re-possessed vehicles as stock-in-trade, any loss arising out of re-sale of such vehciles is to be construed as revenue loss - YES: ITAT

Mumbai, October 05, 2015 ST - Wikipedia has universal appeal among internet users but fails to acquire oracular significance - it is a source of knowledge for amateur research - Project titles may, in general, indicate content, however, determination of tax liability without examining specifics is inappropriate: CESTAT

Mumbai, October 04, 2015 ST - Respondent could have entertained a bonafide belief as to non-applicability of ST on contract executed by them - penalty imposable u/s 76 of FA, 1994 waived by invoking s.80 of FA, 1994: CESTAT

Nainital, October 03, 2015 VAT - Whether assessee is entitled to benefit of input tax credit on tax paid on packing materials used in manufactured products which were stock transferred outside the State concerned - NO: High Court

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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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April 25, 2024

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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