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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, August 08, 2015 ST - Service tax law nowhere states that if two distinct activities are undertaken or provided in single agreement, they should be taxed under same service category - Appeal allowed: CESTAT

New Delhi, August 07, 2015 Central Excise - Valuation - Cost of returnable gunny bags used for packing excisable goods - whether there was an agreement to return packing material - Difference of opinion in Supreme Court Bench

New Delhi, August 07, 2015 Central Excise - Default in fortnightly payment of duty - debit from Modvat Account is permissible: Supreme Court

Mumbai, August 07, 2015 ST - Bank taking over borrower's factory for loan default & leasing to appellant - on rent, ST paid in name of borrower & appellant taking credit - same denied on ground that Bank should have paid ST - Bank is only deemed owner - prima facie credit admissible: CESTAT

Mumbai, August 07, 2015 Income tax - Whether interest income earned by assessee-developer through housing finance activities is to be treated as income from other sources u/s 56 and not business income - YES: ITAT

Mumbai, August 07, 2015 CX - Fraudulent rebate - Appellants are traders providing fictitious invoices - appellants have not handled any excisable goods rendering them liable to confiscation - Penalty u/r 26 not imposable: CESTAT

New Delhi, August 06, 2015 Cus - It is not possible for airline to operate flight without seats - New seats that are being imported for replacing old ones are for servicing of aircraft and are entitled to exemption Notification No 12/2012: AAR

Mumbai, August 06, 2015 Appellant had reversed CENVAT credit but this is matter of dispute w.r.t duty demand of Rs.4.5 Cr - adjustments cannot be examined for maintainability of appeal as it will amount to going into merits - Pre-deposit ordered: CESTAT

Chennai, August 06, 2015 Input Service Distributor - Term 'Office' used in Rule 2(m) of CENVAT Credit Rules cannot be restricted to only 'Head office'- Distribution of credit from Regional offices is also permissible: CESTAT

Hyderabad, August 06, 2015 I-T - Whether addition can be made solely on basis of declaration made by assessee before Settlement Commission - NO: ITAT

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