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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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Mumbai, February 18, 2015 CX - Manufacture - s.2(f) - Duty paid PVC sleeves cut into horizontal pieces and subjected to heat treatment to form sealing sleeve for purpose of shrink wrap - Process amounts to manufacture and duty is payable: CESTAT

Chennai, February 17, 2015 Re-export of 'Progesterone' alleged to be spurious - Pending criminal proceedings, it is not appropriate for Dy Drugs Controller to pre-determine that drugs are 'spurious' now itself in order to reject claim for re-exporting of consignment - Re-export allowed subject to conditions: HC

Bangalore, February 17, 2015 KVAT - Whether a Work Station is a computer accessory or a furniture as understood in common parlance - computer accessory, rules HC

Mumbai, February 17, 2015 CENVAT - Rule 57A does not mandate that credit can be claimed only if there is emergence of final product or that manufacture of final product is complete - Credit admissible on inputs destroyed in fire: High Court

New Delhi, February 17, 2015 Income tax - Whether when assessee had undertaken detailed engineering drawings as per specifications, but actual manufacture and production work was outsourced, assessee would still be entitled for Sec 10B benefits: HC

Mumbai, February 17, 2015 ST - Sponsorship of sporting events were excluded from levy of ST - however, since appellant had wrongly collected ST from sponsors, they were required to pay same in cash - CCR, 2004 does not provide for utilisation of CENVAT credit for payment of amount specified in section 73A (2): CESTAT

Hyderabad, February 16, 2015 ST - Works Contract - Back to back agreement with sub-contractor - No works contract service provided by main contractor as deemed transfer of property in goods is between sub-contractor and contractee: CESTAT

Mumbai, February 16, 2015 Income tax - Whether when developer sells one-BHK flats and buyers merge them into one after purchase, developer would lose Sec 80IB(10) benefits merely because merged flats exceed the limit of 1000 sq feet - NO: ITAT

Mumbai, February 16, 2015 ST - Repairs Service - Appellant is providing services of repairs & maintenance of xerox machines on behalf of Modi Xerox who are his client - such service is liable to tax under 'Business auxiliary service' w.e.f. 10.09.2004 and not earlier - Demand set aside: CESTAT

Mumbai, February 16, 2015 Cus - Sampling size required for testing 'Latex Prophylactic Condoms' is 315 pieces whereas Drugs Testing Lab, Chennai took sample size of 45 pieces and this is serious discrepancy while concluding that goods were sub-standard - appeal allowed: CESTAT

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