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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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Hyderabad, October 14, 2014 Income tax - Whether sovereign power of State to levy tax can be extended to level of regulating conduct of a citizen to such an extent of verification that is equivalent to one which is made by police against an accused - NO: HC

Mumbai, October 14, 2014 ST - Applicant is required to pay ST as service recipient is located in India and service has been provided in India - Pre-deposit ordered of Rs 6 cr: CESTAT

Mumbai, October 13, 2014 ST - Issuance of driving licence by applicant on behalf of Govt of Maharashtra prima facie is not an activity of business, therefore, same does not qualify under BAS or BSS - Pre-deposit waived and stay granted: CESTAT

Allahabad, October 13, 2014 Central Excise - MODVAT or CENVAT credit taken on basis of certificate issued by DRI valid: High Court

Mumbai, October 13, 2014 CX - Refund of unutilized credit is only permissible in case of export of goods and not for any other reason - Refund in cases of closure of factory is not provided under the statute - Appeal dismissed: CESTAT

Hyderabad, October 13, 2014 I-T - Whether mere fact that broker through whom assessee had purchased shares was banned by SEBI much after transactions of assessee had taken place, there is any merit in AO's opinion to treat same as not genuine - NO: ITAT

Geneva, October 12, 2014 World Bank, WTO join hands to aid developing countries to better utilise trade facilitation programs

Mumbai, October 12, 2014 ST - Services of Verification of information given by customers applying for credit cards, home loans, auto loans are covered under clause (iv) of BAS during period 01.07.2003 to 09.09.2004 and not thereafter: CESTAT

New Delhi , October 11, 2014 Cadre Review - Migration blues - assessees advised to pay excise duty as per old CDR Code

Mumbai, October 11, 2014 CX - Rebate - Sub-sec (1A) of sec 35EE brought in statute book w.e.f 11.05.1999 does not proceed to indicate that specific order u/s 35A could only be revised and not otherwise: HC

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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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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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