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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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New Delhi, October 10, 2014 ST - Microsoft case - Service provided to Principal situated in Singapore to market products in India is an Export of Service and not liable to Service Tax: CESTAT by Majority

Chandigarh, October 10, 2014 Central Excise - Penalty proceedings have to be initiated within five years: HC

Bangalore, October 10, 2014 Income tax - Whether assessee is eligible for deduction u/s 54EC, even if investment made in relevant AY was not within six months from handing over of possession to developer by virtue of JDA - NO: ITAT

Chennai, October 10, 2014 Service Tax - penalty is ordinarily levied for some contumacious conduct or for deliberate violation of provisions of particular statute: High Court

Mumbai, October 09, 2014 Cus - Ahmedabad DGCEI and its officers did not have all India jurisdiction to issue SCN's u/s 17 & 28 of Customs Act & powers conferred by Notfn. 44/2011-Cus is only prospective: CESTAT

Mumbai, October 09, 2014 ST - On reimbursements of Courier, fax and electricity charges, service tax is payable along with interest as these charges have been incurred as part of C&F agency function: CESTAT

Mumbai, October 09, 2014 I-T - Whether insurance premium paid by one brother on life of other can be considered as legitimate business expenditure when brothers execute common power of attorney in favour of each other, mutually authorizing other to, in his absence, take care of business activity - NO: ITAT

Mumbai, October 09, 2014 CX - Refund - Categorical finding of fact recorded by Commissioner(A) that assessee has collected duty of excise as per commercial invoice and have not collected higher duty as indicated in excise invoice - Refund admissible: CESTAT

New Delhi, October 08, 2014 CX - CENVAT Credit on Outward Transport - Goods sold on FOR basis - Destination is place of removal - credit entitled - drafting of adjudication orders requires training; incompetent departmental adjudication ill serves interests of State - Strictures and Costs against Commissioner: CESTAT

Mumbai, October 08, 2014 Income tax - Whether when a membership card-holder of stock exchange gets shares on demutualisation of Exchange in new entity, such conversion of shares amounts to transfer and any capital gains liability arises - NO: HC

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Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast

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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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