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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 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, August 07, 2014 CX - Asceptic packaging paper is correctly classifiable under CETH 4811 90 92 and not CETH 7607 2090 - assessee is entitled to benefit of exemption notification 4/2006-CX - Revenue appeal dismissed: CESTAT

Mumbai, August 06, 2014 CX - CENVAT credit taken on fuels used in generation of electricity which is wheeled outside factory premises is not admissible - Larger period of limitation is correctly invoked, however penalties set aside: CESTAT by Majority

Mumbai, August 06, 2014 CX - Construction is service activity, therefore, sale of Cement in 50 kg bags to builders/developers would qualify as sale to institutional consumers - no requirement to affix MRP - demand of Rs 47 Cr set aside: CESTAT

Mumbai, August 06, 2014 I-T - Whether refund claim is to be allowed to assessee consequent to an order passed in appeal irrespective of whether a fresh assessment order has been passed by AO or not - YES: HC

Mumbai, August 06, 2014 Cus - Export of IC in excess of Rs 5000 without RBI nod - Commissioner to release currency on payment of RF of 10% of currency seized and on payment of penalty : CESTAT

New Delhi, August 05, 2014 Cus - Seized goods - Mere issuance or dispatch of notices to petitioners would not amount to giving of notice as contemplated both in ordinary sense as also in law - Delhi HC orders DRI to return currencies and goods seized from petitioners

Mumbai, August 05, 2014 CX - Since duty amount along with penalty has already been paid, appellant is not required to file Stay application: CESTAT

Chennai, August 05, 2014 Manufacture of dutiable and exempted goods - Once proportionate credit on inputs used in exempted products is reversed, there is no requirement to reverse 8% of price of exempted goods: CESTAT

Bangalore, August 05, 2014 Income tax - Whether if acquisition of machinery turns out to be contrary to terms of contract, Revenue is right in denying depreciation u/s 32 - NO: HC

Mumbai, August 05, 2014 ST - Rs 61 Cr lost - SCN was for classification under repair service whereas demand confirmed under 'IPR� for period prior to 16/05/2008 - Without putting appellant to notice, no demand can be confirmed: CESTAT

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