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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, January 24, 2014 Cus - Tribunal has no authority to control functioning of Customs officer - if Adjudicating authority has not followed direction of Commr(A), remedy lies in taking up matter with Executive Commissioner: CESTAT

Bangalore, January 23, 2014 Income tax - Whether interest income arising out of deposits with banks and EEFC account is eligible for deduction u/s 10A - YES: HC

New Delhi, January 23, 2014 Haryana General Sales Tax Rules, 1975: Clubbing of units not permissible for availing exemption: Supreme Court

New Delhi, January 23, 2014 Forfeiture under Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 is not violative of Article 20: Supreme Court

Allahabad, January 22, 2014 Interest tax - Whether in case total amount of hire that hirer pays to assessee company exceeds price at which vehicle was purchased from dealer, excess can be termed as interest - YES: HC

Mumbai, January 22, 2014 Customs - Fraudulent drawback claimed by exporter - Overvaluation - appellant-bank has no role to play - No doubt there has been some negligence on part of HDFC Bank in not properly verifying export documents but omissions do not fall within scope of Sec 113(i): CESTAT

Mumbai, January 22, 2014 CX - Raw materials procured under exemption notification 1/95 diverted to DTA - appellants not disputing demand on merits - demands not time barred as they have been issued within five years from date of knowledge - Appeals dismissed: CESTAT

Ahmedabad, January 21, 2014 SEZ - Notification issued on 4.6.2007 for expansion of SEZ to include additional area will relate back to 19.4.2006 when first Notifn was issued - Demand of duty on goods cleared to additional area before second Notifn set aside - Tribunal by Majority

Ahmedabad, January 21, 2014 Income tax - Whether any adhoc disallowance of payment made u/s 40A(2)(b) to sister concern is warranted merely on basis that it was run by wife of Director of assessee company - NO: HC

Mumbai, January 21, 2014 ST - Appellant, an IITian rendered consultancy services in respect of metal development and received professional fees - such service cannot be termed as Market Research Agency Service: CESTAT

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April 24, 2024

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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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