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IndiGo orders 30 Airbus A350s for long hauls 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 CPGRAMS recognized as best practice in Commonwealth Secretaries of public service Israel-Iran War: A close shave for Global Economy but for how long?KABIL, CSIR ink MoU for Advancing Geophysical Investigations 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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New Delhi, August 29, 2017 Income tax - If assessee enters into development agreement with builder and exchanges certain part of land against some built up area, such a deal is to be treated only as transfer of possession as per Sec 2(47): HC

New Delhi, August 29, 2017 Revenue cannot discriminate, when CBDT itself provides for benefit of adjustment of seized cash against advance tax liability, to every defaulting Assessee: HC

Shimla, August 29, 2017 I-T - Whether when CBDT Circular specifically refers to software as goods, assessee can still be denied Sec 80IB benefits on ground that software development is service as per Finance Act, 1994 - NO: HC

New Delhi, August 29, 2017 CX - CoD - Indulgence of Court cannot be granted to a litigant who is far from diligent in pursuing his remedies: HC

New Delhi, August 29, 2017 Cus - License fee paid by importer of software and which was repatriated to foreign supplier needs to be included in AV: CESTAT

Shimla, August 28, 2017 Income tax - When AO expresses opinion against objections raised against Sec 147 proceedings, it is to be seen as AO exceeding his jurisdiction, rules HC

New Delhi, August 28, 2017 NDPS - Appellant's conviction on solitary statement of IO who is interested in success of his case cannot be sustained: High Court

New Delhi, August 28, 2017 ST - AI to pay service tax under Franchisee service for amounts received from MTIL for publication of in-flight magazine Swagat: CESTAT

New Delhi, August 28, 2017 Income Tax - Loan entries are generally masked to pump in black money into banking channel and such practices continue to plague Indian economy; Sec 68 additions upheld by Delhi HC

New Delhi, August 28, 2017 ST - When there is a bonafide doubt based on interpretation of legal provisions, question of suppression and willful mis-statement cannot be sustained: CESTAT by Majority

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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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