News Update

RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesIsrael-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: ITATTRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum LeasingI-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITATTechnology Board okays funding of Dhruva Space's Solar Array ProjectI-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: ITATHealth Secy visits Bilthoven Biologicals, discusses production of Polio VaccineI-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: ITATStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideI-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITATDelhi HC says conspiracy against PM is a crime against StateI-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITATBrazil makes new rules to streamline consumption taxesI-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITATBiden signs rules mandating airlines to give automatic refunds for delayed or cancelled flightsI-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITATBYD trying to redefine luxury for new EV variantsGST - 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: HCSC asks EC to submit more info on reliability of EVMsRight to Sleep - A Legal lullaby
 
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Hyderabad, November 04, 2016
CENVAT Credit - Amendment to Rule 7 is only prospective - Input services cannot be distributed to job workers prior to 01/04/2016 – demand upheld: CESTAT
 
Chennai, November 04, 2016
I-T - Whether I-T Authority certificate will overrule Dept Inspector's report for measuring distance of agricultural land from municipal limits, for tax computation
 
New Delhi, November 03, 2016
GST Council hikes peak rate to 28%; approves CESS on demerit & luxury goods but taxable event to remain supply of goods & services
 
Mumbai, November 03, 2016
I-T - Whether disallowance can be made u/s 40(a)(ia) for non deduction of TDS on reimbursement of expenses, merely on the basis that the payments were routed through associate company - NO: HC
 
Mumbai, November 03, 2016
ST - BAS - Printing of cheque book services provided cannot be considered incidental or auxiliary to services mentioned in clause (i) to (iii) and, therefore, would not fall under clause (iv) of Sec 65(19): CESTAT
 
Hyderabad, November 03, 2016
Exemption from Ed Cess and SHE cess on clean energy cess under Notifications No 28/2010 CE and No.29/2010 CE cannot be made applicable to excise duty imposed on coal - Demand of Ed Cess and SHE Cess upheld: CESTAT
 
New Delhi, November 02, 2016
Service Tax - Collection of Taxes - State Bank of Patiala is an Agent of RBI, not liable to pay tax - CESTAT Larger Bench
 
Chandigarh, November 02, 2016
Central Excise - Classification - par boiling machine falls under heading 84.19 - CESTAT Larger Bench
 
Mumbai, November 02, 2016
ST - Activities undertaken by partner/co-venturer for mutual benefit of partnership/JV cannot be regarded as service rendered by one person to another for consideration: CESTAT
 
Ahmedabad, November 02, 2016
Cus - Commissioner has not analysed implication of chemical test carried out by Department and whether slop/waste oil is marketable - Matter remanded: CESTAT
 
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