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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 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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Chandigarh, October 10, 2016 I-T - Whether mere 28% shareholding of a company does establish fact that shares were acquired wholly and exclusively for purpose of control and not for earning income - NO: HC

New Delhi, October 10, 2016 Cus - ADD - Position of 'Equal Economic Importance' cannot be given to chlorine in Indian context and thus cannot be treated as joint product - DA finding justified: CESTAT: Larger Bench

New Delhi, October 09, 2016 Fixed Term employment introduced for Apparel Manufacturing Sector - win-win situation for both Employers and Employees: Govt

Paris, October 09, 2016 MSMEs suffering, dying for lack of trade finance; Shortage more acute in Africa; Banks reject 60% applications, finds ICC Global Survey

New Delhi, October 08, 2016 Customs - Anti Dumping Duty - In garb of unclaimed confidentiality, DA cannot shirk from its responsibility to act fairly in its quasi-judicial role and refuse to indicate reasons for its findings - SC Larger Bench

Chennai, October 07, 2016 Wealth Tax - Whether vacant land held by Bank carrying on core banking activity as an Industrial Enterprise, can be included within purview of expression 'asset' described u/s 2(ea), for period of first 2-yr from date of acquisition - NO: HC

Kolkata, October 07, 2016 Cus - DFIA - If merchant exporter has not availed CENVAT facility, then it cannot be deprived of benefit of exemption from payment of additional customs duty just because manufacturer of export product has availed CENVAT: HC

New Delhi, October 07, 2016 Assam Sales Tax Concession - Blending and packing of tea does not amount to manufacture - No Estoppel against Law: SC

Ernakulam, October 07, 2016 Customs - No duty can be demanded when option to redeem goods confiscated u/s 125 is not exercised: High Court

Chennai, October 07, 2016 I-T - Whether registration of 'sale certificate' of mortgaged property sold by bank in an auction sale, in compliance with provisions under Registration Act, can be denied by Sub Registrar on mere ground of attachment of such property - NO: HC

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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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