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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, March 21, 2016 I-T - Whether mere fact that an issue was not discussed in assessment order would not ipso facto lead to conclusion that AO did not apply his mind - YES: HC

Mumbai, March 21, 2016 Service Tax liability on 'Management Consultancy Services' was in nascent stage when Audit Party brought to knowledge of appellant that ST liability arises, which was discharged immediately - Penalties not sustainable in view of s.80: CESTAT

Mumbai, March 20, 2016 ST - Contractual privileges of an employer-employee relationship are outside purview of ST - Activity of appellant to provide accommodation to staff members does not come within definition of Renting of Immovable property service: CESTAT

Mumbai, March 19, 2016 ST - Nothing is brought on record to show that findings were inconsistent with facts of case - ROM application dismissed: CESTAT

New Delhi, March 19, 2016 Small Savings Schemes - Govt to reset interest rates every quarter; lowers rate for PPF, NSC and KVP

Mumbai, March 18, 2016 ST - Tax paid on Reverse Charge - ST liability needs to be discharged only on amounts which have been billed by service provider - no cause for fastening tax liability on TDS paid by appellant: CESTAT

Mumbai, March 18, 2016 ST - Merger & Acquisitions is covered under Banking and Financial Services and, therefore, Service Tax liability arises only w.e.f. 16.07.2001 and not prior to that date - Appeal allowed: CESTAT

New Delhi, March 18, 2016 I-T - Whether credit entry made against cheque which was not encashed by vendor is to be treated as extinguishment of liability and hence to be construed as trading receipts in the hands of assessee even if parties have not waived their right to receive payment - NO: ITAT

Mumbai, March 18, 2016 CX - As respondents are procuring raw materials viz. tapes, without payment of duty, they are not entitled to benefit of Notfn. 6/2002 as they would not have fulfilled condition 34 - consequently, exemption Notfn. 13/98 not available: CESTAT

Mumbai, March 17, 2016 CX - Appellant have raised two invoices, one towards sale of machines & second for integration and commissioning - Integration & commissioning is an independent activity which can be performed either by appellant or any outside agency, hence not includable in AV: CESTAT

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