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Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast US imposes fresh sanctions against Iranian drone production IREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects Voting for General Elections 2024 commences tomorrow Global warming up to 3 degrees to cost 10% of global GDP: Study Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of Agency GST implications for Corporate Debtor under IBC I-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HC Brazil’s proposal to tax super-rich globally finds many takers in G20 Group I-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITAT CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister I-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITAT Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT US Poll: Biden trumps Trump in money race by USD 75 mn I-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITAT Netanyahu says Israel to decide how and when to respond to Iran’s aggression I-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITAT Google slays costs by laying off staffers & shifting roles outside US I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT Heavy downpours drown Dubai; Airport issues travel advisory Cus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HC HM pledges to make India completely Maoist-free GST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HC Microsoft to inject USD 1.5 bn in AI Group G42 of UAE GST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HC Canadian budget proposes more taxes on higher income groups & tax credits for EVs World leaders appeal for quick ratification of UN Ocean Treaty


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Mumbai, August 08, 2015 ST - Service tax law nowhere states that if two distinct activities are undertaken or provided in single agreement, they should be taxed under same service category - Appeal allowed: CESTAT

New Delhi, August 07, 2015 Central Excise - Valuation - Cost of returnable gunny bags used for packing excisable goods - whether there was an agreement to return packing material - Difference of opinion in Supreme Court Bench

New Delhi, August 07, 2015 Central Excise - Default in fortnightly payment of duty - debit from Modvat Account is permissible: Supreme Court

Mumbai, August 07, 2015 ST - Bank taking over borrower's factory for loan default & leasing to appellant - on rent, ST paid in name of borrower & appellant taking credit - same denied on ground that Bank should have paid ST - Bank is only deemed owner - prima facie credit admissible: CESTAT

Mumbai, August 07, 2015 Income tax - Whether interest income earned by assessee-developer through housing finance activities is to be treated as income from other sources u/s 56 and not business income - YES: ITAT

Mumbai, August 07, 2015 CX - Fraudulent rebate - Appellants are traders providing fictitious invoices - appellants have not handled any excisable goods rendering them liable to confiscation - Penalty u/r 26 not imposable: CESTAT

New Delhi, August 06, 2015 Cus - It is not possible for airline to operate flight without seats - New seats that are being imported for replacing old ones are for servicing of aircraft and are entitled to exemption Notification No 12/2012: AAR

Mumbai, August 06, 2015 Appellant had reversed CENVAT credit but this is matter of dispute w.r.t duty demand of Rs.4.5 Cr - adjustments cannot be examined for maintainability of appeal as it will amount to going into merits - Pre-deposit ordered: CESTAT

Chennai, August 06, 2015 Input Service Distributor - Term 'Office' used in Rule 2(m) of CENVAT Credit Rules cannot be restricted to only 'Head office'- Distribution of credit from Regional offices is also permissible: CESTAT

Hyderabad, August 06, 2015 I-T - Whether addition can be made solely on basis of declaration made by assessee before Settlement Commission - NO: ITAT

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April 18, 2024 | New Delhi

Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast

April 18, 2024 | New Delhi

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April 18, 2024

INTL - Expenses incurred by a non-resident individual towards obtaining Special Power of Attorney & anciliary expenses, for purpose of transferring property located in India, are covered u/s 48(i) & allowable: ITAT

April 18, 2024

TP - If assessee has suo-moto offered guarantee commission and no inherent risk arises to financial services utilized by AE from assessee, then no further guarantee adjustment is required: ITAT

April 18, 2024

Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC

April 18, 2024

SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC

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