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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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Ahmedabad, May 29, 2015 Income tax - Whether any sum transferred to reserve fund is to be treated as business expenditure either under Ss 28 or 37 - NO: HC

Jaipur, May 29, 2015 Cus - CESTAT dismissing appeal for not complying with order of Pre-deposit of 50% - Sec 35F amendment cannot be restricted only for appeals filed after 06.08.2014 - Appellant directed to deposit 10% of duty confirmed: HC

Mumbai, May 28, 2015 CX - CENVAT - Slump sale of on-going factory along with raw materials, packing materials - no cause for reversal of CENVAT credit on inputs as there is no 'removal' from factory - Revenue appeal dismissed: CESTAT

New Delhi, May 28, 2015 Income tax - Whether any interest liability arises during pendency of application before Settlement Commission - NO: HC

Mumbai, May 28, 2015 Import of helicopter - Notfn 21/2002 - DGCA is best judge to decide as to whether activity of importer comes within ambit of licence issued - services provided by importer are in nature of non-scheduled pax service - Exemption available: CESTAT

Mumbai, May 27, 2015 ST - Refund - Even though appellant received payment in Indian rupees but in view of FEMA notifications same is deemed to be convertible foreign exchange and accordingly condition as provided under Rule 3(ii) of Export of Services Rules, 2005 stands complied: CESTAT

Mumbai, May 27, 2015 CX - MP3 CD-ROMs contain only audio songs which can be played on any CD player, these discs are neither interactive nor is it possible to manipulate details in such CDs - they cannot be considered as 'software' so as to be classified at Nil rate of duty: CESTAT

Mumbai, May 27, 2015 Income tax - Whether settlement application u/s 245C would turn invalid if notice u/s 148 has already been served upon assessee before filing of such application - YES: HC

Kolkata, May 27, 2015 Cus - CHA Licence - Licence revoked for CHA's role in fraudulent import of cars - No charge against CHA proved except charge of exercising due diligence - Licence restored: CESTAT

New Delhi, May 26, 2015 Haryana Sales Tax - Assessment Order reached finality - Refund should not have been ordered by High Court when assessment order is not set aside: SC

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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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