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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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New Delhi, November 30, 2014 Govt denotifies 35 SEZs; Cancellation allowed only on payment of all duty and tax benefits availed by developer

New Delhi, November 30, 2014 Plastic Notes of Rs 10: RBI going for field trial in five cities; New security features being introduced; New bank note paper mill being set up in Mysore

Mumbai, November 29, 2014 ST - Refund of CENVAT credit - What is relevant date for deciding limiting period of one year under Clause 6 of Appendix to Notf 5/2006-CE(NT) - Matter referred to CESTAT Larger Bench

New Delhi, November 29, 2014 Task Force for Export Facilitation calls for EDI level changes and simplification of procedures

Mumbai, November 28, 2014 Cus - Notfn. 21/2002 - To qualify as 'other alloy steel' if any one element is present in proportion specified, that would satisfy the requirement of Note 1(f) in Ch.72 even if other elements are not present in proportion specified : CESTAT by Majority

Chennai, November 28, 2014 Tribunal cannot go beyond scope of SCN and Order-in-Original - When plea of provisional assessment was never raised by Revenue, Tribunal cannot hold assessments are provisional - Matter remanded: HC

New Delhi, November 28, 2014 Income tax - Whether loss suffered on hedging for payment of interest and repayment of principal amount of loan in foreign currency is deductible as ascertained liability in computation of book profit u/s 115JB - YES: ITAT

Ahmedabad, November 27, 2014 Any stay order passed by CESTAT, if it is in force beyond 07.08.2014, it would continue till disposal of appeals and there is no need for filing any further applications for extension of orders granting stay either fully or partially: CESTAT

Mumbai, November 27, 2014 ST - Rule 4 provides for export of service without payment of tax as export is not exigible to tax - amount of tax deposited to be considered as deposit - no time limit for refund of deposit as s.11B applies to refund of duty only: CESTAT

Mumbai, November 27, 2014 Whether Income Tax Department can opt for forum-shopping by way of seeking shifting of an appeal pending before Division Bench to constitution of Special Bench - NO: Bombay 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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