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Right to Sleep - A Legal lullaby US warns Pak of punitive sanctions against trade deal with Iran I-T- Income surrendered before approaching Settlement Commission not covered u/s 115BBE, where this provision did not exist during relevant AYs: HC Chinese companies decry anti-subsidy probe by EU I-T- Entire interest expenditure is allowable as deduction if loan funds is not diverted for non-income earning activities/personal purposes : ITAT UK’s key water supplier, Thames Water, slips into financial quagmire I-T- Sale consideration cannot be considered as unexplained cash credit if sale takes place in online platform and sale consideration is received through stock broker in banking channels : ITAT UK to send military aid package worth USD 619 mn to Ukraine I-T- Section 69C includes expenditures reflected in account books, as well as those discovered during Search & Seizure for which no valid explanation is forthcoming from assessee: ITAT US regulator bans non-compete agreements by employees I-T- Penalty imposed u/s 273B upheld where assessee unable to provide just cause for failure to file audit report within prescribed due date as per Section 44AB: ITAT Palestinian PM unveils new reform package I-T- Assessee cannot contest validity of penalty notice on grounds of irrelevant provision not being struck off, by highlighting such defect for the first time before ITAT itself: ITAT Air India, Nippon Airways join hands for travel between India and Japan Govt receives 7 bids for giga-scale Advanced Chemistry Cell under PLI 10 killed as two Malaysian Military copters crash I-T- Lower authorities erred in disallowing long term capital loss : ITAT SC grills Baba Ramdev & Balkrishna in misleading ad case 1351 candidates to contest in phase 3 of LS Elections I-T- Revisionary order u/s 263 invalidated where passed in ignorance of repeated factual submissions to prove that original assessment order is not erroneous or prejudicial to revenue's interests: ITAT Indian Coast Guard, Oman Coast Guard to jointly combat transnational illegal activities at sea ST - Department cannot retain any amount which is otherwise not payable by the Assessee; nothing acts as embargo on assessee's right to demand refund of tax paid under misaken notion: CESTAT AFMS, ICMR join hands to undertake biomedical research for Armed Forces Cus - If noticee seeks Cross Examination of such persons, same should be granted, appellant will produce all documentary evidence before Adjudicating Authority in support of their claim that seized gold is part of their normally procured gold in course of their commercial transactions: CESTAT


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New Delhi, September 12, 2014 Income Tax - Whether when excise duty is payable at time of clearance of goods or debonding from warehouse, any addition is warranted in relation to valuation of closing stock on last day of accounting year - NO: HC

Chennai, September 12, 2014 Cus - Import of used printing machines - although confiscation part of order had not been challenged Tribunal had gone into merits only to come to prima facie conclusion that case does not deserve enhancement of redemption fine: HC

Ahmedabad, September 12, 2014 CX - Appellant pays duty on clearances made to own unit by determining value based on AV of same products cleared to other buyers - no cause for employing Rule 8 of Valuation Rules - issue settled in Ispat case: CESTAT

Allahabad, September 11, 2014 Income tax - Whether when assessee is engaged in earning profits from sale & purchase of shares, dividend is merely incidental to holding of such stocks and thus, is chargeable to tax as income from other sources - YES: HC

Mumbai, September 11, 2014 ST - Notional interest on interest free security deposit cannot be added to rent agreed upon between parties for purpose of levy of service tax on renting of immovable property - Appeals allowed: CESTAT

Mumbai, September 11, 2014 CX - Respondents were extended benefit of CENVAT after denying benefit of Notfn. 67/95 - it cannot be said that Revenue have gone beyond allegations levelled in SCN & therefore, orders are required to be set aside: CESTAT

Ahmedabad, September 10, 2014 ST - Effluent discharge facility provided is for disposal of 'waste' - services are not for 'goods' as defined in Sales of Goods Act, 1930 & therefore same is not taxable under 'Transportation of Goods through pipeline or conduit' : CESTAT

Mumbai, September 10, 2014 Cus - Exemption not claimed while filing B/E - Refund claim is not maintainable without challenging the assessment of Bill of Entry: Tribunal by Majority

New Delhi, September 10, 2014 Income tax - Whether when assessee acquires a running business of AMC which is key income earning apparatus, AMCs are commercial rights to be categorised as 'business or commercial rights' for purpose of Sec 32(1)(ii) - YES: ITAT

Mumbai, September 10, 2014 ST - Measure of levy does not determine nature of levy - It is not for maintenance or repair that appellant is making payments but for usage of software - Services would fall more appropriately under 'Information Technology Service' - Stay granted: CESTAT

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