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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, August 26, 2014 Cus - Provisions of s. 27 are not applicable to Interest paid for warehoused goods u/s 61(2) - Consequently, bar of unjust enrichment is not applicable - Appeal allowed: CESTAT

Hyderabad, August 26, 2014 I-T - Whether even if investments made by assessee earn no income, expenditure incurred on such investments is liable to disallowed under Rule 8D(2) - NO: ITAT

Allahabad, August 26, 2014 Aerated waters - Whether contaminated, under or over filled bottles or badly crowned bottles amounts to manufactured finished goods, which are required to be entered under R.G.-1 register and which are exigible to payment of excise duty ? - 'No' High Court answers question of law in favour of assessee

Bilaspur, August 25, 2014 CENVAT - Presumption by Tribunal that place of removal is factory gate of manufacturer in case excise duty is charged on specified rate is incorrect: HC

Allahabad, August 25, 2014 CX - Unless it is established that discretion has been exercised in an arbitrary or perverse manner or that it is not based on relevant considerations, Courts will not interfere in exercise of such discretion by Settlement Commission: HC

Allahabad, August 25, 2014 Income tax - Whether Sec 80IB benefits are not to be denied merely because ownership of the Undertaking changes from proprietorship to partnership firm - YES: HC

New Delhi, August 25, 2014 ST - in SCN there is not even single line describing as to what is actual service rendered which is sought to be covered under Consulting Engineer, which fact itself, is arguably fatal - services rendered of engaging contractors cannot be stretched to come within scope of Consulting Engineer : CESTAT

Bangalore, August 25, 2014 CX - CENVAT Credit - Dutiable & exempted goods - When credit is not taken on inputs used in exempted goods, there is no need for separate records - Duty demand on sugar syrup with shelf life of 24 hours set aside: CESTAT

New Delhi, August 24, 2014 Reserving beds for VIPs and hospitals' employees is also corruption; AIIMS, a mini-township, needs own e-governance to help patients: Health Minister

New Delhi, August 23, 2014 Minister of MSME holds interactive Conference with State Industries/ MSME Ministers and Secretaries

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