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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, July 03, 2014 Cus - Objectionable maps in book to be taken out and destroyed in presence of Customs officials - On being satisfied that in left-out part there is no objectionable material or map, Customs may release 'UNESCO World Heritage Atlas' to appellant - no redemption fine but penalty upheld: CESTAT

Mumbai, July 02, 2014 Cus - Red Bull Energy Drink is correctly classifiable under CTH 2202 90 90 and not 2202 10 10 as alleged by Revenue - as per Rule 3(c) of Rules of Interpretation of Schedule goods are to be classified under heading occurring last in numerical order among those equally meriting consideration: CESTAT

Mumbai, July 02, 2014 ST - Service provided by Indian Railways exempted retrospectively by section 99 of FA, 2013 - Tribunal should not have ordered pre-deposit and in event of failure dismissed appeal when matter concerned Railways- Order of CESTAT quashed -Matter to be disposed on merits by Tribunal: High Court

New Delhi, July 02, 2014 Cus - Drawings and designs imported through courier - Cannot be classified as 'Books' under 49.01 as claimed by appellant - Demand of duty upheld: CESTAT

Mumbai, July 02, 2014 Income tax - Whether ITAT is required to mechanically uphold Sec 153C proceedings merely because it had done so in some other Assessment Years - NO: HC

Mumbai, July 02, 2014 CX - Valuation - If intention of legislature was to cover toilet paper also u/s 4A, then same would have been specifically mentioned in notification - Demand of Rs.1.2 Cr set aside and appeal allowed: CESTAT

Mumbai, July 01, 2014 CX - Manufacture - Activity of affixing RSP on imported goods as per requirement of DGFT Notfn. 44(RE-2000) in Customs bonded warehouse - So long as goods remain under Cus control, they cannot be said to have been imported into India and, therefore, question of 'manufacture' would not arise at all: CESTAT

Mumbai, July 01, 2014 CENVAT - Credit taken on extra copy of invoice, Xerox is inadmissible as per rule 9 - in order to claim benefit, substantial compliance is not enough & procedures prescribed in statute should be mandatorily followed: CESTAT

Shimla, July 01, 2014 I-T - Whether when assessee itself is contractor of IOCL for transportation of LPG cylinders, hiring of truck owners for executing contract is to be construed as sub-contract liable for TDS u/s 194C - YES: HC

Mumbai, July 01, 2014 Cus - Purchase order & invoice were available at time of filing BoE, therefore, as per CBEC Manual, amendment in BoE is required to be allowed although goods have been given out of charge - appeal is allowed: CESTAT

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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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