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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, June 12, 2014 CX - appellant clears transformers & pays duty by availing CENVAT - prima facie denial of credit on ground that in respect of service provided of commissioning of such transformers, appellant paying ST by availing Works Contract Scheme cannot be upheld - Stay granted: CESTAT

New Delhi, June 12, 2014 Income tax - Whether for purpose of determining time-frame for completion of assessment, date on which requisition u/s 132A is made, is irrelevant - YES: HC

Mumbai, June 12, 2014 Cus - On examining goods at docks, part quantity of packed sugar was found not up to standard, hence same were not loaded � penalty imposable only on account of any default - since proper care was taken by exporter, no cause for ordering confiscation: CESTAT

Ernakulam, June 11, 2014 ST - Petitioner having failed to remit any amounts as tax in relevant years, no adjustments can be made in penalty levied, on basis of amounts paid subsequent to relevant years: HC

New York, June 11, 2014 Global economy to grow by 2.8% in 2014; Job growth continues to be 'stubbornly slow': UN Report

Mumbai, June 11, 2014 CX - Valuation - Rule 6 - appellant sells set-top boxes to M/s THIPL which in turn sell them to Tata Sky - value of remote, smart card and software includible in value of STB - demand of Rs.10.78 Cr upheld: CESTAT

New Delhi, June 11, 2014 Income tax - Whether expenditure incurred on premium paid for political risk insurance policy for safeguarding interest in its wholly owned subsidiary against unstable political environment in foreign country is allowable as business expenditure - YES: ITAT

Mumbai, June 11, 2014 ST - Tax collected but not deposited with Govt - finding by Commr(A) that there is no suppression as assessee has mentioned above factum in balance-sheet lacks merit - Revenue appeal allowed: CESTAT

New Delhi, June 10, 2014 Tribunal by Majority order sets aside demand of service tax on British Airways - Holds appellant is not liable to pay tax under reverse charge on services of online database access by overseas reservation Cos

Ahmedabad, June 10, 2014 Income tax - Whether Sec 80IA benefits cannot be denied merely because the business is in nature of works contract - YES: 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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