News Update

CX - SC rules coconut oil in small packages to be classified as ‘edible oil’GST - Word 'shall' substituted with 'may' - Non-issuance of pre-show cause notice during the period prior to amendment of rule 142(1A) - Contentions raised are arguable - Petitioner relegated to respond to SCN: HCSC releases nationwide directives to tackle unauthorised constructionsGST - Payment of pre-deposit not indicated while filing appeal online - Dismissal of appeal even after the error was corrected is excessively disproportionate: HCAP High Court upholds lesbian couple’s right to live togetherCX - Cash seized and deposited as FD in bank - Merely because the time was insufficient for department to check the calculations when the same was filed cannot be ground on which the order can be reviewed: HC‘Disease X’ detected by WHO in Congo turns out to be malariaWill China's trade pre-eminence survive with its kicking-away-the-ladder approach?China alleges American hacks stole trade secrets from tech firmsI-T - If assessee while passing entries in books, had reduced sales turnover & tax liability, but not allowed genuine trade discount to customers, then its claim towards trade discount is not maintenable: ITATPentagon says China expanding N-forces at swift paceI-T - If assessee has voluntarily surrendered income in good faith to buy peace and to cooperate with Department, said voluntary surrender of income cannot be considered as concealment of income: ITATFed lowers interest rate by 25 basis pointsI-T- Additions framed u/s 68 on grounds of bogus transactions are invalid, where the transactions in question appear to be genuine: ITATUS sanctions 4 entities for aiding Pakistan’s missile programmesI-T - Compensation received by assessee from builder for delayed handing over of property, is not chargeable to tax in hands of assessee: ITATAmazon workers to strike work during peak holiday seasonsI-T - Written down value of block of assets cannot be increased by amount of insurance claim not received by assessee: ITATUK Prime Minister invites Indian investors at Downing StreetI-T - Penal interest charged by bank for overdue payment of loan instalments, being crystallised in relevant year and recovered from assessee, is allowable expense covered by provisions of Sec 43B: ITATMusk says Starlink is inactive in India as security concerns remain unresolvedI-T - Interest derived from co-operative banks, which are co-operative societies, is allowable as deduction u/s. 80P(2)(d): ITAT13 drown as boat capsizes in Arabian Sea off MumbaiMandatory QR codes on Crash Barriers to provide Installation SOP at Project SitesI-T- Penalty u/s 271(1)(c) cannot be sustained where imposed on grounds of concealment of income & where upheld on a different ground of furnishing inaccurate particulars of income : ITAT3.52 lakh female employees enrolled in ESI Scheme in Oct monthCus - Ex parte order passed is valid where demand is upheld on merits as well as due to assessees' failure to appear for hearing despite being given 7 opportunities: CESTATCCPA imposes penalties of Rs 1.2 Cr for misleading adsST - Service Tax on sale of coal rejects, not payable, where such value is already included in taxable value for beneficiation service: CESTATIndian Navy's 2nd State-of-the-Art Survey vessel INS Nirdeshak commissionedCus - Specific description of 'prepared additives for cements, mortars or concretes' under heading 3824 will prevail over more general category of modified starches under heading 3505: CESTAT
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Conferment of TIOL Awards 2024. The event was held on October 1, 2024 at Taj Palace, New Delhi



Technical Session I - Ease of Doing Business: GST on Digital Economy