News Update

I-T - Formation of reasonable belief that income of Assessee in particular assessment year has escaped assessment is condition precedent for acquiring jurisdiction u/s 147/148 for re-opening assessment: HCFM launches EDI at remote Land Customs Stations in N-E StatesOver 100 killed in food aid stampede in GazaFM virtually presides over handing-over ceremony of 101 antiquities seized by Customs to ASII-T - AO has power to reopen provided there is tangible material to come to conclusion that there is escapement of income and reasons must have live link with formation of belief: HCIndia stresses need for policy space for digital industrialization at MC-13Paytm snaps off inter-company pact with Paytm Payments Bank150 Railway Stations achieve 'Eat Right Station' certification from FSSAII-T - It is wilful evasion of tax due which is crux of offence u/s 276C(2) and not mere failure to pay tax: HCBenefits transferred to farmers under PM KISAN crosses Rs 3 lakh crores43 charred to death in mega fire in BangladeshJoshi launches 'Coal Logistics Plan and Policy'I-T- State is entrusted with dealing of public money & is engaged in fiduciary relationship with common citizen; State cannot be unjustly enriched at the cost of citizens : HCFormer Canadian PM Brian Mulroney, 84, passes awayI-T - Party cannot be permitted to approbate and reprobate in same breath or take mutually destructive pleas: HCCrypto Exchange to refund USD 1.1 bn to investors locked out since 2022GST - Proper officer has not taken into consideration the reply filed by petitioner while passing the cryptic order - Order set aside and matter remitted: HCChina’s factory activity shrinks for 5th month in a rowGST - Proper officer should have at least considered the reply on merits and then formed an opinion - Order is set aside and matter remanded: HCOECD appoints Alvaro Santos Pereira as Chief EconomistGST - Neither the show cause notice nor the order spell out the reasons for cancellation of registration - Same cannot be sustained: HCSC Constitution Bench reverses own decision on automatic expiry of HC stay orders after 6 monthsGST - Order passed u/s 83 attaching cash credit accounts ceases to operate after one year - There can be, therefore, no impediment in petitioners operating the accounts: HCGDP likely to grow by 8.4% in Q4: GovtGST - Petitioner, legal heir, does not seek to carry on business - Registration to be treated as cancelled from date when the proprietor passed away and not retrospectively: HCCore sector rises by 3.6% in Jan monthGST - Proper officer has not even looked at the reply submitted but concluded that no explanation has been received from taxpayer - Order set aside and matter remitted: HC


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