News Update

PMLA - Once accused has got bail in money laundering case despite stringent conditions under PMLA, his further detention in predicate offence by CBI under Prevention of Corruption Act, is untenable: SC (See 'TIOLCorplaws')SC grants bail to Kejriwal in liquor caseCus - Smuggling of 5kg gold - Only on the basis that the vehicle used in the crime was in the name of the applicant's brother, gravity of offence cannot be mitigated - Application for anticipatory bail rejected: HCCus - Revenue is directed to consider the application of petitioner seeking release of seized gold bars/cutting bars: HCGST - SCN does not mention any proposal to cancel registration with retrospective effect - Petitioner to exercise efficacious remedy of statutory appeal: HCGST - Registration cancelled pursuant to directions received from Anti-Evasion branch - Such communication was neither mentioned in SCN nor accompanied it - Violation of principles of natural justice: HCGST - Unauthorised persons accompanying raiding team and copying data from computer - No panchanama drawn - Since petitioner has complained to police, Bench has no reason to believe that the said complaint will not be processed: HCGST - Cancellation of a taxpayer's registration does not absolve the taxpayer from being held accountable for any statutory non-compliance or absolves it from any liability: HCGST - Cancellation of registration - SCN is not intelligible - Observation in order that petitioner had secured its registration by submitting fake documents was not the allegation made in SCN - Order set aside: HCGST - Cancellation of registration - As appellate authority has dismissed appeal, respondent authorities will not be able to exercise revisional power, hence order set aside and matter is remanded to assessing officer at SCN stage: HCClassification of auto-components- The phoenix raises againGas leak for chemical factory in Maharashtra scares peopleI-T- Merely proving the identity of the investor does not discharge the onus of the taxable in the capacity or creditworthiness has not been established beyond doubt: ITATTrump promises to cut taxes on overtime payI-T - Remittance made by assessee to foreign subsidiaries is not taxable in India in hands of recipient company, and there is no obligation for payer i.e. assessee to deduct tax at source u/s 195: ITATNo more debate with Harris, says TrumpI-T- Expenses incurred by assessee-company for business purposes & for recovering advances given by assessee to a land aggregator, merit being allowed u/s 37: ITATIsrael to deny Press Cards to Al JazeeraI-T- Advances given by assessee & later written off as losses following assessee's inability to recover them, qualify as business loss & not capital loss, considering such advances were given for acquiring business inventories : ITATNY Police chief quits after phone seized by Federal agentsI-T- Additions framed u/s 69A unsustainable where framed in respect of assets supposedly owned by assessee, but where such assets do not reflect in assessee's books of accounts: ITATMusk dubs Australian Govt fascist for proposing penalty on social media for misinformationDGFT - implementation of export regulations be guided by rationality; import, export regulations must balance economic interests with national & global security concerns: HCUS imposes sanctions on 16 officials linked to Venezuelan PresidentIndia-US working together in areas like critical minerals & supply chains: GoyalCBIC extends export-related benefits for exports made through courier modeDGFT - Items certified by domain experts as having civil use & allowed within ambit of export policy, cannot be prevented from export solely on grounds that such items may have potential military applications: HCOdisha reserves 10% reservation for former Agniveers in State Uniform ServicesDEA notifies new Forex Compounding RulesDGFT - GE CF-34-8E5 aero gas turbine engines, certified for civil aviation use by DGCA & cleared by DRDO, has no potential military application; does not fall within restrictions of SCOMET list or Catch-All provisions: HCPM E-DRIVE Scheme aims at promotion of electric mobilityST - Activity of clinical trial on drugs supplied by foreign service recipient to assessee amounts to export of service & hence does not attract Service Tax: CESTATGreen Hydrogen: CIAL, IOCL, and GAIL lead with New InitiativesCX - Supplies made to developers of SEZ are eligible for exemption as per Notification No. 50/2008-CE (NT) dated 31.12.2008; tax demand and recovery of Cenvat credit is unsustainable: CESTAT


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TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.