News Update

Simply ComplicatedWTO ties up with WCO to improve cooperation in Customs mattersI-T - Banks are entitled to deduction in respect of broken period interest paid by them on securities: HCDelhi polls - Cops seizes Rs 47 lakh cash in Sangam Vihar areaCBIC promotes 13 officers as Pr Commissioner in HAG gradeTrump hints at 10% tariff on China from 1st Feb; EU also in for tariffsI-T - Object of DTVSV Act or amnesty schemes can't be frustrated by belated expansion of disputes which were never appealed or challenged before appropriate authority: HCJaishankar confabs with US Secretary of State Marco Rubio & National Security Adviser Mike WalzDIA Scheme to support MSME diamond exportersChina develops dual-reactor to convert CO2 into protein for human foodI-T - Decision to reopen concluded assessment must be based on cogent material that can lead to conclusion that assessee's income has escaped assessment: HCTrump announces USD 500 bn AI investment by Oracle, OpenAI & SoftBankGoyal holds bilateral talks with Belgian Foreign Trade MinisterDemocrats’ pushback against Trump’s removal of birthright citizenshipI-T - Reopening notice u/s 148A shall be quashed, if allegations made in notice issued u/s 148A(b) is at variance with grounds raised in order passed u/s 148A(d): HCSpain’s Dy PM quits Musk’s X platformJNPA is largest port with 10+ million TEUs capacity: Sonowal66 charred to death at Turkish ski resortI-T - If no incriminating material is unearthed during search, then AO cannot assess/reassess material in respect of completed assessments/ unabated assessments: HCGita Gopinath at WEF says 26% of Indian workforce exposed to AISukanya Samriddhi Yojana: A decade of transforming livesI-T- Individual assessee not required to maintain books of accounts; cannot be penalised under Section 271AAB, as there was no admission of undisclosed income during search: ITATEU delegation to visit India to improve trade ties: UrsulaMandaviya urges NSFs to follow Good Governance GuidelinesWHO rues withdrawal of US from global health bodyI-T- Additions cannot be sustained where they do not correspond to reasons recorded for reopening; re-assessment quashed too: ITATUNESCO, MeitY host stakeholder consultation on AI ReadinessI-T - Wife cannot be held liable for penalty u/s 271D based on acts/omissions on behalf of her deceased husband, who was only director in company which has violated provisions of Sec 269SS: ITAT

TODAY'S CASE (DIRECT TAX)

TODAY'S CASE (INDIRECT TAX)

What's New (Others)

Income Tax Notification 07
Income Tax Circular
Customs Tariff Notification
Customs NT Notification
Customs Circular
Anti Dumping Notification
DGFT Notification
DGFT Public Notice

What's New (GST)

CGST Rule Notification

06

CGST Rate Notification
CGST Circular
IGST Rule Notification
IGST Rate Notification
UTGST Rate Notification
UGST Rule Notification
Cess Rate Notification

JEST GST by Vijay Kumar

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Former Prime Minister, Dr Manmohan Singh, delivering his Award Acceptance Speech after receiving TIOL Fiscal Heritage Award 2022 on Nov 8 at Taj Palace, New Delhi



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