News Update

Data Mismatch & GST: Income Tax offers time-tested key to resolutionOvercoming the Safari Retreats judgment - Costs followI-T - Retrospective legislation cannot affect vested rights: HCBiden reiterates US resolve to pursue ISIS after New Orleans terror attackPIL - Unilateral modification of I-T Department's utility software, which disables rebate claim u/s 87A after 5 July 2024, deprives eligible taxpayers of their statutory right to rebate; such procedural changes cannot override legislative provisions: HCPlaying PUBG on railway track; Teen killed in BiharI-T - Absence of independent opinion that income has escaped assessment due to any failure on part of assessee in disclosing fully & truly all material facts, renders reopening unsustainable: HC10 injured in NY shooting incidentI-T - If issues raised in reasons for reopening are duly covered in details provided by assessee along with Significant Accounting Policies as per Audited Accounts, then same issues can't for basis for reopening: HCSouth Korean cops visit President Yoon’s premises for arrest but security guards confrontedI-T- As per settled position in law, re-assessment cannot be resorted to solely for purposes of re-verifying facts : ITATAll cars sold in Norway in 2024 were electricI-T-Interest income earned on Fixed Deposits with Cooperative Banks/Scheduled Banks partakes character of business income & is eligible for deduction u/s 80P(2)(a)(i): ITATChina going for policy overhaul by Central BankI-T - Mere confirmation of disallowance in quantum proceedings did not justify penalty without evidence of intentional concealment or misrepresentation: ITATIndia submits Update Report to UN on Climate ChangeI-T - Exemption prescribed u/s 10(23C) cannot be denied on ground that institution is not registered u/s 12AA: ITATGovt augments telecom services for Digital Maha Kumbh Mela 2025 at PrayagrajMoSPI Survey: Unincorporated units rise to 7.34 CrCX - Clandestine removal - Allegations based on presumptions alone with no cogent evidence to support such allegations; demands quashed, penalties on directors reduced: CESTATST - Merely because the appellant have booked expenses of various professional under one head that is legal and professional charges, same cannot be the reason to demand Service Tax from appellant under Reverse Charge Mechanism: CESTATDRDO's 67th Foundation Day: RM praises scientists' tech effortsCus - Broker seriously contravened CBLR by failing to exercise due diligence, obtain proper authorization & maintain proper records; revocation of broker's license, forfeiture of security deposit & penalty are sustained: CESTAT
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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