News Update

GST - Court cannot use its discretion to grant any special opportunity to petitioner, especially when there were serious laches on his part in not responding to the notices for hearing: HCDGFT extends RoDTEP benefits only up to 5th Feb, 2025ST - As is trite law, claims not part of Resolution Plan are extinguished upon plan's approval; no further proceedings can continue therefor: CESTATDAC clears capital acquisition proposals worth over Rs 54,000 croreST - Reimbursable expenses and logistics income are not taxable under existing legal precedents: CESTATEPFO adds 17.89 lakh Net Members during Jan 2025CX - Cenvat credit allowed on factory construction, outdoor catering, insurance and air travel services however, interest must be paid on amount reversed by appellant for catering services: CESTATGovt takes steps to undergird Strategic Petroleum ReservesCus - Delay in document submission, where there is no revenue loss, does not warrant a substantial penalty: CESTATECI plans digital training for one crore election officialsCus - The prolonged adjudication delay of 17 years and failure to prove smuggled nature of seized gold rendered the proceedings unsustainable: CESTATIndia pavilion makes debut at Game Developers Conference in San FranciscoI-T- Re-assessment - additions framed in respect of issues unrelated to the grounds for re-opening assessment, are not tenable: ITATTrump inks order to shut down US Education DepartmentNHAI debars 14 Agencies for irregular activities in Fee Collection at Toll PlazasFinance Bill 2025 to be passed in LS today; Opposition girds up for bedlamI-T - Revisionary jurisdiction u/s 263 cannot be invoked merely on basis of change of opinion: ITATK Coventry, first woman and first African, elected as President of International Olympic CommitteeI-T - Assessee is entitled for deduction u/s 54 if he has invested amount in excess of capital gain derived from transfer of house property towards construction of new house: ITATBig 4 assails IRS for unfair tax treatment of CokeI-T- No additions can be made u/s 69 on basis of dumb document found at premises of third party, in absence of any corroboration: ITATUS sanctions Chinese refinery for purchase of oil from Houthi-linked shipsI-T - Merely because assessee does not challenge particular addition or disallowance in appeal, does not mean that claim for such exclusion from income or deduction lacked bona fides: ITATGlacier regions suffer serious erosion for 3rd year on trot: UNI-T- As is trite law, unless a direct nexus between borrowed funds & the advances was established, no disallowance could be made: ITATNvidia to set up quantum computing labI-T- If purchaser has utilized amount deposited in Capital gain account scheme well within stipulated time line for acquisition and construction of new residential property, he can't be denied exemption u/s 54F: ITATTesla recalls 46K Cybertrucks over design faultsI-T- Capital gain exemption u/s 54F can't be denied, if genuineness of payments made towards purchase of property is not doubted: ITAT
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