News Update

GST - Once orders are passed in violation of principles of natural justice, Court cannot impose any condition requiring petitioner to make any deposit - However, voluntary payment of 25% of disputed tax accepted and matter remanded: HCGST - When respondents intended to pass orders confirming demand, they ought to have provided an opportunity of hearing - Dropping proceedings, based on reply filed, can very well be done: HCGST - Time limit prescribed u/s 73(2) for issuance of SCN is mandatory and if there is any violation of the aforesaid period, the same would render the SCN otiose: HCGST - Appeal has been rejected stating that no application for adjournment was submitted and no further adjournment can be allowed - Grounds canvassed in the appeal petition have not been adverted to by the appellate authority - Matter remanded: HCGST - Cancellation of registration - Ends of justice would warrant the petitioner being accorded an opportunity to furnish a response to SCN: HCGST - Authority has failed to assign or accord any reasoning or even allude to the response submitted by petitioner, while confirming the demand - Order unreasoned, hence will not sustain: HCGST Council needs to focus more on structural flaws rather than 'scalpelling'!Cus - Penalty imposed on steamer agent for exporting goods with cancelled LEO - export remittance was received, indicating that export indeed occurred; Customs website reflected goods as ready for shipment - penalty quashed: CESTATIndia-Australia Trade Agreement celebrates 3rd Anniversary of signingCus - Exemption under EPCG scheme cannot be denied solely on grounds that it was not claimed at the time of import of relevant goods; exemption can be claimed at time of de-bonding of the goods: CESTATIndia surpasses US and Europe by producing 1,681 LocomotivesST - Reimbursable expenses, operational surplus and freight brokerage are not taxable under CHA or Business Auxiliary Services: CESTATGovt spurs Chip Manufacturing with Fiscal SupportST - As is trite law, renting of immovable property by municipalities may not be subject to Service Tax as it may be considered a sovereign function; case remanded for reconsideration: CESTAT42 Organizations publish 1459 write-ups under Anubhav Awards SchemeCX - Disallowance of Cenvat credit availed on inputs - SCN not issued & no justification given as to how Assessee was required to clear goods under full exemption as per Notfn No 04/2006-CE; denial of credit not tenable: CESTATDFS Secretary chairs meeting on revamping of Central KYC RecordsI-T- Anonymous Donation Addition Under Section 115BBC Requires Proper Verification : ITATTrump’s ‘Liberation Day’ - 10% baseline tariff on all exporters + 34% on China + 26% on India; 25% on South Korea; 24% on Japan & 20% on EUI-T- Requirement to Consider All Grounds for Condonation of Delay in Appeals : ITATImpact of tariffs - Gold hits new high + bonds surge but stocks nosediveI-T - If difference between guidance value as per Sec 50C and market value is less than 10%, then sale consideration of immovable property considered for computation can't be treated as 'under valued': ITATCentre imposes President’s rule in ManipurI-T- Penalty u/s 271(1)(c) unwarranted where assessee promptly rectifies mistakes in ITR & where additional tax liability is negligible: ITATLS votes in favour of Waqf Amendment BillI-T - Trade advances, which are in nature of commercial transactions, would not fall within ambit of word 'advance' in section 2(22)(e): ITATTrump exempts oil imports from tariffsI-T- Assessment Order Can Be Revised Under Section 263 If Key Issues Remain Unverified : ITATTrump relents on friends - Just 10% tariff on UK and AustraliaI-T- Additions framed u/s 153A based entirely on conjectures and surmises, are not tenable, where they have no particular factual or legal basis: ITATSouth African coalition in peril after budget is tabled without partner’s consentI-T- No addition can be made on account of discrepancy in stock, if AO has neither disputed corresponding purchases/ manufacturing stocks made by assessee before sale, nor disputed quantum of closing stock: ITATIsrael decides to acquire more territory in GazaI-T- As per settled position in law, TDS is not to be deducted on payments being reimbursement of expenses : ITATWaqf Bill - No provision to appoint non-Muslim in Board, says HMI-T- Registration u/s 12AB cannot be granted to an organisation whose objectives did not focus on general public welfare as required by the I-T Act: ITATRajasthan HC tosses out Asaram bail applicationI-T - Once, identity, genuineness of transactions and creditworthiness of creditor is proved, then sum received from creditor cannot be treated as income of assessee u/s 68: ITAT
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