News Update

Cus - At no point of time Codes No. 29214920 and 29215940 have been excluded from schedule to MEIS Scheme - Reasons assigned for denial of benefit are contrary to Notification No. 38/2015-2020 r/w P.N no. 12/2015-2020: HCST - CENVAT - Not producing the documents, which may be necessary for substantiating a claim, does not fall in the exception of 'suppression of facts': HCCX - Even if an application is not moved, the department would be obliged to refund the amount to person concerned from whom the excess amount has been received unlawfully after the provision has been declared ultra vires: HCVAT - Merely because payment is deferred by State in terms of works contract, same is no ground for a dealer to seek exemption from taxes under MP Commercial Tax Act and MP Entry Tax Act: HCVehicle One-time Tax - Notification requires tax to be paid on or after 14.10.2022 for becoming entitled for exemption - Merely because tax was paid on 13.10.2022 and registration was done on 18.10.2022 does not guarantee benefit: HCRule 96(10) of CGST Rules, 2017 - A Historical PerspectiveI-T- Delay in filing ITR be condoned where during relevant period, the assessee, a doctor, was engaged in work on account of on-going COVID 19 pandemic & where the assessee suffered personal losses in such period: HCFTA awareness key to reach USD 2 Trillion trade goal: GoyalI-T- As is trite law, once resolution plan is approved, any claims that were not lodged before resolution professional during insolvency proceedings are extinguished: HCCoast Guard delegation meets Sri Lankan counterpart; combating maritime crime tops agendaI-T - Tax authorities are not entitled to tax entire transaction, but only income component of disputed transaction, to prevent possibility of revenue leakage: HCNew fire-resilient Dicliptera flower species discovered in Western GhatsI-T - No demand can be raised against deductee on account of failure to deposit amount of Tax Deducted at Source by deductor: HCMassive fire accident at oil refinery in Gujarat claims one lifeI-T- Exemption from Excise duty does not fall in the definition of income as envisaged under Section 2(24)(xviii) of the Act: HCUS President-elect Donald Trump choses hawk Mike Waltz as NSAI-T- Income tax cannot be levied on hypothetical income & only real income can be taxed; no tax can be charged on an amount which is not actually earned: HCED raids locations in West Bengal & Jharkhand in money laundering matter also involving illegal immigration of people from BangladeshI-T- For purpose of Section 35(2AB), once a facility is recognized, all related expenditures should be eligible for deductions, regardless of prior approvals: ITATKerala State Government mulls incorporating seaplanes to attract high-budget touristsI-T- Re-assessment proceedings are invalidated where the reasons for re-assessment are not justified: ITAT10 armed ‘militants’ killed in encounter with police & paramilitary forces in Manipur’s Jiribam district; local villagers dispute charge, claim deceased were village defence volunteersService Matter - Charge memo issued to CIT(A)-rank officer for quashing Rs 120 Crore demand - That matter was remanded by ITAT for de novo consideration dilutes charge against petition - Department's delay in issuing memo reflects the same as being an afterthought - Memo rightly quashed by CAT: HCST - Goods Transport Service - denial of 75% abatement to assessee under Notification No. 32/2004-S.T. is based solely on assumption; hence the order denying abatement is quashed: CESTATCX - Demand for reversal of Cenvat credit is sustainable where it is claimed in respect of a defunct, non-functional factory, rather than in respect of an existing, functional plant: CESTATCus - Penalties u/s 112(a), 112(b) & 114AA of Customs Act 1962 for alleged mis-declaration of goods, are not tenable, where importer acts on information from the overseas supplier, which was beyond importer's control: CESTATCus - Department's reliance on Chartered Engineer's report is not tenable, where report lacks conclusive findings, omits to consider aspects such as manufacture date & itself suggests further testing: CESTATCus - As is trite law, expert reports cannot be assumed conclusive without explicit legal backing: CESTAT
 
Power Minister inaugurates Conference on 'Energy Transition in India'

By TIOL News Service

NEW DELHI, DEC 02, 2023: UNION Minister for Power and New and Renewable Energy, R.K. Singh, yesterday inaugurated a two-day National Conference on "Energy Transition in India - Road Travelled and Opportunities Ahead" in Gandhinagar.   Kanubhai Desai, Minister of Energy Petrochemicals and Finance, Government of Gujarat was also present along with other dignitaries on the occasion. Organized as a part of the upcoming Vibrant Gujarat Global Summit 2024, the event is being attended by more than 250 Indian and foreign representatives of power and renewable energy sector. The two-day conference will focus on scaling up renewable energy, generation and consumption by considering challenges related to grid integration, financing tools and developing supporting infrastructure.

The Union Minister for Power in his address said the main objective of this conference is to move forward with an ambitious vision of promoting clean energy and facilitating the energy transition. He said that India is committed to reducing the emission intensity of its GDP by 45 percent by 2030 compare to 2005 level. Later, while talking to media persons on the sidelines of the conference, R.K. Singh said that the developed countries should focus on reducing carbon emissions rather than looking in to how carbon emissions are produced. 80 percent of the carbon emission burden lies with developed countries, which account only a one- third of the world's population, he said. The Union Minister further said India aims to add capacity so as to reach 500 GW of non-fossil fuel-based capacity by 2030 and increase the share of renewable energy based capacity to at least 50 percent in terms of installed capacity.

Speaking on the occasion, Kanubhai Desai, Minister of Finance and Energy of Gujarat government said that due to the vision and long-term planning of the Prime Minister and the then Chief Minister of Gujarat Narendra Modi, Gujarat has emerged as the leading state in the country in the field of renewable energy. A separate department for Climate Change was set up in Gujarat for the first time in the country when Modi was the CM, enabling measures to achieve sustainability, energy transition and net-zero goals, he said. Gujarat is also the first state in the country to issue policies on renewable energy providing incentives for the development of renewable energy.He said that Gujarat today ranked first in the country in terms of installed wind power capacity, accounting for 25 percent of the country's total installed wind power capacity. In addition, Gujarat has the highest installed rooftop solar capacity, accounting for 26 percent of India's total rooftop solar capacity.


POST YOUR COMMENTS
   

TIOL Tube Latest

Conferment of TIOL Awards 2024. The event was held on October 1, 2024 at Taj Palace, New Delhi



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