News Update

Income tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
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Mumbai, January 15, 2018
ST - Rule 6(3) of CCR, 2004 - Writing off of loans as non-performing assets, whether exempted service - Matter remanded: CESTAT
 
Jaipur, January 15, 2018
I-T - Benefit of exemption u/s 54F is not limited to investments made on claimants' name only: HC
 
Mumbai, January 13, 2018
Sales Tax Tribunal - When Rule itself makes it clear that only JCs are eligible for posts of Member, Explanation to Rule calling for giving weightage to experience as DC does not stand test of legality: HC
 
New Delhi, January 12, 2018
I-T - When CIT(A) reduced quantum of disallownace u/s 14A and assessee accepted it, raking up same issue after four years is akin to raising dispute on stale issue: HC
 
Mumbai, January 12, 2018
Cus - s. 129E - Redemption of confiscated goods - Tribunal is clothed with express power u/r 41 of Procedure Rules to make such order as it is necessary to secure ends of justice: HC
 
New Delhi, January 12, 2018
I-T - If properties are held as stock-in-trade and not for purpose of letting out, 'vacancy allowance' provided u/s 23(1)(c) cannot be claimed: HC
 
Mumbai, January 12, 2018
Cus - Bench is not concerned about taxability under GST law since not being an Authority under that law: CESTAT
 
Mumbai, January 12, 2018
CX - Asst. Commr. imposing conditions of drawal of samples of inputs and export goods is extraneous to Notfn. 43/2001-CX: CESTAT
 
Mumbai, January 11, 2018
Cus - Appropriate guidelines be issued to CBEC so that matters of public interest are addressed with utmost expedition: CESTAT
 
Bangalore, January 11, 2018
I-T - Expenditure strictly related to earning of income from other sources is to be allowed u/s 57(iii): ITAT
 
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