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World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions Voter turnout surpasses 50% by 4 PM in Phase 2 polls ST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HC XI tells Blinken - China, US ought to be partners, not rivals ST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HC CX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HC Cus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HC Cus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HC Cus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HC Cus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HC I-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HC China asks Blinken to select between cooperation or confrontation I-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITAT Honda to set up USD 11 bn EV plant in Canada Imran Khan banned from flaying State Institutions I-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITAT Pro-Palestine demonstration spreads across US universities; 100 arrested I-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITAT NATO asks China to stop backing Russia if keen to forge close ties with West NY top court quashes conviction of Harvey Weinstein in rape case


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New Delhi, July 15, 2016 ST - There is no provision in VCES, 2013 which permits correction of errors arising on account of application of incorrect rate of tax - request to apply de minimis principle rejected - Petition dismissed: HC

Kolkata, July 15, 2016 I-T - Whether when benefit receivable u/s 80HHC is not regulated by benefit received or receivable u/s 80HHD, assessee can still be prevented from claiming deductions under both beneficial Sections simultaneously - NO: HC

Chennai, July 15, 2016 Condonation of delay beyond condonable period before Commissioner (A) - High Court cannot condone delay and direct appellate authority to consider matter on merits � Writ Appeal dismissed : High Court

New Delhi, July 14, 2016 IDS is an opportunity for taxpayers to clean up books, says FM�

Chandigarh, July 14, 2016 Cus - It is trite that beneficial schemes are interpreted so as to extend availability of benefit thereof rather than accorded any restrictive interpretation which would render schemes worthless: HC

Ahmedabad, July 14, 2016 I-T - Whether equipments which are used as integral parts of Plant are also entitled to 100% depreciation like primary assets - YES: HC

Chennai, July 14, 2016 ST - Condonation of delay - When Writ Court directed Commissioner (A) to decide case on merits, it is not open to Appellate Authority to examine delay again and dismiss appeal - Writ Appeal allowed: HC

Chandigarh, July 14, 2016 CX - Passing of a speaking order is sine qua non for deciding appeals - being a final fact finding authority, Tribunal was required to deal with all aspects of facts and also law and then record its conclusions based thereon - Matter remanded: HC

New Delhi, July 13, 2016 Levy of Excise Duty on Jewellery: SSI eligibility limit hiked to Rs 15 Crore; No excise audit for two years; Optional scheme to be introduced for smaller units

New Delhi, July 13, 2016 NSC, KVP Certificates - Govt switches over to e-mode & passbook mode; Certificates can be issued for any amount; Also discontinues pre-printed format

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April 26, 2024

I-T - Assessee cannot be prevented from claiming that receipts from sale of software were wrongly offered as royalty, merely because such income was wrongly offered in ROI and which was not revised: ITAT

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I-T- Proceedings commenced subsequent to exercise of revisionary power u/s 263, are unsustainable, where the revisionary order itself came to be quashed: ITAT

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