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US imposes fresh sanctions against Iranian drone production Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast IREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects Voting for General Elections 2024 commences tomorrow Global warming up to 3 degrees to cost 10% of global GDP: Study Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of Agency GST implications for Corporate Debtor under IBC I-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HC Brazil’s proposal to tax super-rich globally finds many takers in G20 Group I-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITAT CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister I-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITAT Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT US Poll: Biden trumps Trump in money race by USD 75 mn I-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITAT Netanyahu says Israel to decide how and when to respond to Iran’s aggression I-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITAT Google slays costs by laying off staffers & shifting roles outside US I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT Heavy downpours drown Dubai; Airport issues travel advisory Cus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HC HM pledges to make India completely Maoist-free GST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HC Microsoft to inject USD 1.5 bn in AI Group G42 of UAE GST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HC Canadian budget proposes more taxes on higher income groups & tax credits for EVs World leaders appeal for quick ratification of UN Ocean Treaty


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Chennai, January 07, 2016 Service Tax - Laying of Pipes is not taxable under Erection, Commissioning or Installation Service before amendment of Section 65(39a) under Finance Act, 2005 - High Court dismisses Writ Appeal by revenue

Mumbai, January 07, 2016 CX - Merely because transport has been arranged by appellant on buyers' request and recovered from buyer through debit notes it cannot be ground for denying substantial benefit - law requires that duty is not to be paid on transportation charges which are borne by buyers: CESTAT

New Delhi, January 06, 2016 Customs - Anti-dumping duty - Central Government has power to grant an extension of 6 months for concluding a review - Petitions dismissed: High Court

Mumbai, January 06, 2016 CX - Decision rendered by Committee of Commissioners is an administrative function and fresh decision by same committee is valid in law - delay in filing appeal condoned - COD applications filed by Revenue allowed: CESTAT

Chennai, January 06, 2016 I-T - Whether when Circular allowing inward remittances came into effect after receipt of such amount, such Circular can have only prospective effect - YES: ITAT

Mumbai, January 06, 2016 CX - During April 2004 to March 2005 there was no relaxation for taking CENVAT credit on attested photocopy - there was also no requirement to file duty paying documents- extended period rightly invoked - Credit disallowed: CESTAT

Mumbai, January 06, 2016 Cus - Fact that weight of consignment was 22 kg and freight was Rs. 25,000/- but declared value was less than Rs. 3000/- should have raised suspicion - Carton contained expensive cameras and memory cards whose value totaled Rs. 65 lakhs - Courier company should have exercised due diligence: CESTAT

Ahmedabad, January 05, 2016 CX - Duty deposited under wrong ECC number by mistake - Communication by Department to pay duty again under correct code and to seek refund of duty paid under wrong code is quashed - Such mistake cannot result in harsh consequence: HC

New Delhi, January 05, 2016 I-T - Whether assumption of jurisdiction by AO u/s 153C is legally sustainable where assessee was not one of entities that was subjected to search and seizure operation u/s 132 - NO: HC

Mumbai, January 05, 2016 CX - During manufacture�of biscuits�some waste of packaging material occurs which is cleared as scrap - as no manufacture of 'waste' takes place, demand of CE duty is not sustainable: CESTAT

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Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

April 18, 2024 | New Delhi

Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast

April 18, 2024 | New Delhi

IREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects

April 18, 2024 | New Delhi

Voting for General Elections 2024 commences tomorrow

April 17, 2024 | New Delhi

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April 16, 2024

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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

April 18, 2024

INTL - Expenses incurred by a non-resident individual towards obtaining Special Power of Attorney & anciliary expenses, for purpose of transferring property located in India, are covered u/s 48(i) & allowable: ITAT

April 18, 2024

TP - If assessee has suo-moto offered guarantee commission and no inherent risk arises to financial services utilized by AE from assessee, then no further guarantee adjustment is required: ITAT

April 18, 2024

Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC

April 18, 2024

SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC

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