News Update

GST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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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New Delhi, November 05, 2015
Whether stock brokers who have converted partnership membership into a corporate entity prior to April 01, 1997 are entitled to fee continuity benefit on retrospective basis under SEBI Regulations, 1992 – YES: SC
 
Mumbai, November 05, 2015
I-T - Whether for computing book profit u/s 115JB(2), expenditure incurred in relation to exempt income is to be disallowed by invoking Sec 14A read with Rule 8D - NO: ITAT
 
Ahmedabad, November 05, 2015
Rule 10 of Pan Masala Packing Machine Rules, 2008 - Suo Motu abatement claimed for period of closure of factory - In absence of any procedure prescribed in Rules, no fault can be found with assessee - No error in order of Tribunal: HC
 
Mumbai, November 05, 2015
ST - IPR not covered by Indian laws would not be covered under taxable service - technical know-how received by appellant and royalty payment made to Unisys is nowhere established to result from use of any IPR: CESTAT
 
New Delhi, November 04, 2015
Central Excise - EOU - Concessional rate to goods cleared to DTA , when manufactured from indigenous raw material - Imported wax used in manufacture of cotton yarn - not eligible for exemption: Supreme Court
 
New Delhi, November 04, 2015
Customs - Conversion of free shipping bills into drawback shipping bills - Conversion permissible only when claim for duty drawback was beyond control of exporter - Drawback on AIR can be considered without converting Shipping Bill: Supreme Court
 
New Delhi, November 04, 2015
Central Excise - SSI Exemption - Exemption for own goods and duty payment with CENVAT Credit for branded goods - Permissible : Supreme Court
 
Ahmedabad, November 04, 2015
CX - Sec11 - Buyer of assets is not successor in business - Recovery of dues of predecessor cannot be made from purchaser of assets of defaulting unit: HC
 
New Delhi, November 04, 2015
I-T - Whether it is necessary for AO, at stage of recording satisfaction u/s 153C, to conclude that seized assets which belong to another person represent any undisclosed income - NO: HC
 
New Delhi, November 03, 2015
2627 persons are Directors in more than 20 Companies in violation of Cos Act: SIT
 
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