News Update

CPI gets Rs 11 Cr tax notice for using old PAN numberGST - 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: HCFATP hand-wrings over slow regulation of crypto by member-countriesGST - 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and disproportionate on the part of the officer: HCGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-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 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
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Mumbai, August 13, 2015
ST - Airport service - Advances received for services to be provided after 01/05/2006 from which date service became taxable - as no exemption was provided, tax liability arises, however, demand is blatantly hit by limitation: CESTAT
 
Mumbai, August 13, 2015
CX - There is nothing in CCR that before moving to rule 6(2) manufacturer is required to reverse credit of inputs available in its stores, WIP and finished goods on that date - demand of amount u/r 6(3)(b) till date when assessee reversed credit does not sustain: CESTAT
 
Paris, August 12, 2015
Many tax jurisdictions spending 25% of total budgets on IT; also expanding electronic matching of bulk VAT invoices: OECD
 
Mumbai, August 12, 2015
ST - Having complied with Tribunal's order & granted refund of tax, withholding interest claim on possible realisation that if this is also awarded & paid, case before SC would be rendered infructuous cannot be legal position: HC
 
Bangalore, August 12, 2015
Service Tax - Microfinance loan assigned to bank with higher rate of interest - prima facie amounts to taxable service: CESTAT
 
New Delhi, August 12, 2015
I-T - Whether when expenditure in past was allowed as revenue in nature, merely because equipments were described as most important for tyre manufacturing plant, such expenditure is to be treated as capital in nature - NO: HC
 
New Delhi, August 12, 2015
CX - Not 50/2003 - Only when commissioning process is completed that plant is in position to start production - Adjudicating Authority must examine Member Secretary, H.P., who had certified that unit had commenced production on 31/03/2010 - Matter remanded: CESTAT
 
Mumbai, August 11, 2015
Cus - Committee passes Review order beyond period of three months from date of receipt of o-in-o - Tribunal is not empowered to condone delay in passing of review order - in absence of a 'legal review order' under s.129D(3) of CA, 1962, appeal is time barred: CESTAT
 
Ahmedabad, August 11, 2015
CX - There has to be illicit manufacture of goods to indulge in clandestine removal for which extra raw material, transportation of finished goods, cash payments are required to be established with a reasonable degree - Demand set aside: CESTAT
 
Ahmedabad, August 11, 2015
I-T - Whether if assessee participates in reassessment proceedings without questioning Sec 148 notice and proceedings are later dropped but CIT invokes revisionary powers, in such case assessee is free to challenge Sec 148 notice - YES: HC
 
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