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Israel-Iran War: A close shave for Global Economy but for how long?I-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITAT TRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum Leasing I-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITAT Technology Board okays funding of Dhruva Space's Solar Array Project I-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITAT Health Secy visits Bilthoven Biologicals, discusses production of Polio Vaccine I-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITAT Study finds Coca-Cola accounts for 11% of branded plastic pollution worldwide I-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITAT Delhi HC says conspiracy against PM is a crime against State I-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITAT Brazil makes new rules to streamline consumption taxes I-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITAT Biden signs rules mandating airlines to give automatic refunds for delayed or cancelled flights I-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITAT BYD trying to redefine luxury for new EV variants GST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HC Israel finally moving ahead with Rafah Operations GST - Registration cancelled retrospectively on ground that physical verification revealed that the firm was non-existent - Petitioner had informed that they shifted business and had sought cancellation of registration - Order cancelling registration modified: HC Norway oil major boss says Europeans are not hard-working as compared to Americans GST - Since registration was cancelled, petitioner could not access portal and view the SCNs and file replies - Order set aside and matter remitted: HC Jio turns world’s top telco in terms of data traffic GST - Reply filed is a detailed one and if the proper officer was of the view that the same was unsatisfactory, he should have specifically sought further details - Matter is remitted: HC Gadkari faints during campaign; Heat takes toll on his health GST - SCN does not put petitioner to notice that the registration is liable to be cancelled retrospectively - Order set aside and registration restored: HC SC asks EC to submit more info on reliability of EVMs GST - Non-application of mind - Proper officer has merely observed that the reply filed is unclear and unsatisfactory and, therefore, the demand is confirmed - Matter remitted for re-adjudication: HC Italy imposes USD 10 mn fine on Amazon for unfair business practices Commercial Tax - Judgment of High Court is in jeopardy once appeal is entertained by Supreme Court - Appeals shall remain pending before the Appellate Board, Bench at Indore, till the issue is decided by Apex Court: HC US warns Pak of punitive sanctions against trade deal with Iran ST - As the job-work undertaken by appellant amounts to manufacture, service tax cannot be levied on them under both Heads 'Business Auxiliary Service' and 'Business Support Service': CESTAT Right to Sleep - A Legal lullaby CX - Existence of corroborative evidence is essential in order to establish clandestine removal of goods and same cannot be merely based on assumptions and presumptions: CESTAT


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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

New Delhi, August 11, 2015 ST - When clause (i) of ECIS definition w.e.f 16.06.2005 covered everything which was covered by definition of ECIS prior to 16.06.2005 it has to be held that what is contained in clause (ii) of ECIS definition was not covered under the ECIS definition prior to 16.06.2005: CESTAT

Chennai, August 10, 2015 DGCEI detects Rs 2500 Crore CENVAT Credit fraud by insurance companies; Summons issued against 16 Cos

Mumbai, August 10, 2015 Cus - Being responsible citizen, knowing fully well procedures which have to be followed while travelling abroad, in addition, being frequent traveller, it was expected of petitioner not to have acted in manner done - Imposition of penalty does not visit petitioner with any stigma: HC

Bangalore, August 10, 2015 I-T - Whether any delay in furnishing TDS returns would lead to cascading effect and would stall assessment of returns filed by deductees - YES: HC

Ahmedabad, August 10, 2015 Matter heard by Member (J), decision delivered by Member (T) - Order set aside and matter remanded with direction to hear and decide issue only by one person, either by Member(T) or Member(J): HC

Mumbai, August 10, 2015 ST - Consultant pocketing money meant for tax - FIR proceedings against Consultant shows that it is not appellant who has committed offence, therefore, there is reasonable cause for waiver of penalty: CESTAT

Mumbai, August 09, 2015 ST - Designated authority not issuing acknowledgement of discharge in form VCES-3 - SCN issued demanding ST for period July 2012 to August 2013 - merely because the SCN is going to be adjudicated by a distinct authority does not mean that the petitioner is prevented from canvassing appropriate pleas: HC

Paris, August 09, 2015 OECD releases guidelines to implement global standard on automatic exchange of information

New Delhi, August 08, 2015 I-T - Whether wheeling charges paid on transfer of electricity under bulk power transmission pact without any distribution licence are to be treated as fees for technical services - NO: HC

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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 25, 2024 | New Delhi

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April 24, 2024 | New Delhi

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April 2024 Edition

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

April 24, 2024

TP - Arm's length computation of corporate guarantees issued by assessee in favour of its AEs abroad taken at 1% which has been approved for earlier A.Ys, cannot be disturbed in absence of contrary: ITAT

April 24, 2024

I-T- DTAA does not get triggered at all when a domestic company pays DDT u/s 115-O of the Act : ITAT

April 25, 2024

IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC

April 25, 2024

SARFAESI Act - Writ petition can be disposed of as infructuous as one time settlement has been entered into between parties : HC

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