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Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast US imposes fresh sanctions against Iranian drone production 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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New Delhi, July 29, 2015 Refund of TED - It is well-settled principle of law that Court cannot direct statutory authority to exercise discretion in particular manner - Single Judge ought not to have directed DGFT to pass an order keeping in mind observations made therein: High Court

Mumbai, July 29, 2015 ST - Appellant, during July to Sept 2007, hiring rigs from foreign parties and enlisting same to ONGC - services would not fall under 'Mining of mineral oil and gas service' - when there can be no ST liability, question of interest and penalty does not arise: CESTAT

New Delhi, July 29, 2015 I-T - Whether assessee can claim depreciation although land and building vested in Municipal body and assessee had only made part payment to Housing Board but was in full control of buildings - YES: HC

New Delhi, July 28, 2015 Competition Commission imposes penalty of Rs 420 Cr on Hyundai; Relief for Reva and Premier

Mumbai, July 28, 2015 CX - Rule 6 of CCR is not enacted to extract illegal amount - legislature has not enacted any provision by which credit, which is other than credit attributed to input services used in exempted goods or services can be recovered from the assessee - 25 cr. Demand set aside: CESTAT

Mumbai, July 28, 2015 ST - Job worker paying ST along with interest upon insistence by audit - Merely because department has detected and assessee has paid ST, that alone is not sufficient to allege that there is suppression - Credit rightly availed: CESTAT

Allahabad, July 28, 2015 I-T - Whether when Revenue initially takes approval only for a Survey but finds huge cash at assessee's premises which one of Directors fails to explain, same Survey can be converted into Search after taking further approval - YES: HC

Mumbai, July 28, 2015 ST - No specific head of service was proposed in SCN nor confirmed in o-in-o - SCN + order are vague - classification of taxable service must be specified in SCN in order to fasten liability of ST - demand of Rs.4.12 cr set aside: CESTAT

Mumbai, July 27, 2015 Cus - Re-labelling of boxes of Vitrified & Glazed tiles with higher MRP after import - Sec 3(2) will not become ineffective in absence of Sec 4(A)(4) of CEA, 1944 for import made prior to 14.05.2003 - ABB decision does not apply - Differential CVD duty demand upheld: CESTAT by Majority

Mumbai, July 27, 2015 ST - Charges of documentation arise at request of customer and are paid outside of Agreement to appellant only - these activities constitute service provided directly to customer and do not constitute services provided on behalf of Principal, hence it would not fall under BAS: 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

Coast Guard apprehends Indian fishing boat with unauthorised cash

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April 16, 2024

Diversion of goods imported under Advance Licence to Open Market: Mens rea upheld

April 09, 2024

Hearings in CESTAT after commencement of CIRP by NCLT

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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 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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