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Diversion of goods imported under Advance Licence to Open Market: Mens rea upheld I-T- Mere existence of power to assess or reassess six AYs' immediately preceding AY corresponding to year of search or 'relevant assessment year' would not justify invocation of Section 153C - HC What was Biden’s income in 2023? - ITR shows USD 6.2 lakh I-T - Act & Rules thereto provide a method for service of notices & orders; communication of notices before any action is taken, is mandatory: HC Mumbai Police nabs two shooters involved at random firing at Salman’s house I-T- Assessee cannot be expected to be logged in to I-T portal at all times, so as to be notified of actions taken by Department: HC IRS fears spurt in crypto tax evasion cases I-T - Expenses written off is only allowable if assessee offers said amount as income in previous years: HC Breast cancer to kill over 10 lakh women by 2040: Lancet Report I-T- Deduction u/s 35(1)(ii) in respect of donation made to scientific research institute, is rightly denied, where no evidence is furnished to show valid approval was taken from prescribed authority for taking donation: ITAT China’s bubble tea stirs global buzz I-T- Penalty imposed u/s 271(1)(c) merits being quashed where exact charge between concealment of facts and furnishing inaccurate particulars of income, are not specified : ITAT Samsung gets USD 6.4 bn in subsidy for Texas chip production I-T- Penalty is unwarranted where the complete factual data pertaining to Assessee's claim was also available before AO during the course of assessment : ITAT India to resume FTA talks with EU next month I-T- Assessee has not involved in manipulation of stock prices for purpose of earning bogus LTCG : ITAT PM says he has big plans for country GST - 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: HC TCS to hire 25K freshers in 2025 GST - Retrospective cancellation of registration - Complete non-application of mind - Order refers to a reply filed whereas fact is that the proprietor had passed away and no reply had been filed: HC Election Commission seizes over Rs 4600 Cr cash - highest for LS polls GST - Proper officer has not applied his mind but dismissed the reply submitted as not satisfactory - Order set aside and matter remitted: HC IMD says it is likely to be above-normal Monsoon for India Cus - Acceptance of re-assessed value & voluntary payment, per se cannot be deemed to be admission to alleged mis-declaration of value - Burden rests with Department to establish allegations: CESTAT Protesters demanding restoration of monarchy and Hindu State lathicharged in Kathmandu CX - Bituminized Hessain Tape, Rot-proofed Bituminized Hessian Cloth mixed with Copper Napthalate, Bituminized Cotton Tape, being used for industrial purposes, is rightly classified under CTH 5909; benefit under Notfn No 175/86 is also allowed to manufacturer: CESTAT


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Mumbai, May 19, 2015 CX - s.2(f) - Activity of assembling lottery terminal from various imported components amounts to manufacture and consequently liable for payment of excise duty: CESTAT

New Delhi, May 18, 2015 CX - If Pvt Ltd Co or public ltd, as registered dealer, issues bogus invoices without supply of any material to enable another person avail CENVAT credit it would not be correct to say that in such cases the person who had issued bogus invoices would not be liable for penalty: CESTAT by Majority

New Delhi, May 17, 2015 Gross tax collections finally turn out to be 9.8% of GDP; Govt mops up about Rs 1.97 lakh crore non-tax revenue during last fiscal

New York, May 17, 2015 40 per cent of global population continues to rely on coal, charcoal and animal waste to cook and heat homes: UN

Mongolia, May 17, 2015 PM promises USD one billion line of credit for enhancement of Mongolia's economic capacity

New Delhi, May 16, 2015 Entertainment tax - Whether when assessee is given incentive for investment in particular project, State Govt is bound by principles of Promissory Estoppel - YES: SC

Chennai, May 16, 2015 Rule 8(3A) of Central Excise Rules, 2002 is unconstitutional - Madras High Court reaffirms Indsur Global ratio

New Delhi, May 15, 2015 CX - Can recovery proceedings be initiated without SCN u/s 11A, which is mandatory? NO: Supreme Court

New Delhi, May 15, 2015 Cus - Import of coal - Chemical test against prescribed procedure illegal: SC

New Delhi, May 15, 2015 I-T - Whether recording of reasons for issuing warrant for search, would by itself confer on assessee right of inspection of documents or to communication of reasons for belief at stage of issuing of warrant - NO: SC

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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 15, 2024 | New Delhi

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April 16, 2024

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

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VISION 360 -
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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 15, 2024

DTAA - As per settled law, consideration for resale/use of computer software through EULA or distribution agreement, is not Royalty for use of copyright in computer software; no taxable income arises in India; no TDS u/s 195 warranted: ITAT

April 15, 2024

DTAA - Therefore, such payment does not give rise to any income which is taxable in India & in which case no TDS is to be deducted u/s 195 of the I-T Act : ITAT

April 15, 2024

PMLA - Any person aggrieved by order, even if person is not party to order, can file appeal u/s 26 of PMLA, 2002 before Appellate Tribunal : HC

April 15, 2024

Copyright Act - Trustee only owe fiduciary duty to beneficiary with regards to trust property and Registrar of Copyright to rectify Register in that registration shall be in name of Trust : HC

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