News Update

Income 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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Mumbai, September 13, 2018
ST - It is only after service is classified would question of exclusion of export services from service tax, if classifiable under head 'Cargo Handling Services', arise - High Court has no jurisdiction to entertain such an appeal: HC
 
Chennai, September 13, 2018
I-T - For computing income from house property, rent paid for land, which is taken on lease for purpose of constructing superstructure is to be reduced from composite rent received for land & building : ITAT
 
Bangalore, September 13, 2018
ST - Tribunal should maintain consistency in its approach while dealing with appeals: High Court
 
New Delhi, September 12, 2018
I-T - No denial of exemption u/s 11 if registration of charitable society continues to be valid u/s 12AA: ITAT
 
Mumbai, September 12, 2018
Cus - View taken by Tribunal on facts, as available before it, is a possible view and no substantial question of law arises: High Court
 
New Delhi, September 11, 2018
No relief for Sonia & Rahul Gandhi - HC rules exemption to Directors from disclosure of interests in not-for-profit companies under Companies Act does not automatically mean absence of legal obligation under Income Tax to do so
 
Kolkata, September 11, 2018
I-T - No addition for undisclosed investment in relevant year is to be made if investment of funds takes place in earlier years : ITAT
 
Mumbai, September 11, 2018
CX - A loss on product that is cleared finally using impugned goods as an input is not relevant for determining notional profit envisaged in rule 6(b)(ii) of CE Valuation Rules, 1975: CESTAT
 
New Delhi, September 10, 2018
I-T - Service charge paid for availing basic services on sales, distribution, and accounting is not to be treated as capital expenses : ITAT
 
Mumbai, September 10, 2018
ST - Tax arbitrage cannot be a sound principle of taxation in any tax system : CESTAT
 
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