News Update

Govt orders mandatory declaration of stock position of wheatCPI 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: HCGovt issues advisory against calls impersonating DoTFATP 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of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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, November 13, 2014
Cus - Notfn.45/2013 is not clarificatory, hence not retrospective - appellant is not eligible for benefit of exemption from safeguard duty and anti-dumping duty in r/o ex-bond B/E filed on 09/05/2013 although DFIA authorisation was transferred on 09/04/2013- Appeal dismissed: CESTAT by Majority
 
Paris, November 12, 2014
Developing countries to play larger role in G20 efforts to curb corporate tax avoidance: OECD
 
New Delhi, November 12, 2014
Income tax - Whether when assessee executes toll road on BOT basis, same can be treated as 'plant' and depreciation is available - NO: HC
 
Mumbai, November 12, 2014
Income tax - Whether provisions of Section 14A are attracted when investment is made by assessee in foreign subsidiary and dividend received on such investment is not tax free as per Section 10 - YES: ITAT
 
Mumbai, November 12, 2014
CENVAT - Inputs written off as obsolete - Rule 3(5B) of CCR, 2004 does not have retrospective effect - Reversal of credit not called for - Revenue's appeal dismissed: CESTAT
 
Mumbai, November 12, 2014
ST - Applicant is not a banking company and ST is payable only on issuance of bank guarantee by bank - Commission received upon issuing guarantees to various corporate entities is prima facie not liable to ST: CESTAT
 
Mumbai, November 11, 2014
ST - Refund - Commissioner(A) has given strange reasons to deny appellant benefit - he is not taking consistent stand in his reasoning - he has not read Apex Court decision - Notification 21/2009 does not have retrospective effect: CESTAT
 
New Delhi, November 11, 2014
I-T - Whether in absence of certainty about rate of surcharge because of uncertainty about date with reference to which rate is to be applied, it can be said that surcharge as per existing provision of Sec 113 was leviable on block assessment qua undisclosed income - NO: SC
 
Chennai, November 11, 2014
Demand of 10% under Rule 6 of CCRs on Petroleum gases returned to refinery in terms of Notification No 4/2006 and 12/2012 - High Court sets aside SCN
 
Mumbai, November 10, 2014
ST - Notfn 4/2006 - Applicant is engaged in giving loan for earning interest through leased vehicles - as interest on loan is exempted from ST in terms of s.67 & rule 6(2)(iv) of Valuation Rules applicant has prima facie case: CESTAT
 
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