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of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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, October 16, 2014
CENVAT - Segregating defective Inputs and valuing them at lower rate for purpose of stock valuation is not equivalent to writing off value of inputs in books of account - no cause for reversal of credit: CESTAT
 
Mumbai, October 16, 2014
ST - If laying of cables cannot be taxable service, adopting same logic, laying of pipeline also cannot be construed as taxable service -Demand of Rs 7.6 Cr set aside by CESTAT
 
Pune, October 16, 2014
Income tax - Whether if it is found that assessee has made purchases at abnormally high prices from party that is not traceable, Revenue will have all legitimacy to reject books and tax gross profit on estimate basis - YES: ITAT
 
Ahmedabad, October 15, 2014
CENVAT - It will be inappropriate to say that interest provisions of s.11BB of CEA, 1944 are not applicable to refunds u/r 5 of CCR, 2004: CESTAT
 
Ahmedabad, October 15, 2014
Income tax - Whether interest payment towards delay in paying sale consideration after slump sale is effected and plant is in operation, is to be treated as revenue in nature - YES: HC
 
New Delhi, October 15, 2014
Customs - Import of hospital equipment under duty exemption - Diagnostic centre also eligible: Supreme Court
 
Mumbai, October 15, 2014
ST - Debit note mentions different amounts in figures and words - Demand raised on difference - no steps taken to verify as to what amount has been paid by service recipient although both under same jurisdiction - Matter remanded for verification: CESTAT
 
Mumbai, October 14, 2014
ST - What is promoted by applicant is residential & commercial complexes & amusement park - Prima facie, products in question are not 'goods', therefore, levy of ST under BAS is not sustainable: CESTAT
 
New Delhi, October 14, 2014
FERA - Statement might be fictitious creation of Enforcement Directorate - Statements not to be believed unless there is independent corroboration: SC
 
Hyderabad, October 14, 2014
Income tax - Whether sovereign power of State to levy tax can be extended to level of regulating conduct of a citizen to such an extent of verification that is equivalent to one which is made by police against an accused - NO: HC
 
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