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SARFAESI Act - Award of interest on auction money at rate applicable to fixed deposits is not a correct view and rate of interest deserves to be enhanced: SC (See 'TIOLCorplaws')ST - Chit Funds - Tax was not paid under mistake of law but upon demand by tax authorities - Refund not having been filed within time was rightly rejected: HC GST - Without considering the reply on merits, proper officer, without applying his mind has held that the reply is filed is unsatisfactory and, therefore, he is left with no alternative but to create demand - Order set aside and matter remitted: HC GST - Cancellation of registration retrospectively - Show Cause Notice and the impugned order are bereft of any details, accordingly the same cannot be sustained: HC GST - Registration could not have been cancelled retrospectively for the period for which returns were filed and taxpayer was compliant: HC GST - Notfn 11/2017-CTR amended by 03/2022-CTR - Work contracts executed before 18 July 2022 - Petitioners should file refund claims before respondent authorities agitating their grievance and the same be examined and orders passed within four months: HC Italy imposes USD 10 mn fine on Amazon for unfair business practices GST - Entire tax liability has been realised by appropriating the amount from the petitioner's bank account, therefore, Revenue interest stands fully secured - Since tax proposal was confirmed without participation of petitioner, order set aside and matter remanded: HC Caste Census is my mission, says Rahul Right to Sleep - A Legal lullaby US warns Pak of punitive sanctions against trade deal with Iran I-T- Income surrendered before approaching Settlement Commission not covered u/s 115BBE, where this provision did not exist during relevant AYs: HC Chinese companies decry anti-subsidy probe by EU I-T- Entire interest expenditure is allowable as deduction if loan funds is not diverted for non-income earning activities/personal purposes : ITAT UK’s key water supplier, Thames Water, slips into financial quagmire I-T- Sale consideration cannot be considered as unexplained cash credit if sale takes place in online platform and sale consideration is received through stock broker in banking channels : ITAT UK to send military aid package worth USD 619 mn to Ukraine I-T- Section 69C includes expenditures reflected in account books, as well as those discovered during Search & Seizure for which no valid explanation is forthcoming from assessee: ITAT US regulator bans non-compete agreements by employees I-T- Penalty imposed u/s 273B upheld where assessee unable to provide just cause for failure to file audit report within prescribed due date as per Section 44AB: ITAT Palestinian PM unveils new reform package I-T- Assessee cannot contest validity of penalty notice on grounds of irrelevant provision not being struck off, by highlighting such defect for the first time before ITAT itself: ITAT Air India, Nippon Airways join hands for travel between India and Japan Govt receives 7 bids for giga-scale Advanced Chemistry Cell under PLI 10 killed as two Malaysian Military copters crash I-T- Lower authorities erred in disallowing long term capital loss : ITAT SC grills Baba Ramdev & Balkrishna in misleading ad case 1351 candidates to contest in phase 3 of LS Elections I-T- Revisionary order u/s 263 invalidated where passed in ignorance of repeated factual submissions to prove that original assessment order is not erroneous or prejudicial to revenue's interests: ITAT Indian Coast Guard, Oman Coast Guard to jointly combat transnational illegal activities at sea ST - Department cannot retain any amount which is otherwise not payable by the Assessee; nothing acts as embargo on assessee's right to demand refund of tax paid under misaken notion: CESTAT AFMS, ICMR join hands to undertake biomedical research for Armed Forces Cus - If noticee seeks Cross Examination of such persons, same should be granted, appellant will produce all documentary evidence before Adjudicating Authority in support of their claim that seized gold is part of their normally procured gold in course of their commercial transactions: CESTAT


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Mumbai, June 24, 2014 Income tax - Whether provisions of Sec 153C allow the AO to invoke it casually and need not record any satisfaction - NO: Bombay HC

Mumbai, June 24, 2014 CENVAT - Penalty u/r 26(2) on first stage dealer for purported issue of fraudulent invoices - Penalty is imposed on basis of assumption and presumption which have no legs to stand - without a categorical finding, no penalty can be imposed: CESTAT

Mumbai, June 23, 2014 CX - Fly Ash whether dutiable from 01.03.2011 - Apex Court in Ahmedabad Electricity Co. had held that �fly ash' is non-excisable and which decision was relied by Commr(A) - no case made by Revenue for stay of order: CESTAT

Ahmedabad, June 23, 2014 Cus � Revenue cannot agitate an issue before CESTAT which issue was not in SCN or taken before Commr(A) - Revenue appeal rejected: CESTAT

Ahmedabad, June 23, 2014 Income tax - Whether trading addition on account of low Gross Profit is justifiable where assessee is engaged in jobwork and GP rate depended on nature of jobwork assigned only by the Principal - NO: ITAT

New Delhi, June 22, 2014 Tourism Sector picks up; 4.21 lakh tourists arrive in May; India earns forex worth Rs 7400 Crore

New Delhi, June 22, 2014 Govt accepts Dr Mayaram Report on definiton of FDI & FII; Foreign Investment of 10% or more to be construed as FDI

Paris, June 21, 2014 WCO hopeful of implementation of WTO Agreement on Trade Facilitation; ICC Report says it would boost global economy by USD one trillion

Mumbai, June 21, 2014 COD of 76 days in filing appeal - Tribunal has taken hyper technical view of matter - Once explanation given is found to be genuine, terming same as casual was not proper: High Court

New Delhi, June 20, 2014 Railways decides to implement 14.2% hike in pax fare & 6.5% hike in freight as proposed in Interim Budget

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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 24, 2024 | New Delhi

Govt receives 7 bids for giga-scale Advanced Chemistry Cell under PLI

April 24, 2024 | New Delhi

1351 candidates to contest in phase 3 of LS Elections

April 24, 2024 | New Delhi

Indian Coast Guard, Oman Coast Guard to jointly combat transnational illegal activities at sea

April 24, 2024 | New Delhi

AFMS, ICMR join hands to undertake biomedical research for Armed Forces

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April 22, 2024

Requisite Checks for Appeals - Pre Deposit

April 16, 2024

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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 24, 2024

TP - Arm's length computation of corporate guarantees issued by assessee in favour of its AEs abroad taken at 1% which has been approved for earlier A.Ys, cannot be disturbed in absence of contrary: ITAT

April 24, 2024

I-T- DTAA does not get triggered at all when a domestic company pays DDT u/s 115-O of the Act : ITAT

April 24, 2024

PMLA - Considering money trail and involvement of applicant in crime he is not entitled for anticipatory bail : HC

April 24, 2024

Competition Act - Informant has neither referred to any particular agreement nor provided any document which suggest existence of anti-competitive agreement : CCI

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