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Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of Agency GST implications for Corporate Debtor under IBC I-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HC Brazil’s proposal to tax super-rich globally finds many takers in G20 Group I-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITAT CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister I-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITAT Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT US Poll: Biden trumps Trump in money race by USD 75 mn I-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITAT Netanyahu says Israel to decide how and when to respond to Iran’s aggression I-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITAT Google slays costs by laying off staffers & shifting roles outside US I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT Heavy downpours drown Dubai; Airport issues travel advisory Cus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HC HM pledges to make India completely Maoist-free GST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HC Microsoft to inject USD 1.5 bn in AI Group G42 of UAE GST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HC Canadian budget proposes more taxes on higher income groups & tax credits for EVs GST - Petitioner has an appellate remedy against the impugned order - As petition was filed within the original period of limitation, it is just and appropriate that petitioner be permitted to present statutory appeal: HC World leaders appeal for quick ratification of UN Ocean Treaty GST - Once the notification itself has been declared as ultra vires, applying it would amount to applying an illegal notification: HC UK House debates ban on smoking GST - Transfer of development rights is amenable to GST and cannot be brought within the purview of Entry 5 of Schedule-III: HC Global economy to grow at 3.2% in current year and also 2025: IMF GST - Challenge to notification 11/2017-CTR clarifying the aspect of transfer of development rights being attracted to GST/TGST is devoid of merits: HC Great Barrier Reef in Australia suffers serious bleaching GST - Conclusions were recorded in the assessment order without providing a personal hearing - Order set aside and matter remanded: HC US to impose fresh sanctions on Iran’s missile programme Cus - Mere fact that Commissioner of Customs has filed an affidavit would not denude an officer, otherwise empowered under the Act/Rules to issue and adjudicate a SCN even though the officer may be below the rank of Commissioner: HC Delhi Police nabs woman for thieving luxury SUVs Cus - As wife of appellant has already been penalized for the offence related to importation of BMW M5 Car, no reason found to impose penalty against appellant for same offence: CESTAT


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Kolkata, May 27, 2014 Income tax - Whether reassessment of escaped income without any express finding or direction can be made under explanation (2) to Sec 153(3) - YES: HC

Ahmedabad, May 27, 2014 Cus - Export of Basmati Rice - DGFT notification only requires that grain of rice to be exported should conform to specification of average length and ratio of length to breadth - holding that sample has failed ad-mixture content as per Agmark norms is not condition warranted: CESTAT

Kolkata, May 27, 2014 CX - Pre-deposit - against total outstanding dues of 5.9 Crs, pre-deposit of Rs 8,53,502 would meet ends of justice - said amount ordered as pre-deposit is around 1.44% of total dues and 3.32% of total duty & would not result in any undue hardship: CESTAT

Allahabad, May 26, 2014 ST - Appellant providing training and coaching to individuals in field of flying of aircraft for obtaining CPL from DGCA - Activity not liable to ST under Commercial Training or Coaching Services: High Court

Ernakulam, May 26, 2014 ST - A motor vehicle has several parts and if only part of vehicle requires maintenance, can it be said that it is not maintenance or repair?- No, says HC

New Delhi, May 26, 2014 CX - Rebate - Assessee clearing goods for export & later paying duty with interest - rebate claim rejected on ground that goods ought to have been exported after payment of duty - Mandatory conditions for availing of rebate cannot be waived on any equitable consideration: HC

New Delhi, May 26, 2014 CENVAT Credit - Input Services - any service having nexus with business of manufacture which has been used by manufacturer would qualify as an input service - CESTAT

New Delhi, May 26, 2014 CX - Revenue finding tobacco products in godowns owned by pvt persons and alleging clandestine manufacture - there is virtually no evidence lending any credence to said allegation - not sustainable: CESTAT

Bangalore, May 26, 2014 Income tax - Whether any expenditure incurred on acquiring right to use database can be treated as akin to acquring capital asset - NO: HC

Lyon, May 25, 2014 WCO, INTERPOL Drive in 111 countries lead to seizure of fake & dangerous medicines worth USD 36 mn and arrest of 237 persons

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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 18, 2024

INTL - Expenses incurred by a non-resident individual towards obtaining Special Power of Attorney & anciliary expenses, for purpose of transferring property located in India, are covered u/s 48(i) & allowable: ITAT

April 18, 2024

TP - If assessee has suo-moto offered guarantee commission and no inherent risk arises to financial services utilized by AE from assessee, then no further guarantee adjustment is required: ITAT

April 18, 2024

Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC

April 18, 2024

SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC

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