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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Allahabad, August 16, 2018
Income Tax - Both ACIT as well as JCIT are competent officers for sanctioning issue of notice u/s 148: HC
 
New Delhi, August 16, 2018
I-T - Factual findings of Tribunal do not become redundant merely because some alternative conclusion can be drawn: HC
 
Mumbai, August 16, 2018
ST/CUS/CX - Constitution of Larger Bench - There is no enabling provision that empowers Central Government to delegate powers of President on any of Members of Tribunal: LB by Majority
 
New Delhi, August 16, 2018
I-T - Approval as 'Industrial Park' u/s 80IA cannot be withdrawn for alleged reduction in building area when in fact no minimum area is prescribed in law: HC
 
Chennai, August 16, 2018
CX - CENVAT Credit of Basic Excise Duty can be utilized for payment of EC & SHE Cess as they are 'duties of excise': CESTAT
 
Ernakulam, August 15, 2018
VAT - Existence of 'mischief' in words of statute is sine qua non for applying Heydon's Rule; is inapplicable where meaning is clearly discernible: HC
 
Mumbai, August 14, 2018
CX - Grant of loan by private limited company to one of its share holders for creating a proprietary unit - whether clearances are to be clubbed for purpose of SSI exemption: CESTAT
 
Mumbai, August 14, 2018
I-T - Sec 80IB benefits cannot be claimed on contract manufacturing without having control over it: HC
 
Ernakulam, August 14, 2018
Wealth Tax - Cash-in-hand kept by proprietary firm being assessable unit is not taxable as 'assets' u/s 2(ea)(vi) when required disclosure was made in its books of accounts: HC
 
Mumbai, August 14, 2018
Maharashtra VAT - As per Rule 53(6)(b) proportionate disallowance of ITC to Mutual Fund Trust is allowed on account of gold which was resold after 6 months from date of purchase under Gold ETF scheme: HC
 
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