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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Mumbai, April 02, 2014
Cus - Appellant was not importer but somebody played fraud by using their name - goods confiscated - Commr(A) exonerated appellant but asked for probe in possible connivance - as Commr(A) exceeded his jurisdiction, this portion of order set aside: CESTAT
 
Mumbai, April 01, 2014
Cus - Export of IC in excess of Rs.5000 – whether absolute confiscation of seized currency is warranted or whether offence is only procedural – since there are two contrary decisions, matter referred to Larger Bench: CESTAT
 
Mumbai, April 01, 2014
ST liability on 'Insurance Auxiliary Service' payable by provider of General & Life Insurance as service recipient on reverse charge basis can be discharged by utilizing CENVAT credit - Demand in Crores set aside: CESTAT
 
Mumbai, April 01, 2014
Income tax - Whether in case of a Survey u/s 133A, if a statement is recorded on oath it loses its evidentiary value - NO: Bombay HC
 
Mumbai, April 01, 2014
CX - Notifn 10/97 - Clearance of Optical fibres and cables - fibres/cable in running length of 88 km cannot be considered as accessories/spare parts - exemption not available: CESTAT
 
New Delhi, March 31, 2014
Service Tax - Existence of a dispute before Tribunal on taxability for previous period is no bar on VCES : High Court
 
New Delhi, March 31, 2014
Income tax - Whether assessee-Trust would lose exemption for entire income even if there is one instance of application or use of income or property of Trust directly or indirectly for benefit of any prohibited person - YES: Delhi HC
 
Mumbai, March 31, 2014
CENVAT - Appellant, manufacturer of vehicles and also trading in auto imported from foreign parent - common input services - for disputed period, credit of ST paid on common input should be apportioned in same ratio as turnover - extended period rightly invoked: CESTAT
 
Mumbai, March 31, 2014
Cus - Vessel arrived at Marmagao port and after conducting dredging for a month it sailed - fact that nobody objected dredging meant that necessary documents were submitted to Customs - it cannot be alleged that facts were suppressed: CESTAT
 
New Delhi, March 30, 2014
Import of Fax - classification under CTH 8443 3260 at Nil rate on ground that machine is capable of connecting to network - however, technical data proves that goods lacked in capability - prima facie there was deliberate misdeclaration: CESTAT by Majority
 
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