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of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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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New Delhi, March 12, 2014
ST - activity of site formation, excavation of top soil and overburden has to be treated as activity ancillary to mining and since overall contract is for mining and as such it is an indivisible contract - Demand for period 16/6/05 to 31/5/07 set aside: CESTAT
 
New Delhi, March 12, 2014
Income tax - Whether return of fund received by assessee from Central Govt towards equity but no shares allotted and interest was paid on same, can be construed as business expenditure - YES: Delhi HC
 
Mumbai, March 12, 2014
Settlement - A course of settlement is available only where petitioners on their own want to make clean breast of their affairs and not where petitioner wants to resist notices by challenging several statements relied upon by Revenue - Petition dismissed: HC
 
Chennai, March 11, 2014
Cus - Appeal against orders of Tribunal - SCN issued by Vizag Customs - Order passed by Appellate Commissioner at Hyderabad - Next Appeal passed by CEGAT, Chennai - Appeal lies to AP High Court and not Madras High Court
 
Mumbai, March 11, 2014
Income tax - Whether where assessee's intention is to earn long-term income from investment made out of own funds and Revenue has accepted same in preceding years, gains from same investment can be treated as business income - NO: ITAT
 
Mumbai, March 11, 2014
CENVAT - Activity of sieving & packing is not notified as manufacturing in respect of goods falling under Chapter 25 - hence it cannot be said that appellant manufactured exempted goods - since appellant has taken credit of 4% SAD on imported inputs, they are required to reverse the same: CESTAT
 
Mumbai, March 10, 2014
Cus - Project Import - materials imported for one unit of specified project cannot be used elsewhere in any other unit - Benefit of concessional rate of duty not available - Appeal dismissed: CESTAT by Majority
 
New Delhi, March 10, 2014
Income tax - Whether expenditure incurred by assessee company on foreign studies of Director's son working as employee and furnishing bond to work for longer period after studies are over, is business expenditure u/s 37 - YES: HC
 
Mumbai, March 10, 2014
CX - s. 2(f) - Plastic films subjected to printing using rotogravure cylinders - Later, laminated by binding & laminates then taken for slitting into proper size - process amounts to manufacture - no reversal of CENVAT credit: CESTAT
 
New Delhi, March 09, 2014
Upswing in political sensitivity in India: Number of unrecognised political parties goes up by more than 100% since 2004
 
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