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of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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, February 27, 2014
DRI fumbles on drug seizure - Delhi High Court refuses to grant leave to appeal against order of Trial Court
 
Mumbai, February 27, 2014
Cus - Release of vessel - Stay order passed by CESTAT was not only an order in exercise of power u/s 129E dispensing with need to deposit duty but also in exercise of inherent jurisdiction as appellate authority: HC
 
New Delhi, February 26, 2014
ST - Appeal dismissed for non-compliance of pre-deposit - Commr (A) has power to hear case for RoM of pre-deposit order; Appeal to Tribunal is maintainable against order dismissing appeal for failure of pre-deposit: CESTAT
 
Bangalore, February 26, 2014
Income tax - Whether Sec 10A benefits are available in case a partnership firm gets converted into a company with partners becoming shareholders and dissolution of firm involves no transfer of assets - YES: HC
 
Ahmedabad, February 26, 2014
CENVAT - Sales Commission are not Input Services - If there is any conflict between jurisdictional HC and Circular, decision of HC is binding on Revenue rather than Circular - Credit rightly denied by CESTAT - Appeal dismissed: HC
 
Mumbai, February 26, 2014
Cus - Boric Acid imported for non-insecticidal purpose - in view of Sect 38 of Insecticides Act appellants are not required to obtain any permission from Govt - they are entitled for benefit of DFIA Scheme: CESTAT
 
New Delhi, February 25, 2014
FTP - Refund of Terminal Excise Duty - Clearance to EOU - Deemed export entitled for refund of TED: High Court
 
New Delhi, February 25, 2014
Income tax - Whether mere filing of application for settlement adversely affects powers of Assessing Officer in any manner - NO: HC
 
Mumbai, February 25, 2014
CENVAT - Transfer of credit on sale of factory - Condition of transfer of liability is applicable when there is a change in site of factory - in present case, factory has not been shifted - only ownership changed - Matter remanded: CESTAT
 
Ahmedabad, February 24, 2014
FTP - DGFT has no power to legislate - power to frame Duty Drawback Rules can be legislated by Central Government only and same cannot be delegated to DGFT: High Court
 
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