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Chinese economy spikes by 5.3% in first quarter UPSC releases results of Civil Services 2023; Aditya Srivastava tops the list India’s exports marginally dips into minus in March month Diversion of goods imported under Advance Licence to Open Market: Mens rea upheld Seasonal rainfall likely to be 106 % of Long Period Average: IMD Workshop held for Eco-friendly Measures for Holistic National Highway Development I-T- Mere existence of power to assess or reassess six AYs' immediately preceding AY corresponding to year of search or 'relevant assessment year' would not justify invocation of Section 153C - HC What was Biden’s income in 2023? - ITR shows USD 6.2 lakh I-T - Act & Rules thereto provide a method for service of notices & orders; communication of notices before any action is taken, is mandatory: HC Mumbai Police nabs two shooters involved at random firing at Salman’s house I-T- Assessee cannot be expected to be logged in to I-T portal at all times, so as to be notified of actions taken by Department: HC IRS fears spurt in crypto tax evasion cases I-T - Expenses written off is only allowable if assessee offers said amount as income in previous years: HC Breast cancer to kill over 10 lakh women by 2040: Lancet Report I-T- Deduction u/s 35(1)(ii) in respect of donation made to scientific research institute, is rightly denied, where no evidence is furnished to show valid approval was taken from prescribed authority for taking donation: ITAT China’s bubble tea stirs global buzz I-T- Penalty imposed u/s 271(1)(c) merits being quashed where exact charge between concealment of facts and furnishing inaccurate particulars of income, are not specified : ITAT Samsung gets USD 6.4 bn in subsidy for Texas chip production I-T- Penalty is unwarranted where the complete factual data pertaining to Assessee's claim was also available before AO during the course of assessment : ITAT India to resume FTA talks with EU next month I-T- Assessee has not involved in manipulation of stock prices for purpose of earning bogus LTCG : ITAT PM says he has big plans for country TCS to hire 25K freshers in 2025 GST - Retrospective cancellation of registration - Complete non-application of mind - Order refers to a reply filed whereas fact is that the proprietor had passed away and no reply had been filed: HC Election Commission seizes over Rs 4600 Cr cash - highest for LS polls GST - Proper officer has not applied his mind but dismissed the reply submitted as not satisfactory - Order set aside and matter remitted: HC IMD says it is likely to be above-normal Monsoon for India Protesters demanding restoration of monarchy and Hindu State lathicharged in Kathmandu


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New Delhi, November 27, 2013 I-T - Whether when assessee purchases shares at a price lower than quoted market price, there is any provision in I-T Act to tax the deemed difference between the two - NO: Delhi HC

Mumbai, November 27, 2013 By no stretch of imagination imported goods can be considered as exempted goods - question of invoking Rule 6 of CCR and demanding @10% on value of traded goods would not arise at all - Demand of Rs.298 Crores unsustainable: CESTAT

Ahmedabad, November 26, 2013 I-T - Whether legal heir is automatically deemed to be assessee upon death of original assessee - NO: ITAT

Mumbai, November 26, 2013 ST – Rule 6 - Appellant availing CENVAT in respect of common inputs and input services and using same in processing of goods, cleared on payment of ST under BAS & under exemption 8/2005-ST - appellant prima facie liable to pay 6%/8% of the price of exempted services: CESTAT

Mumbai, November 26, 2013 CENVAT - Merely because various machinery, equipment, appliances and parts have been assembled at site to set up Oxygen Plant and such plant being an immovable property, it will be preposterous to deny credit - Appeal allowed: CESTAT

New Delhi, November 25, 2013 VCES: Trade throws a volley of questions at FM; CBEC issues detailed clarifications

Mumbai, November 25, 2013 ST - As Electricity is goods chargeable to duty under CE Tariff as well as under Maharashtra VAT supply of electricity to tenant amounts to sale of goods and not supply of service - In terms of Notfn. 12/03 value of goods supplied by service provider is exempt from ST: CESTAT

Panaji, November 25, 2013 Whether provisions of deemed dividend extend to related parties also - NO: HC

New Delhi, November 25, 2013 Cus - one sided adjudications based upon allegations made in SCN needs to be avoided as same shakes public confidence in administration of justice - reference to number of personal hearings in sec 122A is after due adjudication process - Matter remanded: CESTAT

Chennai, November 24, 2013 FM says 70% exports cargo to be cleared without physical examination; Exporters seek Export Development Fund

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April 16, 2024

TP - Not adopting mandatorily prescribed methods to determine ALP in respect of fees of technical services payable by Assessee to its AE, make entire Transfer pricing Agreement unsustainable: ITAT

April 16, 2024

TP - If any third party rate is not considered for particular date of contract due to non availability of data, would not enable TPO to reject method adopted by assessee: ITAT

April 16, 2024

Companies Act - ROC's decision of rejecting application for conversion is not contrary to legislative intent of Section 18 : HC

April 16, 2024

PMLA - If criminal case against person is quashed then there can be no offence of money laundering against him : HC

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