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of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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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Ahmedabad, July 27, 2018
I-T - 'Full and true disclosure' u/s 245C mandates not just disclosure of income but also manner in which such income is derived: HC
 
Ahmedabad, July 27, 2018
Income Tax - SETCOM's determination of capital gains goes beyond scope of judicial review where based on proper appreciation of facts & materials: HC
 
Mumbai, July 27, 2018
I-T - When company with poor financial performance is able to issues shares at premium and AO does not investigate nature and justification of premium then it is a valid case to pass order u/s 263: ITAT
 
Chennai, July 27, 2018
Cus - Drawback -It cannot be stated that power under Rule 17 is in derogation of other provisions of Rules - Central Government, under Scheme of Act and Rules, is Revisional Authority: High Court
 
Chennai, July 26, 2018
CX - Natural Justice - Provision of s.33A of CEA, 1944 shall not be read to give a meaning that it excludes personal hearing to those who did not ask for it: High Court
 
New Delhi, July 26, 2018
I-T - If AOs of searched person & 'other person' are different, pre-amended provisions of Sec 153C(1) still mandate AO of 'other person' to record its satisfaction before making reassessment: ITAT
 
Chennai, July 25, 2018
I-T - Process of filling mushroom powders into empty gelatine capsules amounts to manufacture: HC
 
New Delhi, July 25, 2018
Income Tax - CBDT must create platform enabling assessees to opt out from mandatory requirement of linking PAN with Aadhar number: HC
 
New Delhi, July 25, 2018
ST - Reimbursements made to petitioner of amounts paid to senior counsel for services rendered to third party clients in form of representation in Courts cannot be included in value of service: HC
 
Mumbai, July 25, 2018
I-T - If AO fails to carry out enquiry qua confession made during search pertaining to bogus entries of share capital for assessee, which is basis for initiating re- assessment, then CIT is correct in exercising power u/s 263: ITAT
 
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