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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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Ahmedabad, May 12, 2018 I-T - If ITAT has deleted additions for block period, it will not impact additions made in current AY: HC

Ahmedabad, May 11, 2018 I-T - HC cannot give finality to an issue even if, same was never discussed at time of original scrutiny assessment before AO: HC

Ahmedabad, May 11, 2018 I-T - Process of cutting and polishing diamonds amounts to manufacture and eligible for deduction u/s 10B of Act: HC

Ahmedabad, May 11, 2018 VAT - Over 400-day delay in Department's appeal due to misplacing of relevant documents by Govt Pleader's office is condonable: HC

Chandigarh, May 11, 2018 CX - CENVAT - Inputs sent to job worker returned as rejected/spoiled - no cause for denial of credit: CESTAT by Majority

Ahmedabad, May 11, 2018 I-T - Due date has no role in deciding eligibility of contributions made to PF for seeking benefit of deduction u/s 36(1)(va): ITAT

Chandigarh, May 11, 2018 CX - Purchasing engine/pump/base frames, undertaking inspection/testing for proper alignment and packing all three items in master carton for selling as pump sets - activity �manufacture�: Tribunal by Majority

Chandigarh, May 11, 2018 I-T - Simple opinion regarding unsubstantiated genuineness of transaction, without any corroboration, will not aid Revenue in enforcing Sec 68 provisions: ITAT

Ahmedabad, May 10, 2018 I-T - Assessing officers are not barred from seeking information from Investigation Wing, before applying their mind for reopening a settled assessment: HC

Ahmedabad, May 10, 2018 I-T - Interest earned by finance company by advancing funds for trading in shares and securities, are chargeable to tax under Interest Tax Act: HC

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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

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