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News Update

PM commissions 3 frontline naval assets NDPS - Seizure of 20kg ganja - Ordinarily, no taxi driver, before allowing to board, asks for passenger details - No incriminating material seized from person - Contraband not hidden - Passengers fled from spot - No material to link taxi driver with contraband: SC GST - COVID-19 - Period between 15.03.2020 to 28.02.2022 stood excluded for limitation as per SC order - Issuance of notifications 13/2022-CT, 9/2023-CT, 56/2023-CT may be an exercise in abundant caution - Petitioners may avail statutory remedy of appeal: HC GST - 'Ratification' done after issuance of Notification No.56/2023-CT will not provide life to it - 'Ratification' cannot be a substitute of 'recommendation': HC GST - Solar Power Generating System would not answer the description of immoveable property - Supply of the Solar generating Power Station is a 'composite supply' and it would not amount to a 'works contract': HC GST - Survey in business premises - If excess stock is found, proceedings u/s 73 or 74 of the Act will come into play rather than u/s 130 of the Act r/w Rule 122 of the Rules, 2017: HC ST - Once tax is not payable in law, there was no authority for the department to retain such an amount, therefore, s.11B provisions would not stand attracted: HC How To Serve Impeached South Korean President Yoon finally arrested I-T- Re-assessment order valid where assessee fails to explain nature & source of certain income disclosed in course of Search operations: HC US SEC sues Musk over delays in disclosure of Twitter purchase I-T - Entire purchases can't be disallowed if AO never doubted production & sales, merely because ITC availed on purchases made by assessee was not admissible and assessee had paid tax under VAT Act: HC Biden’s farewell shot: No import of Chinese vehicles I-T - If AO had not made specific allegation that assessee had paid money through banking channel and received back cash against those payments, then matter shall be remanded to AO to consider afresh: HC US House okays Bill banning transgender athletes from women’s sports I-T - No tax can be levied on advance amount received by assessee for agreed sale proceeds, if no sale of land was actually executed during year under consideration: ITAT Meta to lay off 5% of poor performers I-T - 'Shastras & scriputres' define only way of life of civilized society and they are definitely not religion specific for benefit of public at large, and hence no reason to deny exemption u/s 80G(5) to trust: ITAT Gaza ceasefire deal likely to be locked I-T- When new flat is obtained on transfer of old flat, assessee's claim for deduction u/s 54 of the Act is justified: ITAT Govt appoints Justice D K Upadhyaya as CJ of Delhi HC & Justice Alok Araddhe as CJ of Bombay HC Coal imports drop by 3.1% during April-October, 2024 VAT - Assessment order passed on estimate basis is upheld where assessee does not maintain accurate records or books of accounts: HC PoK is nothing more than foreign territory to Pakistan: RM Cus - Delays be dealt with liberally, especially when there is no deliberate attempt to delay filing of refund claims; rejecting refund claims on technical grounds of limitation, is not tenable: CESTAT PM launches 'Mission Mausam', releases IMD Vision-2047 document CX - Assessment order passed without granting personal hearing; assessee's difficulties in participating in adjudication due to COVID pandemic overlooked - case remanded: CESTAT MNRE issues Guidelines for implementation of PM-Surya Ghar CX - Rejection of assessee's refund claims without issuing a Show cause notice or giving valid reasons for rejecting claims, contravenes principles of natural justice: CESTAT

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TIOL BUDGET ANALYSIS 2024-25

GSTAT to deal with Anti-Profiteering cases
By TIOL News Service
July 24, 2024

Budget bonanza for MSMEs - Easier access to credit; boosting export capacity
By TIOL News Service
July 23, 2024

Budget 2024 promotes New income tax regime; offers new tax slabs as sop
By TIOL News Service
July 23, 2024

The GST Summons: A relative can appear!
By TIOL News Service
July 23, 2024

Conditions for revocation of cancellation of registration - May be, maybe not!
By TIOL News Service
July 23, 2024

FM offers fiscal sops if land reforms are done within next 3 yrs
By TIOL News Service
July 23, 2024

Angel tax dumped for all classes of investors
By TIOL News Service
July 23, 2024

Deduction hiked on non-govt employers' contribution to pension scheme
By TIOL News Service
July 23, 2024

Budget 2024: Gold, Cellphones, Cancer medicine now cheaper
By TIOL News Service
July 23, 2024

Benami Act: Immunity can now be withdrawn on IO report
By TIOL News Service
July 23, 2024

Benami Act: 90 days time limit proposed to reply to notice
By TIOL News Service
July 23, 2024

TPO gets powers to deal with domestic transactions
By TIOL News Service
July 23, 2024

One more Vivad Se Vishwas Scheme; Date to be notified
By TIOL News Service
July 23, 2024

No deduction u/s 37 for settlement amount if paid for violation of any law
By TIOL News Service
July 23, 2024

FM proposes to lessen tedium of TDS; reduces rates in many cases
By TIOL News Service
July 23, 2024

FM overhauls capital gains regime; to come into play from today
By TIOL News Service
July 23, 2024

Tourism: Temple corridors to be developed in Bihar
By TIOL News Service
July 23, 2024

3.4% of GDP allocated as Capital expenditure to support infra sector
By TIOL News Service
July 23, 2024

Income tax - Finance bill revamps re-assessment regime again
By TIOL News Service
July 23, 2024

Income tax - Search & Seizure cases - Block assessment is back
By TIOL News Service
July 23, 2024

TIOL Tube

Former Prime Minister, Dr Manmohan Singh, delivering his Award Acceptance Speech after receiving TIOL Fiscal Heritage Award 2022 on Nov 8 at Taj Palace, New Delhi

January 15, 2025 | New Delhi

Coal imports drop by 3.1% during April-October, 2024

January 15, 2025 | New Delhi

PoK is nothing more than foreign territory to Pakistan: RM

January 15, 2025 | New Delhi

PM launches 'Mission Mausam', releases IMD Vision-2047 document

January 15, 2025 | New Delhi

MNRE issues Guidelines for implementation of PM-Surya Ghar

December 18, 2024

Multiple Adjournments of Appeals, After Issue of Final Order - Attempt to Restore Them

November 25, 2024

Import of Elisa Test Kits and Reagents with Benefit of Notification

VISION 360 - January 2025

VISION 360 -
'A Treasury of Key Tax &
Regulatory Developments!'

January 2025 Edition

Technical Session I - Ease of Doing Business: GST on Digital Economy

January 15, 2025

I-T - Form No. 35A signed by Authorized Representative is only irregularity which is curable u/s 292B and not illegality: ITAT

January 15, 2025

TP - Bank guarantees cannot be compared with international transaction of corporate guarantees provided to AEs: ITAT

January 15, 2025

A&C - Where reference application u/s 8 was made long after expiry of outer limit of 120 days from date of service of summons, such reference could not be construed to have been made at earliest: HC

January 15, 2025

IBC - During CIRP, RP is continuously making payment of license fees and Applicant is accepting that payment, so there is no merit in prayers made by Applicant seeking possession of property: NCLT

Income Tax	Customs	Excise	Service Tax	FEMA	DGFT	SEZ	Misc	Pitara	Budget
Faceless Scheme Direct Tax Vivad se Vishwas Black Money Basket Benami Act BM Cases e-Assessment Notifications Circulars Instructions SC Cases HC Cases ITAT Cases Advance Ruling Other Cases Directorate of Income Tax (Systems) Citizen's Charter Reports	Tariff Notfn Valid Tariff Notfn Non Tariff Notfn Valid Non-Tariff Notfn Circulars Customs Tariff Act Import Tariff Export Tariff SC Cases HC Cases Cestat Cases Safeguard Duty Notfn Advance Ruling Anti-dumping Notfn Settlement Drawback Cases CVD MISC Circulars N T/CAA/DRI Customs Rules	Sabka Vishwas Scheme 2019 Central Excise Bill 2024 Valid Non Tariff Notfn CCRs - 2017 Central Excise Rules Valid Tariff Notfn Tariff Notfn Non Tariff Notfn Circulars SC Cases HC Cases Cestat Cases Advance Ruling Cesses Notifications Excise Amendment MISC Circulars Settlement Commr.(A) Order Tribunal	Sabka Vishwas Scheme 2019 Accounting Head Notifications Service Tax Rules Circulars SC Cases HC Cases Cestat Cases Advance Ruling FAQ Finance Act, 1994 Commr. (A) Orders Removal of Difficulty VCES Miscellaneous	FEO Act DIPP Notification FDI Approved Exchange Manual Fema Notifications SC Cases HC Cases RBI Notifications RBI Circulars Act Rules Regulations Master Circulars PMLA Notifications Depository Scheme Press Note	Notifications Circulars Public Notices Trade Notice FTDR Amendment 2010 MISC	SEZ - Annexures & Forms Notifications Instructions Act 2005 Rules 2006 DGEP State Acts State Policy MISC	SC Cases HC Cases VAT Cases Miscellaneous	TPRU Service News Promotion Transfer Deputation Posts Cadre Review Transfer Policy Training Circulars Recruitment Rules Pay Commission Service Cases Empanelment MISC	Budget Speeches Union Budgets Economic Surveys TRU - D. O. Letter Finance Acts Finance Bill Budget Circular Finance Commission