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News Update

Globalisation not yet dead, courtesy ally-shoring, near-shoring & re-shoring!Cloud burst - flash floods - 80 including 22 army personnel missing in Sikkim I-T- Prohibition of Benami Property Transaction Act - High Court need not interfere with order sanctioning prosecution of accused person, where proceedings are at premature stage & where subsequent facts and clarifications will emerge only after prosecution is commenced: HC Soccer’s 2030 World Cup to be held in 3 countries - Spain, Portugal & Morocco + Saudi eyeing 2034 World Cup I-T- Assessment order passed 3 days after issuing Show Cause Notice - Principles of natural justice contravened as Assessee barely given any time to furnish reply to notice: HC I-T- Revisionary order nowhere mentions how original assessment order is erroneous or prejudicial to revenue's interests; power of revision need not be exercised: HC 40 lakhs Americans jabbed updated Covid vaccine in Sept month I-T- Revenue must proceed on the basis that Assessee need not pay any tax, where appeal is settled in Assessee's favor - any tax paid by Assessee despite not being required to do so, is refundable - Revenue's refusal to refund such tax paid leads to unjust enrichment & is invalid in law: HC Cus - Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010 - Appellant-Courier deliberately submitted incorrect information to Department in respect of consignments imported by the Appellant - Violation of the Regulations also entail breach of trust by the Appellant - Revocation of couriers' license is upheld: CESTAT Quake of 6.3 magnitude scares Philippines I-T- Section 153C is only an enabling provision to issue notice notwithstanding anything contained in Sections 139, 147, 148 of I-T Act; Section 153C does not preclude Department from issuing notice for re-assessment u/s 148A to complete assessment u/s 147: HC CX - Since Appellate authority has not considered the contentions of Appellants and passed non-speaking Order, Adjudicating Authority is directed to consider all the issues and after hearing the appellant to pass a reasoned order: CESTAT UK fears Russia may mine black sea - Huge risk for civilian shipping I-T- Deduction u/s 80P cannot be denied solely because ITR was filed belatedly, for reasons beyond control of Assessee, more so where mandate of filing ITR within due date didnt exist in relevant AY: ITAT ST - Since there is no obligation on part of media/media house to give any incentive, receipt of commission/volume discount are voluntary and gratuitous in nature, interference by Tribunal in impugned order absolving liability of assessee from payment of Service Tax is uncalled for: CESTAT Nobel Prize for chemistry goes to three scientists for development of quantum dots I-T - If AO has not specified charges for which he wishes to visit assessee with penalty, then penalty order is not sustainable: ITAT I-T - If payee/recipient had reflected certain income in his return, he cannot be held to be in default so as to call for any disallowance u/s 40(a)(ia): ITAT Cabinet okays Terms of Reference for Krishna Water Disputes Tribunal - II LuaDream - CERT-In issues alert against new malware targeting telecom sector Cabinet nod to promulgation of Tenancy Regulations for 3 Union Territories Yet another shooting incident in Baltimore, USA; 5 persons injured NIIF, Japanese Bank for International Cooperation to collaborate on strategies to cut carbon emissions Dress and Address in Courts OECD brokers multilateral convention to implement Global Minimum Tax subject to tax rule

Untitled Document

EDITORIAL

Taxindiaonline.comt

Parliament should periodically debate CAG reports
Published: December 23, 2016

Invoke Cooperative Federalism to Check Tax Uncertainty
Published: December 02, 2016

Piecemeal initiatives like Demonetisation can't kill black money & bribery
Published: November 11, 2016

Policy makers in debt-stressed nations should act on IMF's recipe
Published: October 20, 2016

Rail Budget merger without holistic reforms implies window-dressing
Published: September 28, 2016

Fast-track enactment & enforcement of anti-corruption laws
Published: September 02, 2016

Pool CAG's compliance audit findings into State of Governance Report
Published: August 13, 2016

Shed inertia over public debt reforms
Published: July 28, 2016

Manage PM-defined 'personal Sector' By Monitoring Mudra & Its Ilk
Published: July 13, 2016

Revenue Deptt. can do wonders if it follows PM's RAPID mantra
Published: June 22, 2016

Capital Good Policy Execution can make or mar or #Make In India
Published: June 03, 2016

Smugness over pace & direction of Fiscal Reforms not good for growth
Published: May 13, 2016

Galloping wilful defaulters mock at Indian banking sector
Published: May 06, 2016

Panama Papers give timely stimulus to global tax cooperation
Published: April 20, 2016

Modi Govt to shift gears from incremental reforms to innovative ones
Published: April 03, 2016

India needs Transformational Agenda to check revenue leakages
Published: March 16, 2016

Manage NPAs through a multi-facet approach
Published: February 26, 2016

Budget should fresh light on GAAR and BEPS
Published: February 10, 2016

Substitute piecemeal approach with a composite one to fuel growth
Published: January 24, 2016

Substitute piecemeal approach with a composite one to fuel growth
Published: January 08, 2016

TIOL Tube

A Tete-a-tete with Larry Summers

VISION 360 - June 2023

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

September 2023 Edition

October 04, 2023 | New Delhi

Cabinet okays Terms of Reference for Krishna Water Disputes Tribunal - II

October 04, 2023 | New Delhi

Cabinet nod to promulgation of Tenancy Regulations for 3 Union Territories

October 04, 2023 | New Delhi

NIIF, Japanese Bank for International Cooperation to collaborate on strategies to cut carbon emissions

October 04, 2023 | New Delhi

Hardeep Puri urges OPEC to consider imbuing affordability in oil prices

TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

October 03 , 2023

TP - Transfer pricing adjustment made on account of corporate charges for technical, marketing and administrative support services availed from its AE, is not tenable where Assessee's transfer pricing study has over a long time been conducted using TNM method: ITAT

September 29, 2023

DTAA - Payment of consideration would be regarded as Fee for technical/Included Services only if the twin test of rendering services and making technical knowledge available at the same time is satisfied: ITAT

October 03, 2023

IBC - IBC does not permit admission of claims post approval of Resolution Plan by Committee of Creditors : SC

October 03, 2023

Companies Act - Order for dissolution of company can be passed as no fruitful purpose shall be served by keeping winding up proceedings alive : HC

Mr. Vishweshwar Mudigonda, Partner, Deloitte Touche Tohmatsu India LLP sharing his thoughts at the TIOL Awards 2022 event.

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