News Update

IBC - Persons with high ideals and impeccable integrity should be appointed as Members in NCLT as well as NCLAT, and there should not be any political appointment: SC LB (See 'TIOLCorplaws)PMLA - Sec 197(1) CrPC which provides that prior sanction from government is required to prosecute public servants & judges for offences alleged while discharge of public duties, will apply to PMLA cases: SC (See 'TIOLCorplaws')Undervaluation of Imported Aluminium Scrap (Part 4 of series)Safari FalloutRule 96(10) - An end to the unceremonious Rule?What is the measure of 'sufficient information' in claiming FTA benefits?Justice Sanjiv Khanna sworn in as 51st Chief Justice of IndiaI-T- Additions framed u/s 69 unwarranted where assessee has sufficient cash to justify bank deposits made in its account, even after accounting for potential expenses: ITAT10 RRBs undergo performance review; credit, digitisation top agendaCanadian Foreign Ministry denies blocking Australia Today news outlet for broadcasting interview featuring Indian Foreign Minister Dr JaishankarI-T - Commission income from such sale of agriculture produce on behalf of farmers duly offered for tax in ITR, merits TDS deduction both u/s 194H and 194Q: ITATDARPG campaign clears 5.55 lakh public grievance casesBitcoin rides red wave in USA; surges to record highsCAQM dials up measures to check soaring AQI levels in NCRI-T- Undisclosed income - additions framed based on statements taken from third parties, are invalidated where assessee is not permitted to cross examine deponents of such statements: ITATUS Federal Court exonerates Meta founder Mark Zuckerberg from personal liability in 25 lawsuits involving social media addiction amongst childrenI-T- Addition u/s 68 are unsustainable where assessee has successfully explained nature & source of alleged unsecured loan & has proven identity, creditworthiness of cash creditors & genuineness of transactions : ITATCairo city redevelopment takes over cemeteries; citizens exhume the deadI-T- Addition u/s 69A was unjustified, as there was no concrete evidence to suggest that the cash deposits were from undisclosed sources: ITATNGT panel lambasts UP State Government for proposal to cut over 37700 trees for proposed Kanwar Yatra route developmentVAT - Statutory dues, including those owed to the Central or State Government, if not incorporated in the resolution plan, are extinguished upon approval of the Resolution Plan under IBC: HCMahendra Singh Mewar of erstwhile Mewar royal family passes away at 83Misc - Recovery of Debts & Bankruptcy Act 1993 - Sales Tax Department's charge on property imposed prior to its purchase by the petitioner in a public auction, is unsustainable, given execution of the certificate & deed under the Act: HCGovt likely to approve new credit guarantee scheme for MSMEs: FMST - Any suppression or mis-statement of facts, must be wilful in order to justify invoking extended period of limitation: CESTATCanada abandons student visa scheme on immediate basisST - Providing gifts, free holidays & airline tickets to corporate clients is covered under Tour Operator Service, where direct contracts with customers established that assessee provided such services independently, without principal-agent relationship with corporate clients - Rebate rightly claimed: CESTATIncome tax raids premises of Jharkhand PS residenceCX - As is trite law, when duty is accepted by Department against clearance of manufactured product, CENVAT Credit availed by manufacturer cannot be denied: CESTATBomb blast at Pak railway station - 24 killed & 46 hurt; BLA stakes claimCX - It is trite law that once Cenvat credit availed stands reversed, the same is equivalent to credit not having being taken: CESTAT

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Conferment of TIOL Awards 2024. The event was held on October 1, 2024 at Taj Palace, New Delhi



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