News Update

Transaction value in case of levy of export duty - A legal quagmireI-T- Transfer of assessment is valid, where Search & Seizure action u/s 132 reveals assessee to have been operating from the new jurisdiction: HCCBDT eases guidelines for compounding of offencesI-T- Transfer of assessment done for co-ordinated investigation & collection of tax in more convenient or efficient way, is valid: HCGovt transporting onion by rail rake from Nashik to DelhiI-T- Assessee not liable to pay interest u/s 201(1A) for short deduction of TDS, considering the tax already paid by the deductee : HCGovt approves Rs 1256 crore for 4-lane access-controlled Northern Patiala BypassHuge canyon between words and action - India remarks on Trudeau’s statementI-T- Re-assessment is invalid where basic pre-requisite of AO having reason to believe that taxable income escaped assessment, is not satisfied: HCChinese economy clocks 4.6% growth in Q3 but industrial output up by 5.4% in Sept monthRailways cuts down Advance Reservation Period to 60 daysIMF alarmed over soaring debt backdrop and low growth prospectsI-T- Powers conferred under Section 264 are extensive & encompass corrections of errors committed by both subordinate authorities and assessees: HCIsrael kills Hamas chief Yahya Sinwar in GazaIndia preparing for next industrial revolution: MoSBillionaire Mark Cuban scolds Trump on tariff issueI-T- Amortization of expenditure cannot be disallowed in the current AY when the same has been allowed in the preceding & succeeding AYs: ITATZelensky should never have let that war start with Russia: TrumpI-T - Transaction between wholly owned subsidiary and its holding company does not create any unaccounted income or inflated share value for tax evasion purposes unless it is specifically proved: ITATKenyan Senate vote to toss out Dy President out of officeCus - Rule 22 of CESTAT (Procedure) Rules 1982 permits appeals to abate in cases of death, insolvency or winding up - However, Rule 22 is inapplicable to companies under an approved resolution plan: HCCompounding of offences: CBDT eases procedures & cuts back chargesST - Assessee provides Visa Consultancy Services, which in previous years, was held to be Export of Services rather than Intermediary Services, in which case, no tax was leviable thereon - Same applies to present matter: CESTAT
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Shri Samrat Choudhary, Hon’ble Deputy CM & FM of State of Bihar, delivering inaugural speech at TIOL Tax Congress 2024.



Justice A K Patnaik, Mentor to Hon'ble Jury for TIOL Awards 2024, addressing the gathering at the event.