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Globalisation not yet dead, courtesy ally-shoring, near-shoring & re-shoring!Cloud burst - flash floods - 80 including 22 army personnel missing in SikkimI-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: HCSoccer’s 2030 World Cup to be held in 3 countries - Spain, Portugal & Morocco + Saudi eyeing 2034 World CupI-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: HCI-T- Revisionary order nowhere mentions how original assessment order is erroneous or prejudicial to revenue's interests; power of revision need not be exercised: HC40 lakhs Americans jabbed updated Covid vaccine in Sept monthI-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: HCCus - 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: CESTATQuake of 6.3 magnitude scares PhilippinesI-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: HCCX - 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: CESTATUK fears Russia may mine black sea - Huge risk for civilian shippingI-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: ITATST - 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: CESTATNobel Prize for chemistry goes to three scientists for development of quantum dotsI-T - If AO has not specified charges for which he wishes to visit assessee with penalty, then penalty order is not sustainable: ITATI-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): ITATCabinet okays Terms of Reference for Krishna Water Disputes Tribunal - IILuaDream - CERT-In issues alert against new malware targeting telecom sectorCabinet nod to promulgation of Tenancy Regulations for 3 Union TerritoriesYet another shooting incident in Baltimore, USA; 5 persons injuredNIIF, Japanese Bank for International Cooperation to collaborate on strategies to cut carbon emissionsDress and Address in CourtsOECD brokers multilateral convention to implement Global Minimum Tax subject to tax rule

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A Tete-a-tete with Larry Summers

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

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