News Update

Interest on Delayed Payment of TaxBJP serves notice on Jayant Sinha for not casting voteI-T- Unexplained income - That assessee was trading in shares of a company suspended from Stock Exchange cannot per se lead to suspicion, where transactions in question are not proven as bogus: HCWoman kills live-in partner with aid of brother in GurugramI-T- Power of revision u/s 263 cannot be exercised with regard to those items which were not subject matter of scrutiny by the AO during original assessment: ITATRed alert for 5 days in Delhi as mercury soars to 47.4 degreesI-T- AO can extend scope of limited scrutiny to complete scrutiny only if information is received of the assessee having evaded payment of tax: ITATBiden says Israel Gaza war is not genocide; flays ICC’s prosecutor for demanding Israeli PM arrestI-T- Assessee is not guilty of furnishing inaccurate particulars of income, where no information given in ITR is found to be incorrect or inaccurate: ITATCBI files case for online sexual abuse of Australian minor girlI-T- Amount received by employee from employer as compensation for loss of employement, on closure of company, partakes character of capital receipt; amount not taxable in employee's hands: ITATUS, Saudi Arabia close to inking defence deal: White HouseI-T- Sec 69A is not applicable for the assets/transactions recorded in the Books of Accounts: ITATAs inflation bites, Australia offers subsidy for rent and energyI-T- Additions framed vide assessment order not tenable, where revisionary order u/s 263, based on which such additions were framed, was itself quashed: ITATRising mercury killing howler monkeys in MexicoDAHD, UNDP sign MoU on Digitalization of Vaccine Cold Chain ManagementCX - Assessee has correctly availed cenvat credit on the amount of service tax paid for services provided by dealers to customers on behalf of appellant for fulfilling their warranty obligations: CESTATEPFO adds 14.41 lakh net members during March monthST - Demand for short payment of Service Tax, without firstly determining grounds on which such short payment was liable to be recovered, were made out without any legal basis in the impugned order and therefore, on this ground itself the impugned order is not sustainable: CESTATIncubation Centre inaugurated at DPIIT's National Council for Cement and Building MaterialsST - The issue of service tax liability in respect of general insurance premium has already been dealt in elaborately by the Tribunal in the case of Bajaj Allianz General Insurance Co. Ltd. holding that the service tax liability is calculated on the basis of prevalent rate of Service Tax at the relevant period on the amount of premium received and that the enhanced rate of service tax is not applicable to the policies, which were issued prior to the enhancement of the rate: CESTATBaramulla is heading for highest turnout in last 8 Lok Sabha electionsCus - Appellant's request for conversion of free shipping bills to drawback shipping bills cannot be accepted for the reason it changes entire nature of Shipping Bills and it is not merely amendments to them CESTAT


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Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.


Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.