News Update

Unveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesI-T- Secured creditor has priority charge over secured asset, over claims of I-T Department & other Departments; any excess amount recovered by Secured Creditor from auction of secured asset, over & above the dues payable to it, are to be remitted to the Departments: HCFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesI-T - Once assssee on year of reversal has paid taxes on excess provision and similar feature appeared in earlier years and assesee had payments for liquidated damages on delay of deliverables, no adverse inference can be drawn: HCFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerST - Software development service & IT-enabled service provided by assessee was exempt from tax during relevant period, by virtue of CBEC's Notification & Circular; demands raised for such period not sustainable: CESTATUN says Households waste across world is now at least one billion meals a dayCus - Order rejecting exporter's request for conversion of Shipping Bills on grounds that the same has been made by exporter beyond period of three months from date of Let Export Order in terms of CBEC Circular No. 36/2010-Cus : CESTATIndia, China hold fresh dialogue for complete disengagement on Western borders: MEACus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTATThakur says India is prepared for 2036 OlympicsCX - As per settled law, a right acquired as result of a statutory provision, cannot be taken away retrospectively unless said statutory provision so provides or by necessary implication has such effect: CESTAT
 
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New Delhi, March 14, 2018
I-T - Setback for Nokia; HC rules clock starts ticking for period of Special Audit from date on which AO directs assessee to get his accounts audited and not date on which such order is received by assessee
 
Kolkata, March 14, 2018
I-T - Disposal of shares by Principal in hands of its wholly owned subsidiary, will not attract capital gains tax: ITAT
 
New Delhi, March 14, 2018
I-T - Non-occupancy charges collected by assessee beyond certain limit of maintenance charges cannot be said to be falling outside purview of mutuality even if they are used for common benefit of contributors: Supreme Court
 
Mumbai, March 14, 2018
I-T - A Court can allow admission of appeal beyond period of limitation provided it is satisfied with bona fide reasons for delay: Bombay HC
 
Bangalore, March 14, 2018
CX - Indifferent attitude of Department is arbitrary exercise of power denying legal entitlement of assessee - Order denying credit quashed: High Court
 
New Delhi, March 14, 2018
ST - Notfn. 03/2011-CX(NT) clarifying that 'exempted services' includes 'trading' cannot be considered as having retrospective effect: CESTAT
 
New Delhi, March 14, 2018
CX - Services used for painting factory building and plant & machinery are appropriately classifiable under category of 'renovation or repair of factory' and CENVATable: CESTAT
 
New Delhi, March 13, 2018
I-T - Mere statement that sum surrendered during Search is undisclosed income but not disclosing source of such income, is not to be construed as satisfaction of conditions u/s 271AAA: HC
 
Mumbai, March 13, 2018
ST - COD - Direct recourse taken to publication of notice in terms of S.37C(1)(c) without following procedure u/s S.37C(1)(b) - whether service of order valid? - Matter remanded: HC
 
Bangalore, March 13, 2018
I-T - Forfeiture of earlier reopening notice for relevant year, will not prohibit Department from issuing second one, merely on basis of 'change of opinion': ITAT
 
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