News Update

Govt orders mandatory declaration of stock position of wheatCPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCGovt issues advisory against calls impersonating DoTFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil 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)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-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 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
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Bangalore, July 13, 2017
Cooperative society entitled to Sec 80P(2)(a)(i) benefits on interest from FDs: ITAT
 
New Delhi, July 12, 2017
I-T - Whether when assessee pays composite licence fee for rent & royalty for right to operate airport lounge, such payment falls within expanded ambit of rent u/s 194-I - YES: HC
 
New Delhi, July 12, 2017
Appeal to Tribunal against O-in-A - Pre-deposit 7.5% plus10% - CESTAT backtracks - Accept 2.5% for now
 
New Delhi, July 12, 2017
I-T - Marketing research expenses incurred for enhancement of sale, cannot be amortized by invoking provisions of Section 35D: ITAT
 
Mumbai, July 12, 2017
Cus - Transfer of ownership or re-location of project after installation & meeting project objectives would not erase classification and assessment that prevailed at time of import: CESTAT
 
Mumbai, July 12, 2017
ST - In absence of activity between branch and Hqrs for an identified consideration, remittance received from overseas customers through branch to appellant would not be liable to tax: CESTAT
 
Mumbai, July 11, 2017
Cus - Section 129D(4) of CA, 1962 clearly extends facility of filing of cross objection by respondent assessee in Revenue appeal before Commr(A): CESTAT
 
Kolkata, July 11, 2017
I-T - Developer engaged into development of infrastructure facility as well as its operation and maintenance, is eligible for deduction u/s 80-IA: ITAT
 
Mumbai, July 11, 2017
ST - SCN cannot be issued to appellant Input Service Distributor for recovery of CENVAT credit: CESTAT
 
New Delhi, July 10, 2017
ST - 'Cash management' as understood in common parlance would not embrace chit fund business: SC
 
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