News Update

Income 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)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 dronesFederal 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 damagesFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
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New Delhi, May 02, 2017
ST - Business of "Vendors" gets promoted by appellant for which they collect empanelment fee - Taxable under BAS: CESTAT
 
New Delhi, May 02, 2017
ADD - Appellant is seeking virtually a review of final order of Tribunal and which is not permissible in guise of a ROM application: CESTAT
 
Chennai, May 01, 2017
I-T - No further reduction from WDV warranted if it was already reduced by allowable depreciation and no breakage was claimed: HC
 
Mumbai, May 01, 2017
ST - Tax on Outbound tours - Tribunal decision is sub silentio and, therefore, not of binding precedent - Matter referred to Larger Bench: CESTAT
 
New Delhi, May 01, 2017
CX - Cash discount & Performance incentive are to promote business of respondent and comes under trade discounts - admissible as deduction from AV: CESTAT
 
New Delhi, April 28, 2017
CX - Classification - Polyester Covered Yarn and Nylon Covered Yarn fall under CSH No. 5402.62/61: SC
 
New Delhi, April 28, 2017
I-T - Seized material must have some nexus to additions sought to be made by AO and must be relevant for forming belief regarding escaped income: HC
 
Chennai, April 28, 2017
ST - Reason that officials were involved in matters pertaining to challenge in some other matters, and, therefore, there has been delay in filing appeals is vague and cryptic: HC
 
Mumbai, April 28, 2017
ST – For another field formation of same tax collection mechanism to take an alternative stand and, that too, for limited period of time is best described as 'tax opportunism': CESTAT
 
Allahabad, April 27, 2017
I-T - Limitation of 7 years as provided by amended Sec 201(3) would not apply retrospectively to returns filed before 2009: HC
 
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