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of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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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New Delhi, August 28, 2016
International arbitration - Most BRICS members yet to have positive experience with investment arbitration; FM calls for not only free trade but also fair trade
 
New Delhi, August 27, 2016
Income tax - Whether licencee can claim entitlement to business loss on account of forfieture of licence fee, where the loss, if any, on account of forfeiture was sustained not by said licencee but by tranferee - NO: SC
 
Agartala, August 27, 2016
CX - NE exemption – Notfn 11/2007 is hit by promissory estoppel; cannot be sustained and accordingly is set aside - petitioner would continue to get benefit in terms of promise re-extended by OM dated 01.04.2007 for remaining period in terms of NEIP: HC
 
Cochin, August 27, 2016
I-T - Whether if toddy is tapped from coconut trees grown by members of a cooperative society and marketed for profit, such income is entitled to exemption u/s 80P - YES: ITAT
 
New Delhi, August 26, 2016
Sales Tax - Whether if there is movement of goods sans complete papers, penalty is only recourse to recoup loss of Revenue and there is no need to prove mens rea in such cases - YES: Supreme Court
 
New Delhi, August 26, 2016
Trade tax Act - Whether benefit of exemption u/s 4B(1) can be restricted to a manufacturer only who is engaged in sale of goods, when said provision itself extends such benefit to first purchaser who sells goods to another dealer having valid recognition certificate u/s 4B(2) - NO: SC
 
New Delhi, August 26, 2016
I-T - Whether mere mentioning of actual assets of a newly constructed plot by a developer in valuation report, without disclosing same in return, consitutes sufficient reasons for Revenue to believe that income chargeable to tax has escaped assessment - YES: SC
 
Chennai, August 26, 2016
Refund of unutilized CENVAT Credit on closure of factory is admissible - As LB decision relied on by Revenue did not consider High Court order allowing refund, same cannot be followed: CESTAT
 
New Delhi, August 25, 2016
TN VAT - Section 19(20) inserted by way of amendment is a provision which is made for first time to detriment of dealers and, therefore, cannot have a retro effect; constitutional validity upheld: SC
 
Mumbai, August 25, 2016
Cus - Commissioner(A) clearly found that Benzopyrrole is freely importable on basis of DGFT letter, yet denied benefit - without contesting, content of letter could not have been rejected - appeal allowed: CESTAT
 
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