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Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of Agency GST implications for Corporate Debtor under IBC I-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HC Brazil’s proposal to tax super-rich globally finds many takers in G20 Group I-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITAT CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister I-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITAT Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT US Poll: Biden trumps Trump in money race by USD 75 mn I-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITAT Netanyahu says Israel to decide how and when to respond to Iran’s aggression I-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITAT Google slays costs by laying off staffers & shifting roles outside US I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT Heavy downpours drown Dubai; Airport issues travel advisory Cus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HC HM pledges to make India completely Maoist-free GST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HC Microsoft to inject USD 1.5 bn in AI Group G42 of UAE GST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HC Canadian budget proposes more taxes on higher income groups & tax credits for EVs GST - Petitioner has an appellate remedy against the impugned order - As petition was filed within the original period of limitation, it is just and appropriate that petitioner be permitted to present statutory appeal: HC World leaders appeal for quick ratification of UN Ocean Treaty GST - Once the notification itself has been declared as ultra vires, applying it would amount to applying an illegal notification: HC UK House debates ban on smoking GST - Transfer of development rights is amenable to GST and cannot be brought within the purview of Entry 5 of Schedule-III: HC Global economy to grow at 3.2% in current year and also 2025: IMF GST - Challenge to notification 11/2017-CTR clarifying the aspect of transfer of development rights being attracted to GST/TGST is devoid of merits: HC Great Barrier Reef in Australia suffers serious bleaching GST - Conclusions were recorded in the assessment order without providing a personal hearing - Order set aside and matter remanded: HC US to impose fresh sanctions on Iran’s missile programme Cus - Mere fact that Commissioner of Customs has filed an affidavit would not denude an officer, otherwise empowered under the Act/Rules to issue and adjudicate a SCN even though the officer may be below the rank of Commissioner: HC Delhi Police nabs woman for thieving luxury SUVs Cus - As wife of appellant has already been penalized for the offence related to importation of BMW M5 Car, no reason found to impose penalty against appellant for same offence: CESTAT


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Mumbai, August 08, 2016 I-T - Whether if trustees of Trust are treated as representative assessee, such trustees are liable to be taxed in respect of income received by Trust at rate contained in Sec 164(1) - YES: HC

Mumbai, August 08, 2016 Cus - Commissioner(A) confirming demand on totally new ground not alleged in SCN - as order travels beyond SCN, same is set aside & appeal is allowed: CESTAT

Ahemdabad, August 07, 2016 VAT - Whether refund payable can be denied by treating same as 'input tax credit', on very basis that assessee has opted for composition of tax, merely because such refund was shown as sum against entry of net tax credit in AY - NO: HC

New Delhi, August 06, 2016 Income Tax Department Refund Efficiency on decline; Refund of over Rs 10 lakh involving total sum of Rs 1.2 lakh crore pending for tardy scrutiny assessment

Mumbai, August 06, 2016 Cus - Reasons for 883 days delay in filing appeal not impressive but in interest of justice condonation allowed on payment of cost: CESTAT

New Delhi, August 05, 2016 ST - Manufacture of alcoholic liquor for human consumption on job work basis - Parliament is competent to legislate with reference to Entry 97 of List I - Petitions dismissed: High Court

New Delhi, August 05, 2016 Cus - Conscious violation of law by Dy. Commr. - Refund to be allowed with interest - Commr. to call for an explanation and take further action - Costs imposed of Rs.10,000/-: High Court

Mumbai, August 05, 2016 ST - Sec 11BB of CEA, 1944 is intended to ensure accountability on part of Revenue officials - Withholding of interest will, therefore, only serve to encourage irresponsibility and non-responsiveness on part of tax authorities: CESTAT

Allahabad, August 05, 2016 I-T - Whether onus is on assessee to prove that case was wrongly selected for scrutiny on basis of directions of higher authorities without application of mind - YES: ITAT

Mumbai, August 05, 2016 Cus - Residual shelf life of medicine less than 60% - competent authority is vested with discretion to allow imports even below threshold � goods having been re-exported, action u/ss 111 & 112 was not entirely necessary: CESTAT

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April 17, 2024

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