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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Kolkata, July 15, 2016
I-T - Whether when benefit receivable u/s 80HHC is not regulated by benefit received or receivable u/s 80HHD, assessee can still be prevented from claiming deductions under both beneficial Sections simultaneously - NO: HC
 
Chennai, July 15, 2016
Condonation of delay beyond condonable period before Commissioner (A) - High Court cannot condone delay and direct appellate authority to consider matter on merits – Writ Appeal dismissed : High Court
 
New Delhi, July 14, 2016
IDS is an opportunity for taxpayers to clean up books, says FM 
 
Chandigarh, July 14, 2016
Cus - It is trite that beneficial schemes are interpreted so as to extend availability of benefit thereof rather than accorded any restrictive interpretation which would render schemes worthless: HC
 
Ahmedabad, July 14, 2016
I-T - Whether equipments which are used as integral parts of Plant are also entitled to 100% depreciation like primary assets - YES: HC
 
Chennai, July 14, 2016
ST - Condonation of delay - When Writ Court directed Commissioner (A) to decide case on merits, it is not open to Appellate Authority to examine delay again and dismiss appeal - Writ Appeal allowed: HC
 
Chandigarh, July 14, 2016
CX - Passing of a speaking order is sine qua non for deciding appeals - being a final fact finding authority, Tribunal was required to deal with all aspects of facts and also law and then record its conclusions based thereon - Matter remanded: HC
 
New Delhi, July 13, 2016
Levy of Excise Duty on Jewellery: SSI eligibility limit hiked to Rs 15 Crore; No excise audit for two years; Optional scheme to be introduced for smaller units
 
New Delhi, July 13, 2016
NSC, KVP Certificates - Govt switches over to e-mode & passbook mode; Certificates can be issued for any amount; Also discontinues pre-printed format
 
New Delhi, July 13, 2016
Delhi ICD Customs busts gang laundering black money against fake Bills of Entry; Illicit remittances to tune of Rs 220 Crore detected so far
 
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