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, June 16, 2016
I-T - Whether if assessee could not explain fall in gross profit on distress sale made to its sister concern, AO has authority to make addition on such account - YES: ITAT
 
Mumbai, June 16, 2016
CX - Appellant have been submitting cenvatable invoices to Jurisdictional authorities, therefore, entire detail of Cenvat Credit & nature of services were available with department - suppression cannot be alleged: CESTAT
 
New Delhi, June 15, 2016
Cabinet approves Integrated Civil Aviation Policy; Cargo volumes projected to go up four times to 10 mn tonnes; huge incentives for MRO Sector & domestic fare capped at Rs 2500 per hour
 
New Delhi, June 15, 2016
India, Switzerland join hands for early implementation of Automatic Exchange of Information; Revenue Secretary welcomes Swiss decision to amend law to share info on stolen data obtained by India
 
Mumbai, June 15, 2016
CX - De-bonding - CG imported under EPCG Scheme - impossible to assume that a generating set could be left out from the list of capital goods without any intent or purpose - mis-declaration was an act which attracted penalty - Appeal dismissed: HC
 
Mumbai, June 15, 2016
Cus - Foreign currency smuggled to Hong Kong but appellants were deported - upon landing in India, DRI intercepted appellants - this is admitted case of illegal export of foreign currency - s.113 is correctly applicable and not s.111: HC
 
Mumbai, June 15, 2016
I-T - Whether professional fee paid is allowable even if Director of paying company holds 100% shares in recipient company which did not have any other work except one rendered to paying company - NO: ITAT
 
Mumbai, June 15, 2016
CX - S.35F does not require payment of any pre-deposit of interest but since penalty has been imposed, pre-deposit is to be made of penalty – four weeks time given to make pre-deposit and comply: CESTAT
 
Mumbai, June 14, 2016
CX-Rule 8(3A) of CER- Tribunal ordering pre-deposit in cash - Applicant seeking direction to permit re-credit of duty paid through CENVAT - Provisions of refund in r/o duty and in r/o pre-deposit are substantially different - Application dismissed: CESTAT
 
New Delhi, June 14, 2016
Customs - Exemption to Spectacle lenses - No change due to change in Tariff to 8 digits: Supreme Court
 
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