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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Mumbai, May 13, 2016
I-T - Whether firm engaged in hire purchase is entitled to deduction u/s 37(1) for secret commission paid to employees of its clients, without establishing that such payment was trade practice for ensuring quick payment of hire charges - NO: HC
 
Chennai, May 13, 2016
Customs - Cargo withheld for testing standards - Petitioner is entitled for 45 days' free period and is not liable to pay demurrage charges: High Court
 
Mumbai, May 13, 2016
CX - Clearance of goods under under State excise laws is akin to clearance of goods on which exemption notification has been claimed - CCR does permit assessee to take credit of duty paid on molasses subject to compliance with Rule 6: CESTAT
 
Mumbai, May 13, 2016
Cus - Skimmed Milk powder - Stage of entry of goods to be exported is date on which exporter presents shipping bills to proper officer - shipping bills were presented on 10/2/2011 and 16/2/2011 and on this date the goods were not prohibited - no reason for confiscation: CESTAT
 
Kolkata, May 12, 2016
Cus - When a provision provides for punishment it has to be strictly construed - expression 'goods in respect of which any prohibition is in force' in context of Se 112 would imply goods which are prohibited & not goods which have been smuggled into country: HC
 
New Delhi, May 12, 2016
ST - Leasing of Vehicles - Deemed Sale - VAT paid - Is Service Tax payable? Delhi High Court stays Adjudication Order of Mumbai ST Commissioner
 
Bangalore, May 12, 2016
I-T - Whether Sec 153C notice for initiating block assessment of third party mandates satisfaction of AO having jurisdiction over searched persons & communication of same to AO to be recorded in writing along with incriminating materials - YES: HC
 
Jaipur, May 12, 2016
CX - objection by department that credit from one unit was utilized for purpose of duty liability of other unit without pro rata distribution by Input service distributor would not survive in view of no previous restriction in rule 7 of CCR, 2004: HC
 
New Delhi, May 12, 2016
ST - Incidental receipt of incentives or volume discounts from Media Owner shall not be considered as providing service to Media Owner so as to be liable to service tax: ARA
 
New Delhi, May 11, 2016
Amitabh Bachchan loses income tax case; Supreme Court upholds invocation of powers u/s 263 in a case where AO failed to verify source of expenses, later withdrawn by assessee in re-revised return
 
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