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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Chennai, April 26, 2016
I-T - Whether an amount representing principal loan if waived by bank under one time settlement scheme which assessee received during course of business, constitutes income u/s 28(iv) and hence, liable to tax - YES: HC
 
New Delhi, April 26, 2016
Service Tax - Cargo Handling Service - Quashing of Show Cause Notice by High Court upheld - Supreme Court
 
Mumbai, April 26, 2016
Cus - 'Act II Microwave Popcorn' - Appellant manufactures very same product in India and classifies same under 20081190 and discharges appropriate CE duty, which has been accepted by department, then there is no reason for not extending said classification under Customs Tariff for the imported goods: CESTAT
 
New Delhi, April 25, 2016
Litigation Management - CBEC orders withdrawal of 2051 & 5261 cases from HCs & CESTAT respectively
 
New Delhi, April 25, 2016
Pre-deposit by SBS Organics Pvt Ltd being a borrower, before DRAT u/s 18 of SARFAESI Act, is not a 'secured asset' in hands of Axis Bank, being a secured creditor: Supreme Court
 
Chennai, April 25, 2016
JDA - Land owner has no locus standi to challenge CBEC Circular dated 10.02.2012 - Exchange of undivided land with builder for constructed area amounts to Service - Landowner is not on different footing than other buyers: HC
 
Ahmedabad, April 25, 2016
I-T - Whether when chances of recovery of advances made in connection with business are slender, assessee tends to lose right to claim foreseeable business loss as bad debt - NO: HC
 
Mumbai, April 25, 2016
CX - Excisability of Sugar Syrup - what is relevant is test of marketability & not sugar contents in syrup - there is no evidence whatsoever of test of marketability in proceedings anywhere - CX duty demand not sustainable: CESTAT
 
New Delhi, April 24, 2016
Parliament Session to open tomorrow; to take up GST Bill, Finance Bill & Factories Bill
 
New Delhi, April 23, 2016
I-T - Whether when assessee-university has generated huge surplus but got miniscule grants from Govt, collection of fees prescribed under statute can be construed as funding by Govt - NO: Supreme Court
 
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