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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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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

Mumbai, April 23, 2016 CX - Proceeding of rebate & refund are different - Since appellant had paid excess duty at rate of 14% instead of correct duty payable at rate of 10%, 4% though excess paid cannot be sanctioned as rebate: CESTAT

Mumbai, April 22, 2016 ST - CENVAT - In respect of services availed beyond territory of India and obviously outside place of removal, there can be no doubt regarding its inadmissibility: CESTAT

Chennai, April 22, 2016 I-T - Whether assessee need not always be owner of power plant for availing Sec 80IA benefits - YES: ITAT

Shillong, April 22, 2016 Writ Petition against seizure of gold biscuits by Customs - Facts of case are not such that can attract exercise of writ jurisdiction under Article 226 - Petition dismissed

Mumbai, April 21, 2016 ST - Respondent supplied manpower to Jet Airways in airport premises - Prior to amendment by FA, 2010, if a person provides services in airport, it must be authorized by airport authority, else same will not be covered under airport services: CESTAT

Kolkata, April 21, 2016 I-T - Whether short-term capital gains on sale of plant of two tea estates are to be determined by reducing sale consideration from writtend down value of block of plants of all tea estates and not only WDV of plant of tea estates sold - YES: HC

Mumbai, April 21, 2016 CX - Notfn. 6/2006 -Concessional rate of duty is subject to 'registration for use solely as taxi' without any reference to period of registration - it was, therefore, improper on part of lower authorities to insist upon a tenure that is not expressly stated there: CESTAT

Ahmedabad, April 20, 2016 I-T - Sec 37(1) - Whether subsidiary is entitled to claim expenses incurred on reimbursement to its Principal which had paid on its behalf for breach of contract - YES, rules HC

Mumbai, April 20, 2016 CX - Duty paid bottles purchased from market & sold along with manufactured caps & plugs on payment of duty - Transaction of purchase of goods, availment of CENVAT credit thereon & payment of duty on said goods on its removal is squarely covered u/r 16: CESTAT

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Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

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VISION 360 -
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Regulatory Developments!'

April 2024 Edition

Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

April 18, 2024

INTL - Expenses incurred by a non-resident individual towards obtaining Special Power of Attorney & anciliary expenses, for purpose of transferring property located in India, are covered u/s 48(i) & allowable: ITAT

April 18, 2024

TP - If assessee has suo-moto offered guarantee commission and no inherent risk arises to financial services utilized by AE from assessee, then no further guarantee adjustment is required: ITAT

April 18, 2024

Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC

April 18, 2024

SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC

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