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Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast US imposes fresh sanctions against Iranian drone production IREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects Voting for General Elections 2024 commences tomorrow Global warming up to 3 degrees to cost 10% of global GDP: Study 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 World leaders appeal for quick ratification of UN Ocean Treaty


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New Delhi, October 17, 2015 I-T - Whether deduction for interest on damages can be claimed as contractual liability even as matter is sub-judice - NO: ITAT Special Bench

New Delhi, October 17, 2015 CX - Simple printing is done on wrappers which are cut to size for purpose of wrapping biris - goods in question would fall under Item no. 4901.90 which attracts nil duty - it is not necessary to go into question whether process amounts to manufacture: SC

Mumbai, October 17, 2015 CX - s.4 - Customers insisting for third party inspection of PD pumps - Amounts paid to third party by assessee recovered from customers by raising debit notes - said amount has nothing to do with Transaction value: CESTAT

Mumbai, October 16, 2015 CX - It is very clear from s 35B(1) that if any of amount i.e. duty or fine involved in a particular case is less than Rs 50,000, Tribunal has discretion not to admit appeal - no cause to read 'or' as 'and' - ROM application dismissed: CESTAT

Chennai, October 16, 2015 Suppression of facts - Manufacture of scaffoldings - 'But for investigation by department' may not always work - Tribunal sets aside entire demand on limitation

Ernakulam, October 16, 2015 Cus - Warehoused edible oils - out of charge given before Tariff value Notification came into effect - No differential duty need be paid - CBEC Circular No 46/2001 is not in accordance with law and needs to be ignored: High Court

Chennai, October 16, 2015 I-T - Whether when re-assessment was initiated after obtaining proper sanction, mere non-mentioning of sanction in Sec 148 notice would be fatal to proceeding - NO: HC

Kolkata, October 16, 2015 CX - Valuation - Both, sachets and mono packs are capable of being sold in retail - neither appellant nor Revenue collected any opinion from Legal Metrology Department as to whether appellant would be required to affix MRP on sachets or on multi-piece packages or on both - Matter remanded: CESTAT

New Delhi, October 15, 2015 I-T - Whether when law makes no distinction between tangible and intangible assets, Intellectual Property Rights can be equated with plant & machinery, eligible for depreciation u/s 32 - YES: SC

Ahmedabad, October 15, 2015 CX - Process carried out by assessee amounts to manufacture - Impugned goods Guar Dal Powder would be classifiable under Heading 1301 - No extended period as there were contrary decisions : CESTAT Larger Bench

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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.

April 18, 2024 | New Delhi

Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coast

April 18, 2024 | New Delhi

IREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing Projects

April 18, 2024 | New Delhi

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April 17, 2024 | New Delhi

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April 16, 2024

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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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