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Israel-Iran War: A close shave for Global Economy but for how long?I-T - If income from stock-in-trade are held as investments, then provisions of section 14A would apply to such income: ITAT TRAI recommends on Infra Sharing, Spectrum Sharing & Spectrum Leasing I-T- Revisionary powers u/s 263 can't be exercised when AO has neither assumed facts incorrectly nor there is incorrect application of law : ITAT Technology Board okays funding of Dhruva Space's Solar Array Project I-T- Issue of interest is debatable issue on which two views are possible and AO accepted one of views for which PCIT cannot assume revisional jurisdiction: ITAT Health Secy visits Bilthoven Biologicals, discusses production of Polio Vaccine I-T - Estimation of profit element from purchases should be done reasonably if assessee could not conclusively prove that purchases made are from parties as claimed, in absence of confirmations from them: ITAT Study finds Coca-Cola accounts for 11% of branded plastic pollution worldwide I-T- Triplex flats purchased are interconnected and can be considered as 'a residential unit'' as per definition of section 54F of Act : ITAT Delhi HC says conspiracy against PM is a crime against State I-T- AO omitted to probe issue of cash payments made over specified limit; revisionary power u/s 263 is rightly exercised: ITAT Brazil makes new rules to streamline consumption taxes I-T-Power of revision unnecessarily exercised where AO had no scope to examine creditworthiness & genuineness of assessee's creditors: ITAT Biden signs rules mandating airlines to give automatic refunds for delayed or cancelled flights I-T-As per settled law, in absence of enabling powers, no disallowance can be made : ITAT BYD trying to redefine luxury for new EV variants GST - On the one hand, the order states registration is liable to be cancelled retrospectively and on the other hand mentions that there are no dues - Order modified: HC Israel finally moving ahead with Rafah Operations GST - Registration cancelled retrospectively on ground that physical verification revealed that the firm was non-existent - Petitioner had informed that they shifted business and had sought cancellation of registration - Order cancelling registration modified: HC Norway oil major boss says Europeans are not hard-working as compared to Americans GST - Since registration was cancelled, petitioner could not access portal and view the SCNs and file replies - Order set aside and matter remitted: HC Jio turns world’s top telco in terms of data traffic GST - Reply filed is a detailed one and if the proper officer was of the view that the same was unsatisfactory, he should have specifically sought further details - Matter is remitted: HC Gadkari faints during campaign; Heat takes toll on his health GST - SCN does not put petitioner to notice that the registration is liable to be cancelled retrospectively - Order set aside and registration restored: HC SC asks EC to submit more info on reliability of EVMs GST - Non-application of mind - Proper officer has merely observed that the reply filed is unclear and unsatisfactory and, therefore, the demand is confirmed - Matter remitted for re-adjudication: HC Italy imposes USD 10 mn fine on Amazon for unfair business practices Commercial Tax - Judgment of High Court is in jeopardy once appeal is entertained by Supreme Court - Appeals shall remain pending before the Appellate Board, Bench at Indore, till the issue is decided by Apex Court: HC US warns Pak of punitive sanctions against trade deal with Iran ST - As the job-work undertaken by appellant amounts to manufacture, service tax cannot be levied on them under both Heads 'Business Auxiliary Service' and 'Business Support Service': CESTAT Right to Sleep - A Legal lullaby CX - Existence of corroborative evidence is essential in order to establish clandestine removal of goods and same cannot be merely based on assumptions and presumptions: CESTAT


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New York, October 11, 2015 UN Report: Unemployment rate still above pre-financial levels

Chennai, October 10, 2015 Cus - Penalty is leviable, only if goods found liable for confiscation, are dutiable goods - There is no dispute that goods were not dutiable, by virtue of exemption notification - Penalty rightly set aside by CESTAT: High Court

Lima, October 10, 2015 G-20 Finance Ministers endorse BEPS Report; Heads of State to take a call on Nov 15 in Antalya

New Delhi, October 10, 2015 Diamonds are Forever, Only if they last!

New Delhi, October 09, 2015 Central Excise - Valuation - whether, by virtue of a transit insurance policy in name of manufacturer, excise duty is liable to be recovered on freight charges incurred for transportation of goods from factory gate to buyer's premises, treating buyer's premises as place of removal. No : Supreme Court

New Delhi, October 09, 2015 Customs - Import of computer software in CD ROMs: Tribunal held that value was fair and when goods are wholly exempt from customs duty, there could be no motive in mis-declaration of value - These are questions of fact - No substantial question of Law: Supreme Court

New Delhi, October 09, 2015 I-T - Whether invocation of Sec 14A is automatic and comes into operation, without any exception, as soon as dividend income is claimed as exemption - NO: HC

Mumbai, October 09, 2015 ST - Amount of lease rent equalisation shown in Balance sheet is not an 'income' for the purposes of computing Income Tax- Resultantly, it is also not 'payment' actually received or receivable, and, therefore neither 'consideration' nor 'gross amount charged' - appellant is not liable to pay ST: CESTAT

Mumbai, October 09, 2015 Cus - Glucose Meters imported are used by individuals at home or at workplace - therefore, correctly classifiable under heading 90.27 - Heading 90.18 covers only those instruments which are used by professionals: CESTAT

New Delhi, October 08, 2015 CX - End use has positively been changed - printing has resulted into a product, i.e., paper with distinct character and use of its own which it did not bear earlier - activity amounts to manufacture and CX duty payable under 4811.90 - Revenue appeal allowed: Supreme Court

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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 25, 2024 | New Delhi

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April 24, 2024 | New Delhi

India takes part in 'Institutionalization of SMART Government for Improving Service Delivery' in London

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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 24, 2024

TP - Arm's length computation of corporate guarantees issued by assessee in favour of its AEs abroad taken at 1% which has been approved for earlier A.Ys, cannot be disturbed in absence of contrary: ITAT

April 24, 2024

I-T- DTAA does not get triggered at all when a domestic company pays DDT u/s 115-O of the Act : ITAT

April 25, 2024

IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC

April 25, 2024

SARFAESI Act - Writ petition can be disposed of as infructuous as one time settlement has been entered into between parties : HC

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