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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, October 12, 2018 ST - It is not appropriate and proper to examine validity and vires of statutory provisions that are no longer in operation and no proceedings are pending : HC

Mumbai, October 11, 2018 I-T - Legal charges paid for registration with European Regulatory Authority which enables marketing of products, is an expense of Revenue nature: ITAT

Bangalore, October 11, 2018 ST - If it were case of appellant that service rendered was to themselves, there was no need whatsoever for M/s UML to pay appellants for Operation & Maintenance charges: CESTAT

New Delhi, October 10, 2018 I-T - Succession to estate of ex-ruler is to be governed by general law of succession and thus, to be assessed as 'HUF': HC

Bangalore, October 10, 2018 CX - Tax gatherers, though expected to protect interest of Revenue, are at same time bound in law to act fairly and in accordance with law - misuse of power - costs imposed: HC

Jaipur, October 10, 2018 I-T - TDS liability does not arise at time of vesting of ESOP with employees but only when employees exercise option and shares are allotted to them: ITAT

New Delhi, October 09, 2018 GST - Anti-profiteering - Respondent has no liberty to arbitrarily decide in respect of which products he would pass on benefit: NAA

Chennai, October 09, 2018 I-T - Reasons for reassessment u/s 147 may also include AO's own omission or default, however, same must be completed before expiry of period of limitation of 4 years: HC

Mumbai, October 09, 2018 I-T - If assessee is substantial shareholder, holding more than 10% of shares of lending as well as borrowing companies, advance involved can be treated as deemed dividend u/s 2(22)(e): HC

Chennai, October 09, 2018 ST - Club or Association Service - Interest on instalment is only a financial arrangement for deferred payment and is not a taxable entity as it cannot partake character of consideration for services provided: CESTAT

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VISION 360 -
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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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