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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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Ahmedabad, March 30, 2015 Income tax - Whether insertion of Explanation to Sec 80-IB(9) vide Finance Act, 2009 with retro effect explaining the meaning of term 'undertaking' is unconstitutional and ultra vires to Article 14 of Constitution - YES: HC

Mumbai, March 30, 2015 ST - Work undertaken is harvesting of sugarcane and transporting same to sugar factory for which labour is employed - Service brought under tax net under Manpower Recruitment envisages supply of labour per se - ST demand not sustainable: CESTAT

Mumbai, March 29, 2015 Income tax - Whether turnovers of Ss 80IB and non-80IB units are to be clubbed together for determining profits eligible for deduction u/s 80HHC - YES: ITAT

Bangalore, March 28, 2015 VAT - Whether once an article is classified and put under specific entry, basis of such classification is not open to question - YES: HC

New Delhi, March 28, 2015 CX - Goods got manufactured by appellant as a Loan Licensee through other manufacturers & goods manufactured by appellant for Loan Licensees as a job worker is not to be included while computing aggregate value of clearances for determining SSI exemption limit - Appeal allowed: CESTAT

Hyderabad, March 27, 2015 Export of services - Relevant date for claiming refund under Rule 5 of CENVAT Credit Rules - No error in order of CESTAT holding that relevant date is date of receipt of consideration: High Court

Mumbai, March 27, 2015 Income tax - Whether Sec 50C will have any application when WDV is computed in terms of Sec 43(6) - NO: ITAT

Mumbai, March 27, 2015 Cus - Notification 64/88 - Re-appreciation of evidence on debatable point cannot be said to be rectification of mistake apparent on record - through ROM application, appellant is seeking to take contrary view on a point of law which was considered and disposed of: CESTAT

Mumbai, March 26, 2015 Cus - Revocation of CHA licence - for contravention of Regulation 19(8) alone, revocation of licence is not warranted and punishment suffered by appellant of not being able to operate for last two years is sufficient: CESTAT by Majority

Chennai, March 26, 2015 I-T - Whether when a project fulfils criteria for being approved as housing project, in that case, deduction u/s 80IB(10) cannot be denied, merely on basis that assessee had obtained separate plan permits for various blocks - YES: HC

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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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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

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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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