News Update

Income tax hands over Rs 1700 Cr tax demand to Congress PartyGST - Neither SCN nor the order spell out the reasons for retrospective cancellation of registration, hence cannot be sustained: HCStage-2 of Vikram-1 orbital rocket successfully test-firedGST - Non-application of mind - If reply was unsatisfactory, details could have been sought - Record does not reflect that such exercise was done - Matter remitted: HCHouthis claim UK has not capability to intercept their hypersonic missilesGST - Merely because a taxpayer has not filed returns for some period does not mean that registration is required to be cancelled with retrospective date also covering the period when returns were filed and taxpayer was compliant: HCIsraeli forces kill 200 Palestinians at Gaza medical complex & arrest over 1000GST - Petitioner's reply, although terse, is not taken into account while passing assessment orders - Petitioner put on terms, another opportunity provided: HCUnveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
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Mumbai, December 03, 2014
CX - There was no need to pay any duty when goods were being returned to original supplier - By above process, accumulated CENVAT credit got shifted from applicant to supplier's unit - Pre-deposit ordered of 7.5% of duty in cash: CESTAT
 
Paris, December 03, 2014
Most International bribes are paid by large companies with consent of top management: OECD Report
 
New Delhi, December 02, 2014
For ease of doing business Union Cabinet approves Bill with several amendments in New Companies Act
 
Mumbai, December 02, 2014
CX - Remand by Tribunal restored provisional assessment resorted to earlier by setting aside final assessment & it is in pursuance of said order, DC passed re-assessment order and confirmed liability - no infirmity in order: CESTAT
 
Mumbai, December 02, 2014
I-T - Whether when sale price at which shares of the company were sold to foreign party, can be bifurcated to attribute a part of it to non-compete fee when no such clause is present in the agreement - NO: HC
 
Kolkata, December 02, 2014
Fraudulent exports for export incentives - CHA required to obtain authorization from his client for job of clearance of cargo and that he is also required to ensure proper conduct of his employee in transaction of business as Agent - No error in order of Commission revoking licence: CESTAT
 
Mumbai, December 01, 2014
Cus - Sikka port is situated in Gujarat and, therefore, offence, if any, has taken place in Gujarat & Mumbai Customs does not have jurisdiction - he could not have issued any SCN let aside ordering confiscation of vessel: CESTAT
 
New Delhi, December 01, 2014
Income tax - Whether when a major part of sales were made against opening stock, then sales are nothing but conversion of stock into liquidity - YES: ITAT
 
Ahmedabad, December 01, 2014
Whether service rendered is a service within meaning of expression used in FA, 1994, if so, under which category is an issue which has direct relation to ST rate - Appeal lies to SC under Sec 35L of CE Act, and HC has no jurisdiction: HC
 
New Delhi, November 30, 2014
Govt denotifies 35 SEZs; Cancellation allowed only on payment of all duty and tax benefits availed by developer
 
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