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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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Mumbai, November 27, 2014 Cus - Refund of SAD -Notfn. 102/2007 - Since original application for refund was filed within time, though before wrong authority, it cannot be said that application was barred by limitation - Appeals allowed: CESTAT

Mumbai, November 26, 2014 ST - Refund - Notfn 11/2005 - Relevant date for calculation of limitation period is date of payment of service tax - Revenue's appeal dismissed: CESTAT

New Delhi, November 26, 2014 New Foreign Trade Policy going to focus on slowdown in exports: Commerce Secretary

New Delhi, November 26, 2014 I-T- Whether when Revenue has issued restraint order against goods seized u/s 132(1), HC is right in directing official to make inventory of goods and then quash search proceedings on basis of Report submitted by official - NO: SC

Mumbai, November 26, 2014 CENVAT - Rule 2(l) - Services namely, Brokerage for sale or purchase of shares for Trading, Custodian charges, Event management are in nature of input services having nexus to business activity of Banking - stay granted: CESTAT

Bangalore, November 26, 2014 CX - Clandestine Removal - pan masala and gutkha - What is required to be proved by Department is preponderance of probability - Matter remanded with pre-deposit: CESTAT

Mumbai, November 25, 2014 ST - Appellant promoting products of foreign counterpart by way of advertising, marketing and consequently procuring orders for foreign supplier who delivers goods in India - service qualifies as export - Refund admissible: CESTAT

New Delhi, November 25, 2014 Income tax - Whether when assessee has received certain services and also accepted claims for same, such expenditure is not allowable u/s 37(1) merely because provisions were made close to AY and bills were not received - NO: HC

Mumbai, November 25, 2014 CENVAT - When there is no dispute regarding receipt of inputs, therefore, whatever tax has been paid by appellant on Inward Transportation Service is entitled for input service credit - Appeal allowed: CESTAT

Mumbai, November 25, 2014 Cus - Notf. 77/2008 is effective from 00 hours of 13/06/2008 - Since 'Let Export Order' has been given on 13/06/2008, rate of duty relevant for assessment would be rate prevalent on 13/06/2008 - Benefit available: CESTAT

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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

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April 17, 2024 | New Delhi

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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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