News Update

CPI gets Rs 11 Cr tax notice for using old PAN numberGST - Penalty demand of Rs.3731 crores - A person who would fall within the purview of sub-section (1-A) of s.122 should necessarily be a taxable person who retains the benefits of transactions: HCFATP hand-wrings over slow regulation of crypto by member-countriesGST - Threatening and pressurising petitioner who is merely an employee - Highly unconscionable and disproportionate on the part of the officer: HCGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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)Training Program for Cambodian civil servants commences at MussoorieCBIC revises tariff value of edible oils, gold & silverCBIC directs all Customs offices to remain open on Saturday & SundayI-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 dronesCus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTAT
 
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Bangalore, May 20, 2014
Income tax - Whether when assessee-Trust fails to produce any of donors contributing to building fund, such sums are to be treated as unexplained credit u/s 68 - NO: HC
 
New Delhi, May 20, 2014
ST - Appellant had provided construction services to UP Vikas Parishad for housing BPL persons and institutions for promotion of education - such services prima facie appear to be outside ambit of 'construction of residential complex' & 'commercial construction' - stay granted: CESTAT
 
Ahmedabad, May 20, 2014
CX - Appellant clearing own manufactured goods to principal manufacturer under jobwork - procedure for functioning under jobwork is different - duty correctly demanded - Revenue neutrality would arise only if activities of clearance takes place within sister concern or own units: CESTAT
 
New Delhi, May 19, 2014
CX - Appellant assembling CNG kits out of duty paid items and selling same to traders as well as installing same in vehicles - activity does not amount to manufacture u/s 2(f) of CEA, 1944: CESTAT
 
Bilaspur, May 19, 2014
Service Tax - Section 66E(i) of Finance Act, 1994 is intra vires Constitution - No service Tax on sale and vice versa: High Court
 
Chandigarh, May 19, 2014
Income tax - Whether when assessee decides not to charge any interest on loans given to third party and loan is recovered after a civil suit is filed, any notional disallowance for said interest is warranted u/s 36(1)(iii) - NO: HC
 
Mumbai, May 19, 2014
ST - Services of financial leasing provided to clients - Taxable event occurs when hire-purchase contract is entered - ST to be paid at rate prevailing at time of entering lease agreements & not at time of receipt of EMI: CESTAT
 
New Delhi, May 19, 2014
CX - Valuation - cost of transportation from place of removal to place of delivery cannot be included in assessable value even though cost of transportation has been calculated on average basis and not on actual basis: CESTAT
 
New York, May 18, 2014
World to have 3 billion internet users by 2014-end; mobile-broadband penetration reaching 32%
 
Lyon, May 18, 2014
Police, Customs seize fake goods worth USD 27 mn in 600 raids
 
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