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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New Delhi, February 15, 2014
Increased production of bank notes by SPMCIL to cushion withdrawal of notes printed prior to 2005
 
Ahmedabad, February 15, 2014
Cus - SCN issued is for finalization of classification on basis of proposal and prima facie opinion of department rejecting classification - therefore, this is not a case where recovery of duty under s. 28 is preceded finalisation of classification - SCN is not without jurisdiction: High Court
 
Ahmedabad, February 14, 2014
Central Excise - CENVAT Credit - Penalty under Rule 15(2) of CCR, 2004 - validity of Rule upheld: High Court
 
Hyderabad, February 14, 2014
Income tax - Whether once a charitable institution gets registered u/s 12AA, it ipse dixit entitles the assessee to get benefits under Ss 11 or 12 - NO: AP High Court
 
New Delhi, February 14, 2014
Cus - Whether, if appellant has waived his right to waive SCN he foregoes right to challenge proposed action in SCN forever - Whether, without adducing any evidence, can Revenue discard declared transaction value - difference of opinion - Matter referred to TM: CESTAT
 
Mumbai, February 14, 2014
CENVAT - there is no bar in CCR, 2004 that capital goods cannot be sent to job worker - although capital goods could not be returned 'as such' after usage, in that circumstances also credit cannot be denied: CESTAT
 
Ahmedabad, February 13, 2014
Income tax - Whether when assessee, engaged in exports, outsources preparation of food items and does not supply any controlled raw materials to its jobworkers, it can even then claim Sec 10B benefits - NO: HC
 
New Delhi, February 13, 2014
Customs - reassessment - Customs directed to pass reasoned order on importer's application for re-assessment: HC
 
Mumbai, February 13, 2014
CX - ATM Rolls are classifiable under CETH 4901 attracting Nil rate - appellant paying amounts under rule 6 and same is proper - in view of HSN Explanatory Notes, no merit in Revenue's allegation: CESTAT
 
Mumbai, February 12, 2014
ST - Coaching - in view of fact that appellant is set up by Govt and had belief that no tax is payable on basis of Tribunal decisions prior to retro amendment, same would prima facie establish that demand is time barred: HC
 
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