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, July 04, 2018
CX - CENVAT - There can be no justification for artificial bifurcation of Insurance policy and allow credit in respect of that part of policy which is not for personal consumption of employee: CESTAT
 
New Delhi, July 03, 2018
NDPS - High Court could not and should not have passed order under Sections 438 or 439 Cr.P.C. without reference to S.37 of NDPS Act, 1985: SC Larger Bench
 
Kolkata, July 03, 2018
I-T - Issuance of notice u/s 143(2) cannot be dispensed with even if re-opening notice has made assessee aware of on what count his income is perceived to have escaped attention: HC
 
Mumbai, July 03, 2018
Income Tax - Finance cost paid by assessee to NSCCL under SLB scheme of SEBI is not liable to TDS deduction u/s 194A: ITAT
 
Mumbai, July 03, 2018
ST - Fees linked to sale of output in India - classification of service as 'Scientific and Technical Consultancy' in SCN appears to be inappropriate and should have been 'Intellectual Property Service': CESTAT
 
New Delhi, July 02, 2018
I-T - Authority formed by State Legislature for development of certain areas cannot seek benefit of Sec. 10(20) merely by claiming status of 'local authority': SC
 
Bengaluru, July 02, 2018
I-T - Deduction u/s 10B(1) cannot be restricted merely because third party through which export has been made is not 100 % EOU: HC
 
Chennai, July 02, 2018
I-T - HC cannot entertain an issue by exercising its power u/s 260A(6) when such issue was neither raised before ITAT nor determined by it: HC
 
Ernakulam, July 02, 2018
I-T - Verification of nature of liability as either contingent or ascertained is essential before disallowing provisions created by taxpayer for such liabilities: HC
 
New Delhi, June 30, 2018
I-T - In case of unabated assessment, assumption of jurisdiction by Revenue u/s 153A is not allowed when, no incriminating material was found during search operation: ITAT
 
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