News Update

Govt orders mandatory declaration of stock position of wheatCPI 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: HCGovt issues advisory against calls impersonating DoTFATP 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of the officer: HCECI's C-Vigil app a big hit with votersGST - Same relief was claimed in earlier petition which was withdrawn unconditionally - Fresh petition seeking same relief is barred by the estoppel principle: HCIncome tax hands over Rs 1700 Cr tax demand to Congress PartyGST -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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Mumbai, May 09, 2018
I-T - If disallowance relating to speed money has been restricted to only 25% of expenditure, same is to be complied with even for future cases: ITAT
 
Chandigarh, May 09, 2018
ST - Once it is held that there is no mis-statement while setting aside penalty imposed u/s 78 of FA, 1994, can interest liability be saddled for extended period- Difference of opinion: CESTAT
 
Chandigarh, May 09, 2018
CX - Settled law that choice is available to claimant when more than one exemption is available on same goods – no fault if assessee claims benefit of 56/2002-CE and forgoes 10/2010-CE: CESTAT by Majority
 
Ahmedabad, May 08, 2018
I-T - For claiming deduction u/s 80IA(4), infrastructure development agreement executed by nodal agency of State Govt should be treated to have been entered by State itself: HC
 
Ahmedabad, May 08, 2018
I-T - When assessee admits cash deposits in accounts as undisclosed income which becomes NIL after AO allows set off of derivative loss, it is fit case for imposition of 100% penalty: HC
 
Chandigarh, May 08, 2018
CX - Allegation of availment of credit without receipt of inputs - Incomplete investigation - Appeal allowed: CESTAT by Majority
 
Mumbai, May 08, 2018
I-T - Club and hotel membership fee paid by assessee company on behalf of Director is not capital expenditure: ITAT
 
Mumbai, May 08, 2018
I-T - Department should not reopen settled assessments, simply relying on borrowed satisfaction from auditors: HC
 
Chennai, May 08, 2018
I-T - Adherence to procedural requirement for disposal of taxpayer's objections to reopening, is not indispensable, unless those objections are overruled: HC
 
Chandigarh, May 08, 2018
ST - Optional Extended Warranty Service - Money is collected irrespective of whether vehicle is attended or not and this is how it is different than service of repair - pre-deposit waived: CESTAT by Majority
 
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