News Update

Viksit Bharat @2047: Taxes form the BedrockGST - April month collections go past Rs 2 lakh crore threshold - peak to Rs 2.1 lakh croreCX - Alleged clandestine removal - Not replying to SCN on the ground that letter is not furnished by department is only a ruse as reliance is not placed on the same by the respondent authority for adjudicating the SCNs: SCGST - Proper officer observes that the reply filed is not satisfactory and since the assessee has nothing more to say, demand is confirmed - Officer has not applied his mind - Matter remitted: HCGST - Petitioner had no opportunity to even object to the retrospective cancellation of registration - Petitioner does not seek to continue his business and has sought cancellation of registration - Order modified accordingly: HCGST - Seizing the outward movement of funds from petitioner's bank account - Life of an order of provisional attachment u/s 83(2) is only one year - HDFC Bank, henceforth, cannot restrain operation of bank account: HCTax - on Death and ContemplationDelhi, Noida schools receive bomb threats; Children sent back homeI-T- Writ court is not required to interfere with assessment order, where assessee also has available option of statutory appeal: HCED seizes Rs 90 Cr stored in crypto in Gaming App scamI-T-Transfer of assessment is sustained, where assessee does not reply to any notice issued in this regard & where valid reasons exist for transferring assessment: HCHM appeals Naxalism will be erased in 2 yrs if Modi voted back to powerI-T - For assessment to be re-opened, it is required that AO should have reason to believe that income of assessee had escaped assessment and said belief should be honest & reasonable: ITATAmerica softens offence related to use of marijuanaI-T - If there was no delay in filing appeal, then no application seeking condonation of delay in filing appeal was filed by assessee: ITATCanada opposition leader calls Trudeau a ‘Wacko’I-T - Rule 11UA does not mentions pre-condition of approval of balance sheet by Annual General Meeting: ITATBinance former CEO jailed for 4 months in money-laundering violationsI-T - Reference could be made to Departmental Valuation Officer only when value adopted by assessee was less than fair market value: ITATMusk fires Tesla’s entire supercharger teamI-T - No revision u/s 263 can be initiated if there was no lack of enquiry on part of Assessing Officer on aspect of allowability of claim of deduction u/s 57: ITATAfter US & UK India comes third in terms of 79 mn cyber attacks in 2023: StudyI-T- If assessee has explained source of deposit from receipt of sale consideration of plot then assessee's explanation cannot be negated to made addition u/s 69A: ITATCore Sector loses steam in March; logs 5.2% growthTrump fined USD 9,000 for ignoring court’s gag orderGST - 1/2017-CTR - Boilers / thermal heaters does not qualify as Waste to Energy Plants and devices - Not entitled for concessional rate of tax: HCCBIC revises tariff value of gold, silver & edible oilsGST - Application for revocation of cancellation of registration - Proper Officer to decide the application within two weeks: HCTRAI extends date for public inputs on auction of spectrumIndian Army hosts lecture on 'Vision 2100'
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