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Nexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of AgencyGST implications for Corporate Debtor under IBCI-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HCBrazil’s proposal to tax super-rich globally finds many takers in G20 GroupI-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITATCPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence MinisterI-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITATBiden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliersI-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITATUS Poll: Biden trumps Trump in money race by USD 75 mnI-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITATNetanyahu says Israel to decide how and when to respond to Iran’s aggressionI-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITATGoogle slays costs by laying off staffers & shifting roles outside USI-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITATHeavy downpours drown Dubai; Airport issues travel advisoryCus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HCHM pledges to make India completely Maoist-freeGST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HCMicrosoft to inject USD 1.5 bn in AI Group G42 of UAEGST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HCCanadian budget proposes more taxes on higher income groups & tax credits for EVsGST - Petitioner has an appellate remedy against the impugned order - As petition was filed within the original period of limitation, it is just and appropriate that petitioner be permitted to present statutory appeal: HCWorld leaders appeal for quick ratification of UN Ocean TreatyGST - Once the notification itself has been declared as ultra vires, applying it would amount to applying an illegal notification: HCUK House debates ban on smokingGST - Transfer of development rights is amenable to GST and cannot be brought within the purview of Entry 5 of Schedule-III: HCGlobal economy to grow at 3.2% in current year and also 2025: IMFGST - Challenge to notification 11/2017-CTR clarifying the aspect of transfer of development rights being attracted to GST/TGST is devoid of merits: HCGreat Barrier Reef in Australia suffers serious bleachingGST - Conclusions were recorded in the assessment order without providing a personal hearing - Order set aside and matter remanded: HCUS to impose fresh sanctions on Iran’s missile programmeCus - Mere fact that Commissioner of Customs has filed an affidavit would not denude an officer, otherwise empowered under the Act/Rules to issue and adjudicate a SCN even though the officer may be below the rank of Commissioner: HCDelhi Police nabs woman for thieving luxury SUVsCus - As wife of appellant has already been penalized for the offence related to importation of BMW M5 Car, no reason found to impose penalty against appellant for same offence: CESTAT
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FREQUENTLY UPDATED
EXCISE & CUSTOMS : Import of Caustic soda - Midterm review initiated + Draft circular and notification for seeking comments on FSD Registration and Return
INCOME TAX : Draft Rules for prescribing the manner of determination of amount received by the company in respect of share - section 115QA of the Income-tax Act, 1961-reg + Manner of determination of FMV & reporting requirement for Indian concern - Indirect transfer provisions - Draft Rules
SERVICE TAX : Codes + TRU Letter + Refunds - Unjust Enrichment - CBEC Issues Draft Circular

REST IN ALPHABETICAL ORDER
CBEC: CBEC notifies Presidential Award for 40 officers & others this year + Review of Accredited Client Programme (ACP) and Authorized Economic Operator (AEO) programme -Revised AEO Guidelines + Draft Manifest (Vessels) And Conditions Of Transshipment, Transportation Of Goods Through Foreign Territory Regulations, 2016

CBDT : Section 9A - Constitution of Investment Fund - Rule 10VA - CBDT sets up Committee for approval of fund + Request for suggestions for legislative changes in direct tax laws - reg + Audited Accounts - CBDT extends due date for filing returns to October 17 as it clashes with due date for filing declarations under IDS, 2016

CVC : Circular + Observance of Vigilance Awareness Week - 2012 + Govt looking for a new CVC
DoPT : Letter + Office Memorandum + Ad-hoc Appointment/Promotion - Review of +Office Memorandum
MSME : Govt amends Rules for SMEs to furnish information
MoC : MoC sets up RoC offices in Seven State Capitals
MoF : Setting up of SPV to be called GST Network (GSTN SPV) + Resolution + Office Memorandum
MCA: Notice Inviting Comments On The Draft Companies (Accounting Standards) Amendment Rules 2016
NARCOTICS CONTROL : Notification No 1 + Notification No 2 + Notification + Notification Nos. 01/2011 + 02/2011-Narcotics Control-I
PASSENGER BAGGAGE : FAQ on Customs rules + cnt12_037
PPF : Payment of interest in respect of PPF (HUF) accounts + PPF can be prematurely withdrawn for higher education or medical treatment: MoF
SAVINGS SCHEME : Notification of Senior Citizens Welfare Fund Rules 2016 + MoF notifies 8% interest rate for Savings (Taxable) Bonds, 2003
SEZ :Draft Policy on Units in SEZs carrying on recycling of plastic scrap

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Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

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