Budget Update
Nexus between Election Manifesto and Budget 2024 in July!
Clearing the Air: Airtel's SC Decision provides clarity on test of Agency
GST implications for Corporate Debtor under IBC
I-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: HC
Brazil’s proposal to tax super-rich globally finds many takers in G20 Group
I-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 : ITAT
CPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence Minister
I-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: ITAT
Biden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliers
I-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITAT
US Poll: Biden trumps Trump in money race by USD 75 mn
I-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 : ITAT
Netanyahu says Israel to decide how and when to respond to Iran’s aggression
I-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: ITAT
Google slays costs by laying off staffers & shifting roles outside US
I-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITAT
Heavy downpours drown Dubai; Airport issues travel advisory
Cus - 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: HC
HM pledges to make India completely Maoist-free
GST - 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: HC
Microsoft to inject USD 1.5 bn in AI Group G42 of UAE
GST - 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: HC
Canadian budget proposes more taxes on higher income groups & tax credits for EVs
GST - 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: HC
World leaders appeal for quick ratification of UN Ocean Treaty
GST - Once the notification itself has been declared as ultra vires, applying it would amount to applying an illegal notification: HC
UK House debates ban on smoking
GST - Transfer of development rights is amenable to GST and cannot be brought within the purview of Entry 5 of Schedule-III: HC
Global economy to grow at 3.2% in current year and also 2025: IMF
GST - Challenge to notification 11/2017-CTR clarifying the aspect of transfer of development rights being attracted to GST/TGST is devoid of merits: HC
Great Barrier Reef in Australia suffers serious bleaching
GST - Conclusions were recorded in the assessment order without providing a personal hearing - Order set aside and matter remanded: HC
US to impose fresh sanctions on Iran’s missile programme
Cus - 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: HC
Delhi Police nabs woman for thieving luxury SUVs
Cus - 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
PUZZLE TO DAZZLE