News Update

NDA heading for majority to form Govt but INDIA bloc catching upAustralia invites non-citizens to join its ArmyFulfilment of Export obligation of Advance Licence by attempting to export inferior goodsI-T- Re-assessment cannot be done in respect of company which ceases to exist on account of its amalgamation: HCSC mandates self-declaration by Advertising Agencies before releasing AdsI-T - Notices issued u/s 148A(b) & 148 are not sustainable as reasons to believe that income escaped assessment is without basis: HCDoordarshan to telecast T20 World Cup matchesI-T- Addition made on account of unexplained investment u/s 69 of the Act is not justified in cases where source of such deposits have been established by assessee: ITATFSSAI directs FBOs to remove claim of 100% Fruit Juices from label and adsI-T- Interest income earned on fixed deposits with cooperative bank or scheduled bank, partakes character of business income & hence is eligible for deduction u/s 80P: ITATVote-count for LS results to roll out at 8 AMIndia participates in 'AI for Good' Global SummitUK Polls: Sunak promises cap on immigration visasI-T- As per settled precedent, situs of AO is only key factor for ascertaining jurisdiction of Appellate Forum, irrespective of administrative order passed u/s 127 for transfer of cases; ITAT cannot hear matter where it has no jurisdiction over AO concerned: ITATCentral bankers avoiding China’s yuan; turn to gold & USDDSE signs MoU with National Book Trust for Rashtriya e-PustakalayaDr Fauci debunks charge of suppressing COVID lab leak theory before House PanelCus - By resorting to detention instead of seizure, the custom authorities cannot circumvent the mandate of s.110(2) of the Act - Since no SCN issued u/s 124, gold chains to be returned: HCNetanyahu to address US Congress on June 13Cus - Duty drawback - Delay in sanction - Interest @6% to be paid within four weeks: HCG7 backs Biden’s peace plan for HamasVAT - Department officers are functus officio to modify any order once an assessee files application under Amnesty Scheme: HCTech tsars, Google & Microsoft, shedding weight at Cloud unitsVAT - Interest only at statutory rate and not market rate - Petitioner himself availed remedies available under DVAT Act and, therefore, it does not now lie in his mouth to challenge applicability of provisions of DVAT Act insofar as interest is concerned: HCNY may prohibit social media from using algorithms to control content to teens without parental consentGeneral Sales Tax - Review Petition has very limited scope; must be resorted to only if there is error apparent on face of record; cannot be utilised as means of re-hearing or appeal: HCRBI mulling over proposal to permit Indian banks to grant loans to residents of foreign territoriesST - Appeal filed by an assessee abates, where assessee is undergoing Corporate Insolvency Resolution Process under IBC 2016 & where Resolution Plan stands approved by NCLT: CESTATElon Musk back to No 1 rank in Forbes list of billionairesST - Appellant is engaged in construction of new railway lines and covered under Serial 14 of Notfn 25/2012-ST, thus entitled for exemption and not required to pay any service tax on services provided by them: CESTAT

TODAY'S CASE (DIRECT TAX)

TODAY'S CASE (INDIRECT TAX)

What's New (Others)

Income Tax Notification 48
Income Tax Circular
Customs Tariff Notification
Customs NT Notification
Customs Circular
Anti Dumping Notification
DGFT Notification
DGFT Public Notice

What's New (GST)

CGST Rule Notification

11

CGST Rate Notification
CGST Circular
IGST Rule Notification
IGST Rate Notification
UTGST Rate Notification
UGST Rule Notification
Cess Rate Notification

TIOL Tube Latest

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.


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