News Updates
NLU-Delhi Is Not Engaged In Business: ITAT Quashes Income Tax Penalty
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has quashed the penalty under Section 271B of the Income Tax Act on the grounds that the NLU-Delhi is not engaged in "business" and exists solely for educational purposes.The bench of Anubhav Sharma (Judicial Member) and Anil Chaturvedi (Accountant Member) has observed that to justify invoking the mandate of Section 44AB, it...
Burning Of Copy Of Constitution: Court Censures Delhi Police For Failing To Complete Probe In 2018 SC/ST Act Case, Summons ACP
A Delhi Court on Saturday censured Delhi Police for failing to complete investigation in a case related to the alleged burning of a copy of constitution and raising of slogans against SC/ST community during a protest at Parliament Street in 2018."This court has repeatedly requested the investigating officer and senior officers to conclude the investigation which is pending since the year...
Coal Block Scam: CBI Court Frames Charges Against Former IAS Officer, Others
The Special Judge (CBI) for Coal Block Cases at Rouse Avenue District Court has framed charges in the 2007 coal block corruption case against former IAS officer D.G Philip, who was the Managing Director of Maharashtra State Mining Corporation Ltd (MSMCL) and Avinash Manohar Rao Warjukar, who was the Chairman of MSMCL from December 2006 to June 2010.In 2006, the Ministry of Coal had...
‘RSS-21st Century Kauravas’ Remark| Haridwar Court To Examine On June 24 Complainant's Witnesses In Defamation Case Against Rahul Gandhi
In the defamation complaint filed against Congress Leader Rahul Gandhi over his alleged remark made during the Bharat Jodo Yatra in January this year calling the Rashtriya Swayamsevak Sangh (RSS) as the "Kauravas of the 21st century, the Haridwar Court will take evidence/examine the witnesses of the complainant on June 24 under Section 202 (2) CrPC.The defamation complaint under Section 499...
Section 56 (2)(viib) Is Applicable On Government Related Investors, Banks Involved In Insurance Business, Etc.: CBDT
The Central Board of Direct Taxes (CBDT) has notified the class of persons/entities on which Section 56 (2)(viib) of the Income Tax Act.The words "being a resident" have been proposed to be removed from section 56(2)(viib) with effect from 01 April 2024 in the Finance Bill 2023. Therefore, if this section were to become law, it would apply to any non-resident who makes an investment in...
Demand Under Service Tax On RCM, Has To Be Worked Out And Calculated Transaction-Wise And Invoice-Wise: CESTAT
The Delhi Bench of the Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that demand under service tax on reverse charge mechanisms has to be worked out and calculated transaction-wise and invoice-wise.The bench of Anil Choudhary (a judicial member) has observed that in the absence of any transaction-wise and invoice-wise calculation, the show-cause notices are vague and...
Once The Existence Of Goodwill Is Established, Depreciation On Goodwill Cannot Be Questioned: ITAT
The Hyderabad Bench of the Income Tax Appellate Tribunal (ITAT) has held that once the existence of goodwill is established, depreciation on goodwill cannot be questioned.The bench of K. Narasimha Chary (Judicial Member) and R.K. Panda (Accountant Member) has observed that the transfer of IP from Blujay India to Blujay UK cannot question the benefits accrued from the bundle of assets...
Broken Rice Can Be Exported Only On The Grant Of Govt. Permission: DGFT
The Directorate General Of Foreign Trade (DGFT) has amended the export policy of broken rice.The government has incorporated the Policy Conditions for broken rice against ITC (HS) code 1006 40 00 of Chapter 10 of Schedule 2 of the ITC (HS) Export Policy.The DGFT has prohibited export of the Broken rice. However, the export will be allowed on the basis of permission granted by the Government...
Delhi Court Grants NOC For Issuance Of Fresh Passport To Rahul Gandhi For Three Years
A Delhi Court on Friday granted no objection for issuance of fresh passport to Congress leader Rahul Gandhi for a period of three years. Additional Chief Metropolitan Magistrate Vaibhav Mehta of Rouse Avenue Courts partly allowed Rahul Gandhi’s application seeking no objection for issuance of fresh ordinary passport to him for 10 years, after he surrendered his diplomatic passport on...
Mandatory For Cough Syrups Exporters To Get Samples Tested In Designated Laboratories Prior To Export: DGFT
The Directorate General of Foreign Trade (DGFT) has tightened the export policy for cough syrups.The existing export policy for cough syrups is free. However, as per the revised policy, cough syrup shall be permitted to be exported subject to the export sample being tested and the production of a Certificate of Analysis (CoA). CoA issued by any laboratories of the Indian Pharmacopoeia...
CBDT Increases Income Tax Exemption Limit On Leave Encashment For Non-Government Salaried Employees
The Central Board of Direct Taxes (CBDT) has increased the income tax exemption limit on leave encashment for non-government salaried employees.The notification was released by the Board in accordance with the 2023–24 Budget. The tax exemption on leave encashment upon retirement for salaried non-government workers was raised by Finance Minister Nirmala Sitharaman from Rs 3 lakh to Rs...
Additions Can’t Be Made In Absence Of Incriminating Material: ITAT Deletes Income Tax Addition
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has held that the additions could not have been made in the absence of any incriminating material.The bench of Kavitha Rajagopal (Judicial Member) and B.R. Baskaran (Accountant Member) observed that the additions made by the Assessing Officer under Section 68 of the Act towards the sale of shares and also estimated...