CBIC highlights drug awareness efforts in Kanpur, major cocaine seizure in Mumbai, and wildlife smuggling interception in Bengaluru in its latest update.
CBIC amends CGST powers for Additional Commissioners via Notification 27/2024. Effective 1st Dec 2024, updated powers cover notices under CGST Act sections.
CBDT grants SKAN Research Trust approval as a research association for scientific research under Section 35 of the Income Tax Act, effective FY 2024-25.
Present appeal has been filed by the appellant mainly contesting that whether the Tribunal was right in holding that there has been no diversion of income by overriding charge in respect of amount transferred to Statutory Reserve Fund in compliance with the mandatory provisions of Sec.45IC read with Sec. 45Q of RBI Act.
In Sanjay Gandhi Memorial Trust v. Commissioner of Income Tax (Exemption), the Court concluded that, while the faceless system centralizes case handling through the NFAC, this framework does not completely replace or nullify the JAO‘s role.
The Appellant had filed appeal seeking direction against the Secretary, Ministry of Coal-Respondent No.1 and Coal Controller-Respondent No.2 not to withdraw the mine opening permission in respect of Marki Mangle – I Coal Block.
M/s Concord Infrastructure Pvt. Ltd. (Operational Creditor) filed an application u/s. 9 of the Insolvency and Bankruptcy Code, 2016 before the Adjudicating Authority against M/s Shubhkamna Buildtech Pvt. Ltd. (Corporate Debtor) which was admitted on 26.11.2018.
Madras High Court held that issue relating to pre-closure premium was already considered and allowed by the assessing authority. Thus, invocation of revisionary power u/s. 263 for mere disagreement with the view of the assessing authority is unjustified in law.
ITAT Hyderabad held that benefit of section 115BAB of the Income Tax Act granted even if Form 10ID filed prior to commencement of manufacturing activity, if assessee proves the commencement of manufacturing for the subsequent assessment year.
Supreme Court held that press release cannot be the basis of changing the law. Exemption under the Customs Act has to be via issuance of notification as provided by the Customs Act. Thus, press release cannot be basis for giving away with old legal regime.
