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Friday , October 24, 2014 | Updated : Oct 24, 23:35 IST
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NEWS FLASH
 
20 FDI proposals worth Rs 988 Crore approved; Sistema Shyam proposal rejected Food Minister urges FM to hike import duty on edible oils Impact of natural disaster hitting some parts of India - CBEC extends ST-3 last date to Nov 14 (See 'Order' in 'What's New') ST - Payment of overriding commission to appellant for promoting sale of goods of manufacturers by making available marketing network & adding brand value to products to attract customers - appellant to pay ST under BAS - demand and penalty upheld: CESTAT (See 'Breaking News') Central Excise - Valuation - Promotional discount paid from dealer's margin whether includible in assessable value - Maruti ordered to pre-deposit Rs 150 Crores: CESTAT (See 'Breaking News') CX - Valuation - Maruti case – Another Fiat in the making? (See 'DDT') Income tax - Whether sale of immovable property through medium of MoU falls within meaning of transfer as per Sec 2(47) - YES: HC (See 'Breaking News') Is Rule 14 ultra vires Central Excise Act? (See 'ST se GST tak') Service Tax - Appeals - Pre-deposit of  Rs. 20 Crore ordered by Tribunal on Agency of State, waived: High Court (See 'Breaking News') Six Months time for taking CENVAT Credit - Applicable for invoices issued prior to 31.08.2014? (See 'DDT') Why People don’t pay taxes? (See 'DDT' Column) CX - Commissioner has no jurisdiction to reallocate CENVAT distributed by ISD - assessee is not entitled to take credit on services mentioned in rule 6(5) which is attributable to trading as during material period it was neither taxable nor exempted: CESTAT (See 'Breaking News') I-T - Whether commission paid to foreign agent for liaisoning and monitoring work outside India would be allowed deduction u/s 35: HC (See '2014-TIOL-1851') Growing use of armed drones in domestic jurisdiction may violate rights of citizens: UN Experts (See 'Mixed Buzz') CX - Commissioner has no jurisdiction to reallocate CENVAT distributed by ISD - assessee is not entitled to take credit on services mentioned in rule 6(5) which is attributable to trading as during material period it was neither taxable nor exempted: CESTAT (See 'Breaking News') I-T - Whether commission paid to foreign agent for liaisoning and monitoring work outside India would be allowed deduction u/s 35: HC (See '2014-TIOL-1851') Growing use of armed drones in domestic jurisdiction may violate rights of citizens: UN Experts (See 'Mixed Buzz') Diwali celebrations in Srinagar: PM announces Rs 745 Cr relief package for J&K India to sign MoU in Beijing as founding member of Asia Infrastructure Investment Bank PM flays attack on Canadian Parliament Rising NPAs - Fault lies with our lax Regulator! (See 'The Cob (Web)' Column) Income tax - Whether any adjustment to value of property as on 01.04.1981 can be made based on the DVO's Report of 2012 - NO: ITAT (See '2014-TIOL-760') Mega Diwali Gift - FM approves promotion of 2162 Group B officers of CBEC to Group A on in-situ basis (See order in 'Promotion' in 'Pitara') Maritime trade - Somalian pirates continue to be a serious risk to shipping business, says UN (See 'Breaking News') WHO Report 2014: 9 mn New TB patients in 2013; 1.5 mn died; calls for more research funding (See 'Breaking News') ST - Inclusion of reimbursement of expenses - Amounts received by way of reimbursement from HPCL - reimbursement like electricity charges, calendar printing & others are deductible from gross value (See '2014-TIOL-2068') MSME Ministry bags ISO certification(See 'Mixed Buzz') TIOL wishes all Netizens a very Happy Diwali! Congress dares Modi Govt to release names of black money hoarders and not to resort to 'selective leakage' Justice Virender Singh of J&K HC appointed as Chief Justice of Jharkhand HC Govt appoints former Chief Election Commissioner N Gopalaswami as Chairman of Kalakshetra Foundation, Chennai North Block invites applications for post of DG, CEIB (See 'Pitara') Customs - LNG imported for Generation of Electricity – Time limit to produce certificate extended (See 'DDT' Column) Interest on differential duty paid due to price escalation - Issue covered by SC decision in SKF India Ltd - No reason to take different view by following Karnataka HC decision in BHEL case: HC (See 'Breaking News') Reforms in I-T Settlement Commission Recruitment Rules needed (See 'Guest' Column) Income tax - Whether when Revenue has failed to establish that business was so arranged that more profit could be attributed to eligible unit, even then benefit of Sec 80IA can be denied - NO: HC (See 'Breaking News') Cold rolled flat products of stainless steel – India initiates Safeguard Investigation (See 'DDT' Column) Cus - Notfn. 64/88 - It is a settled position in law that it is for person who is claiming benefit of exemption Notification to lead evidence to show that he is entitled for same - Appellant has completely failed in this regard: CESTAT (See 'Breaking News') PM calls for synergy between Digial India & Urban Renewal Missions (See 'Mixed Buzz')
 
   
DDT (Daily Dose of Taxation)

Customs - LNG imported for Generation of Electricity - Time limit to produce certificate extended

With VIJAY KUMAR

CE Valuation - Maruti directed to pay Rs. 150 Crores pre-deposit - Another Fiat in making?
Published: October 24, 2014

View previous DDTs »

WHAT'S NEW
CUS
:
Not 30 NT 98 Cir 10
ADD
:
43 Inst: 08 SG: 03
EX
:
Not 08-20 NT 31 Cir 988
S.TAX
:
Not 20-22 Cir 180 Order
I-T
:
Not 48 Cir 15 Press Note
DGFT
:
Not 95 PN 71 Cir 13
RBI
:
Cir 36    
BREAKING NEWS

Mumbai, October 24
ST - Payment of overriding commission to appellant for promoting sale of goods by providing marketing network & adding brand value to products to attract customers - appellant to pay ST under BAS - demand and penalty upheld: CESTAT

New Delhi, October 24
Central Excise - Valuation - Promotional discount paid from dealer's margin whether includible in assessable value - Maruti ordered to pre-deposit Rs 150 Crores: CESTAT

Hyderabad, October 24
Income tax - Whether sale of immovable property through medium of MoU falls within meaning of transfer as per Sec 2(47) - YES: HC

Mumbai, October 24
Service Tax - Appeals - Pre-deposit of Rs. 20 Crore ordered by Tribunal on Agency of State, waived - High Court

Mumbai, October 24
CX - Commissioner has no jurisdiction to reallocate CENVAT distributed by ISD - assessee is not entitled to take credit on services mentioned in rule 6(5) which is attributable to trading as during material period it was neither taxable nor exempted: CESTAT

MIXED BUZZ
XCuSE Updates
XCuSE
PUZZLE TO DAZZLE
Punit Vedby PUNIT PAVAN VED CA

In case of reassessment u/s 148/ 143(3) whether interest u/s 234B(1) is to be levied on originally assessed income or on income assessed u/s 147/143(3).

Published: October 20, 2014

Post Answer »
THE COB (WEB)
Rising NPAs - Fault lies with our lax Regulator!by SHAILENDRA KUMAR

Rising NPAs - Fault lies with our lax Regulator!
Published: October 23, 2014

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Align Budget for 2015-16 with BJP's Electoral Promises by TIOL EDIT TEAM

Align Budget for 2015-16 with BJP's Electoral Promises
Published: October 15, 2014

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Kejriwal has last laugh in murky politics of gas pricing & imports

Kejriwal has last laugh in murky politics of gas pricing & imports
Published: October 21, 2014

View previous ICE CUBEs »

GUEST COLUMN

Reforms in IT Settlement Commission Recruitment Rules neededby PAVAN VED

Reforms in I-T Settlement Commission Recruitment Rules needed
Published: October 22, 2014

View previous Guest Column(s);

ST se GST tak

Is Rule 14 ultra vires the Central Excise Act?by PREM KUMAR FRANCIS

Is Rule 14 ultra vires the Central Excise Act?
Published: October 24, 2014

View previous ST se GST tak(s)»

View 'ST - New Law +VE or -VE' Articles»

 
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