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Friday , August 26, 2016 | Updated : Aug 26, 16:45 IST
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NEWS FLASH
 
CBEC notifies new Customs exchange rate for South African Rand (See 'Notifn 117' in 'What's New') Board of Approval grants extension to seven SEZ CBEC issues revised guidelines in respect of disposal of confiscated goods through NCCF/Kendriya Bhandar & other Consumer co-operatives (See 'Cir 39' in 'What's New') Sales Tax - Whether if there is movement of goods sans complete papers, penalty is only recourse to recoup loss of Revenue and there is no need to prove mens rea in such cases - YES: Supreme Court (See 'Breaking News') India needs to change laws; remove meaningless procedures & speed up processes to go beyond mere incremental progress: PM Goa to ratify GST Bill next Wednesday; Congress to extend support, says Opposition leader in Assembly Naidu asks IIS officers to adapt to new technologies (See 'Mixed Buzz') Trade tax Act - Whether benefit of exemption u/s 4B(1) can be restricted to a manufacturer only who is engaged in sale of goods, when said provision itself extends such benefit to first purchaser who sells goods to another dealer having valid recognition certificate u/s 4B(2) - NO: SC (See 'Breaking News') Customs Rummaging – Cash-ual? (See 'DDT' Column) I-T - Whether mere mentioning of actual assets of a newly constructed plot by a developer in valuation report, without disclosing same in return, consitutes sufficient reasons for Revenue to believe that income chargeable to tax has escaped assessment - YES: SC (See 'Breaking News') Refund of unutilized CENVAT Credit on closure of factory is admissible - As LB decision relied on by Revenue did not consider High Court order allowing refund, same cannot be followed: CESTAT (See 'Breaking News') Customs – Exemption from CVD – Supreme Court Dismisses Revenue's Review Petition in SRF case (See 'DDT') Don't Publish Names of Advocates or Judges - High Court Tells Publications (See 'DDT') Chennai Customs seizes foreign cigarettes worth Rs 7 Cr smuggled as plywood sheets Joint Press Meet with Home Minister - J&K CM abruptly wraps up media briefing Scorpene Submarines - leakage of documents - India takes up issue with French Govt Commerce Minister favours 2% interest subvention for MSME Sector Devender Singh transferred to Mumbai from Chandigarh (See 'Tribunal' in Excise) TN VAT - Section 19(20) inserted by way of amendment is a provision which is made for first time to detriment of dealers and, therefore, cannot have a retro effect; constitutional validity upheld: SC (See 'Breaking News') Rs 500 Crore Hiranandani Communities first industrial park to be set up in Pune Union Budget Presentation - Why January? Why not November? (See 'THE COB (WEB)' Column) Cus - Commissioner(A) clearly found that Benzopyrrole is freely importable on basis of DGFT letter, yet denied benefit - without contesting, content of letter could not have been rejected - appeal allowed: CESTAT (See 'Breaking News') Treading the GST Path-1 - A 'Principal' mismatch? (See 'ST se GST tak') GST Compliance - A Costly Affair (See 'ST se GST tak') CX - In absence of any restrictive clause in agreement, amount received by respondent towards pre-delivery inspection, erection/installation/commissioning charges are not includible in AV: CESTAT (See 'Breaking News') Cabinet okays Central Scheme to aid to victims of terror attacks (See 'Mixed Buzz')
 
   
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DDT (Daily Dose of Taxation)

Customs Rummaging - Cash-ual?

With VIJAY KUMAR

Customs Rummaging - Cash-ual?
Published: August 26, 2016

View previous DDTs »

WHAT'S NEW
CUS
:
Not 46 NT 117 Cir 39
ADD
:
Not 46-47 SG 02 CVD01
EX
:
Not 31 NT 43 Cir 1045
S.TAX
:
Not 37 Cir 199  
I-T : Not 75 Cir 29
Inst
DGFT
:
Not 23 PN 25 Cir 01
RBI
:
Cir 02    
BREAKING NEWS

New Delhi, August 26
Sales Tax - Whether if there is movement of goods sans complete papers, penalty is only recourse to recoup loss of Revenue and there is no need to prove mens rea in such cases - YES: Supreme Court

New Delhi, August 26
Trade tax Act - Whether benefit of exemption u/s 4B(1) can be restricted to a manufacturer only who is engaged in sale of goods, when said provision itself extends such benefit to first purchaser who sells goods to another dealer having valid recognition certificate u/s 4B(2) - NO: SC

New Delhi, August 26
I-T - Whether mere mentioning of actual assets of a newly constructed plot by a developer in valuation report, without disclosing same in return, consitutes sufficient reasons for Revenue to believe that income chargeable to tax has escaped assessment - YES: SC

Chennai, August 26
Refund of unutilized CENVAT Credit on closure of factory is admissible - As LB decision relied on by Revenue did not consider High Court order allowing refund, same cannot be followed: CESTAT

New Delhi, August 25
TN VAT - Section 19(20) inserted by way of amendment is a provision which is made for first time to detriment of dealers and, therefore, cannot have a retro effect; constitutional validity upheld: SC

MIXED BUZZ

TIOL E-lite Update

TIOL TUBE SNIPPETS
Replies to these questions can be found by clicking on the text of these questions.
THE COB (WEB)

Union Budget Presentation - Why January? Why not November?

by SHAILENDRA KUMAR

Union Budget Presentation - Why January? Why not November?
Published: August 25, 2016

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Pool CAG's compliance audit findings into State of Governance Reportby TIOL EDIT TEAM

Pool CAG's compliance audit findings into State of Governance Report
Published: August 13, 2016

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Save India from Justice of Judges, by Judges & for Judges

Save India from Justice of Judges, by Judges & for Judges
Published: August 24, 2016

View previous ICE CUBEs »

GUEST COLUMN

by R SENTHILKUMAR & V SUNDARARAJAN

Mineral Royalties - Multiple taxes
Published: August 23, 2016

by SHWETA JAIN

Varying concept of Export of Service under ST law & FTP
Published: August 23, 2016

View previous Guest Column(s) »

ST se GST tak

by G NATARAJAN

Treading the GST Path-1 - A 'Principal' mismatch?
Published: August 25, 2016

by SHASHANK A KUMAR & MEGHNA MOHAPATRA

GST Compliance - A Costly Affair
Published: August 25, 2016

View previous All ST se GST tak(s) »

 
 
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