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Wednesday , February 10, 2016 | Updated : Feb 9, 18:35 IST
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NEWS FLASH
 
Govt increases Tariff Value of gold & silver (See 'NT 23' in What's New) CBEC field formations ask how to interpret SLP 'in limine'? - Board clarifies at length (See Circular in 'Excise') Over two crore cases are pending in the country's lower courts: Law Ministry Govt revises All Industry Rates of Duty Drawback for many items effective 11.02.2016 (See 'Notification 22' in 'What's New') India is through with its homework; about to approve WTO Trade Facilitation Agreement, says Commerce Secretary Former Nepal PM Sushil Koirala passes away in Kathmandu; PM says India has lost a valuable friend Competition Appellate Tribunal stays penalties totalling Rs 106 crore imposed by CCI on IndiGo and SpiceJet SC declines to entertain PIL on farmer's suicide Bombay HC advises MSRTC to modernise bus stands by providing WiFi service, private canteens and better toilets to lure passengers I-T - Whether for purpose of computing deduction u/s 80IC, sale of scrap is to be held as eligible item for deduction u/s 80IC - YES: ITAT (See 'Breaking News') In spite of repeated instructions from Board, a large number of grievances have not been disposed of within prescribed timeline - CBDT Chief (See 'DDT' Column) ST -It is a common knowledge that any Insurance company is required to have chairs and tables to render services to their clients - CENVAT Credit admissible of CE duty paid on chairs & tables: CESTAT (See 'Breaking News') Looking through Section 32AC of Income Tax Act (See 'Budget Run-up') CX - Notf. 64/95-CE - D.G sets & parts supplied to Mazagon Dock for construction of warship of Indian Navy - it is nowhere mentioned in condition to notification that goods have to be supplied to Indian Navy - Exemption available: CESTAT (See 'Breaking News') Rebate and Advance Authorization Scheme (See 'Guest' Column) Whether when there is no dispute that assessee was entitled to full tax rebate by virtue of a High Court decision, would it be just and fair to direct revenue to consider prayer of petitioner for rectification - YES: HC (See '2016-TIOL-231') India comes with a big bang- startup India standup India! (See 'Budget Run-up') Whether an application for anticipatory bail deserves acceptance in cases of embezzlement of huge public money - NO: HC (See '2016-TIOL-228') Fall in Collection of Income Tax - Concerned Chairman (See 'DDT') IGI Airport Customs seizes USD 1.9 lakh worth Rs 1.28 Crore from pax heading for Kabul Per Capita net national Income likely to be Rs 93231; Construction industry likely to record 3.7% growth in current fiscal: CSO JNPT extends rebate on containers wheeled by rail to Navi Mumbai CFS President transfers Justice Hiralal Waghela from Orissa to Bombay HC + Justice Hemant Gupta from P & H to Patna High Court TRAI fiat against discriminatory pricings of data services (See 'Mixed Buzz') Income Tax Collections reach only 65.40% of Budget Estimates; CBDT Chairman asks CITs to step up efforts Are original documents required to be filed for claiming refund? (See 'ST se GST tak') Govt increases Tariff Value of gold & silver (See 'NT 23' in What's New) CBEC field formations ask how to interpret SLP 'in limine'? - Board clarifies at length (See Circular in 'Excise') Over two crore cases are pending in the country's lower courts: Law Ministry Govt revises All Industry Rates of Duty Drawback for many items effective 11.02.2016 (See 'Notification 22' in 'What's New') India is through with its homework; about to approve WTO Trade Facilitation Agreement, says Commerce Secretary Former Nepal PM Sushil Koirala passes away in Kathmandu; PM says India has lost a valuable friend Competition Appellate Tribunal stays penalties totalling Rs 106 crore imposed by CCI on IndiGo and SpiceJet SC declines to entertain PIL on farmer's suicide Bombay HC advises MSRTC to modernise bus stands by providing WiFi service, private canteens and better toilets to lure passengers I-T - Whether for purpose of computing deduction u/s 80IC, sale of scrap is to be held as eligible item for deduction u/s 80IC - YES: ITAT (See 'Breaking News') In spite of repeated instructions from Board, a large number of grievances have not been disposed of within prescribed timeline - CBDT Chief (See 'DDT' Column) ST -It is a common knowledge that any Insurance company is required to have chairs and tables to render services to their clients - CENVAT Credit admissible of CE duty paid on chairs & tables: CESTAT (See 'Breaking News') Looking through Section 32AC of Income Tax Act (See 'Budget Run-up') CX - Notf. 64/95-CE - D.G sets & parts supplied to Mazagon Dock for construction of warship of Indian Navy - it is nowhere mentioned in condition to notification that goods have to be supplied to Indian Navy - Exemption available: CESTAT (See 'Breaking News') Rebate and Advance Authorization Scheme (See 'Guest' Column) Whether when there is no dispute that assessee was entitled to full tax rebate by virtue of a High Court decision, would it be just and fair to direct revenue to consider prayer of petitioner for rectification - YES: HC (See '2016-TIOL-231') India comes with a big bang- startup India standup India! (See 'Budget Run-up') Whether an application for anticipatory bail deserves acceptance in cases of embezzlement of huge public money - NO: HC (See '2016-TIOL-228') Fall in Collection of Income Tax - Concerned Chairman (See 'DDT') IGI Airport Customs seizes USD 1.9 lakh worth Rs 1.28 Crore from pax heading for Kabul Per Capita net national Income likely to be Rs 93231; Construction industry likely to record 3.7% growth in current fiscal: CSO JNPT extends rebate on containers wheeled by rail to Navi Mumbai CFS President transfers Justice Hiralal Waghela from Orissa to Bombay HC + Justice Hemant Gupta from P & H to Patna High Court TRAI fiat against discriminatory pricings of data services (See 'Mixed Buzz') Income Tax Collections reach only 65.40% of Budget Estimates; CBDT Chairman asks CITs to step up efforts Are original documents required to be filed for claiming refund? (See 'ST se GST tak')
 
   
BUDGET RUN-UP
budget_runup2016
Looking through Section 32AC of Income Tax Act
by ASHIT KR CHATTERJI
Published: February 09, 2016
Pre-Budget Proposal - Cement Industry cries for attention
by ARVIND GUPTA
Published: February 08, 2016
India comes with a big bang- startup India standup India!
by SHEETAL BHATIA
Published: February 09, 2016
Woes of electronics/semi-conductors industry
by K S NAVEEN KUMAR
Published: February 07, 2016
 
DDT (Daily Dose of Taxation)

In spite of repeated instructions from Board, a large number of grievances have not been disposed of within prescribed timeline - CBDT Chief

With VIJAY KUMAR

In spite of repeated instructions from Board, a large number of grievances have not been disposed of within prescribed timeline - CBDT Chief
Published: February 09, 2016

View previous DDTs »

WHAT'S NEW
CUS
:
Not 08 NT 22,23 Cir 06
ADD
:
Not 04 SG: 02 CVD 01
EX
:
Not 04 NT 03-02 Cir 1015
S.TAX
:
Not 1-3 Cir 190 Inst 
I-T
:
Not 03 Cir 24-25  
DGFT
:
Not 38 PN 60 Cir04
RBI
:
Cir 41-49    
BREAKING NEWS

Chandigarh, February 09
I-T - Whether for purpose of computing deduction u/s 80IC, sale of scrap is to be held as eligible item for deduction u/s 80IC - YES: ITAT

Mumbai, February 09
ST -It is a common knowledge that any Insurance company is required to have chairs and tables to render services to their clients - CENVAT Credit admissible of CE duty paid on chairs & tables: CESTAT

Mumbai, February 09
CX - Notf. 64/95-CE - D.G sets & parts supplied to Mazagon Dock for construction of warship of Indian Navy - it is nowhere mentioned in condition to notification that goods have to be supplied to Indian Navy - Exemption available: CESTAT

New Delhi, February 08
Cus - No admission that goods imported were invoiced on lower side - no evidence recording any extra payment to supplier - no investigations made at suppliers' end, therefore, no cause for enhancement of AV: CESTAT by Majority

Jaipur, February 08
I-T - Whether where as a finding of fact it was established that assessee has shown bogus liability in books & had issued bearer cheques as 'self cheques' so that sum could be withdrawn by self, then no perversity in such findings can be alleged - YES: HC

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

Creation of TPRU & Tax Policy Council - Govt favours Generalists at cost of Specialists!

by SHAILENDRA KUMAR

Creation of TPRU & Tax Policy Council - Govt favours Generalists at cost of Specialists!
Published: February 04, 2016

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Substitute piecemeal approach with a composite one to fuel growthby TIOL EDIT TEAM

Revenue compulsions shouldn't muddy disinvestment & governance
Published: January 24, 2016

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Ponder over Megatrends unleashed by PPP fad

Time for PM to Unveil Model Code of Governance
Published: January 31, 2016

View previous ICE CUBEs »

GUEST COLUMN

Rebate and Advance Authorization Scheme

Rebate and Advance Authorization Scheme
Published:
February 09, 2016
by RAJAT DOSI

View previous Guest Column(s);

ST se GST tak

Are original documents required to be filed for claiming refund?

Are original documents required to be filed for claiming refund?
Published:
February 08, 2016
by S SIVAKUMAR & R VAIDYANATHAN

View previous ST se GST tak(s)»

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

 
 
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