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Monday , August 3, 2015 | Updated : Aug 3, 11:46 IST
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NEWS FLASH
 
Cus - Tartaric Acid and Ascorbic Acid are food additives that are permitted to be added to wines - Statutory authorities should act in manner that is fair, so that it encourages foreign investment which ultimately leads to economic growth: HC (See 'Breaking News') From the Supreme Court (See 'DDT') CX - Deemed Credit - When deemed credit is allowed as per notification, payment of duty is not mandated - Assistant Commissioner's order upheld: SC (See 'Breaking News') Dissents in Select Committee on GST Bill (See 'ST se GST tak') Income tax - Whether HUF can be treated as a 'relative' under provisions of sec 56(2) for purpose of receiving gift and assessee-individual can claim exemption for such gift - YES: ITAT (See 'Breaking News') CBEC opens GST Office (See 'DDT') Whether when Revenue has failed to provide an opportunity of being heard before passing an order in context of reversal of input credit claimed, when purchases were made from dealers whose registration was cancelled, order so passed is valid as per law - NO: HC (See '2015-TIOL-1738-HC') GST - I'm game; are you? - FM asks Congress (See 'DDT') I-T- Whether when refund of tax has to be reduced by refund already granted, it is only tax element which has to be adjusted and not interest element paid on delayed refund - YES: HC (See '2015-TIOL-1740-HC') GST Bill - FM flays Congress for obstructionist approach Flood situations become serious in Bengal + Gujarat + Orissa; Centre deploys 8 NDRF teams for rescue operations Black marketing of subsidized Kerosene - Leakage surpasses 40% mark: Minister (See 'Breaking News') I-T - Whether u/s 115JB net amount on account of sale of shares will alone be taken into account in computation of book profit and not amount of LTCG after indexation: ITAT (See '2015-TIOL-1191') 12.14 lakh consumers voluntarily surrender subsidised LPG Cylinders (See 'Mixed Buzz') ST - Appeal is dismissed only on ground that amount i.e Rs 47,590 is below threshold limit of Rs 50,000 - mentioned in s 35B of CEA, 1944 without going into merit of case: CESTAT Fall in Tobacco Price - Govt making efforts to help growers (See 'Mixed Buzz') PM reviews distribution of Rs 6000 Cr package given to sugar sector (See 'Mixed Buzz') Cyclone Komen causes massive destruction in Manipur, Orissa & West Bengal PM for export of surplus sugar; favours ethanol blending Compliance Window - Declaration not admissible as evidence: Minister (See 'Mixed Buzz') CBDT promotes 3 CCITs as Principal CCITs; Dinesh Verma is New Principal CCIT in Bengaluru (See 'Promotion'in 'Pitara') Govt promises SEBI's black eye to black money (See 'Mixed Buzz') Customs - Exempted Imports - Export Obligation - Even if DGFT holds that export obligation is fulfilled, it is not binding on Customs: Supreme Court (See 'Breaking News') Latin America and Caribbean economies slowing down: UN Forum (See 'Mixed Buzz') Cus - Tartaric Acid and Ascorbic Acid are food additives that are permitted to be added to wines - Statutory authorities should act in manner that is fair, so that it encourages foreign investment which ultimately leads to economic growth: HC (See 'Breaking News') From the Supreme Court (See 'DDT') CX - Deemed Credit - When deemed credit is allowed as per notification, payment of duty is not mandated - Assistant Commissioner's order upheld: SC (See 'Breaking News') Dissents in Select Committee on GST Bill (See 'ST se GST tak') Income tax - Whether HUF can be treated as a 'relative' under provisions of sec 56(2) for purpose of receiving gift and assessee-individual can claim exemption for such gift - YES: ITAT (See 'Breaking News') CBEC opens GST Office (See 'DDT') Whether when Revenue has failed to provide an opportunity of being heard before passing an order in context of reversal of input credit claimed, when purchases were made from dealers whose registration was cancelled, order so passed is valid as per law - NO: HC (See '2015-TIOL-1738-HC') GST - I'm game; are you? - FM asks Congress (See 'DDT') I-T- Whether when refund of tax has to be reduced by refund already granted, it is only tax element which has to be adjusted and not interest element paid on delayed refund - YES: HC (See '2015-TIOL-1740-HC') GST Bill - FM flays Congress for obstructionist approach Flood situations become serious in Bengal + Gujarat + Orissa; Centre deploys 8 NDRF teams for rescue operations Black marketing of subsidized Kerosene - Leakage surpasses 40% mark: Minister (See 'Breaking News') I-T - Whether u/s 115JB net amount on account of sale of shares will alone be taken into account in computation of book profit and not amount of LTCG after indexation: ITAT (See '2015-TIOL-1191') 12.14 lakh consumers voluntarily surrender subsidised LPG Cylinders (See 'Mixed Buzz') ST - Appeal is dismissed only on ground that amount i.e Rs 47,590 is below threshold limit of Rs 50,000 - mentioned in s 35B of CEA, 1944 without going into merit of case: CESTAT Fall in Tobacco Price - Govt making efforts to help growers (See 'Mixed Buzz') PM reviews distribution of Rs 6000 Cr package given to sugar sector (See 'Mixed Buzz') Cyclone Komen causes massive destruction in Manipur, Orissa & West Bengal PM for export of surplus sugar; favours ethanol blending Compliance Window - Declaration not admissible as evidence: Minister (See 'Mixed Buzz') CBDT promotes 3 CCITs as Principal CCITs; Dinesh Verma is New Principal CCIT in Bengaluru (See 'Promotion'in 'Pitara') Govt promises SEBI's black eye to black money (See 'Mixed Buzz') Customs - Exempted Imports - Export Obligation - Even if DGFT holds that export obligation is fulfilled, it is not binding on Customs: Supreme Court (See 'Breaking News') Latin America and Caribbean economies slowing down: UN Forum (See 'Mixed Buzz')
 
   
TIOL TUBE SNIPPETS
Replies to these questions can be found by clicking on the text of these questions.
DDT (Daily Dose of Taxation)

From the Supreme Court

With VIJAY KUMAR

From the Supreme Court
Published: August 03, 2015

View previous DDTs »

WHAT'S NEW
CUS
:
Not 41-42 NT 72 Cir 19
ADD
:
Not 35,36 SG: 01  
EX
:
Not 40 NT 18 Cir 1005
S.TAX
:
Not 17 Cir 185 JS TRU
I-T
:
Not 61 Cir 13  
DGFT
:
Not 16 PN 28 Cir02
RBI
:
Cir 04-06 Notif  
BREAKING NEWS

Mumbai, August 03
Cus - Tartaric Acid and Ascorbic Acid are food additives that are permitted to be added to wines - Statutory authorities should act in manner that is fair, so that it encourages foreign investment which ultimately leads to economic growth: HC

New Delhi, August 03
CX - Deemed Credit - When deemed credit is allowed as per notification, payment of duty is not mandated - Assistant Commissioner's order upheld: SC

Hyderabad, August 03
Income tax - Whether HUF can be treated as a 'relative' under provisions of sec 56(2) for purpose of receiving gift and assessee-individual can claim exemption for such gift - YES: ITAT

New Delhi, August 02
Black marketing of subsidized Kerosene - Leakage surpasses 40% mark: Minister

Mumbai, August 02
ST - Appeal is dismissed only on ground that amount i.e Rs 47,590 is below threshold limit of Rs 50,000 - mentioned in s 35B of CEA, 1944 without going into merit of case: CESTAT

MIXED BUZZ
XCuSE Updates
XCuSE
THE COB (WEB)
Terrific 'Run' of P-Note bumps into SIT wall!by SHAILENDRA KUMAR

Terrific 'Run' of P-Note bumps into SIT wall!
Published: July 30, 2015

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Govt should manage well both risks & benefits of fragile global environment by TIOL EDIT TEAM

Govt should manage well both risks & benefits of fragile global environment
Published: July 29, 2015

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Govt must break Parliament logjam over Lalitgate

Govt must break Parliament logjam over Lalitgate
Published: July 26, 2015

View previous ICE CUBEs »

GUEST COLUMN

Is there rampant misuse of Notification Nos 49 & 50/2003-CX?by H S SHARMA

Is there rampant misuse of Notification Nos 49 & 50/2003-CX?
Published: July 31, 2015

View previous Guest Column(s);

ST se GST tak

Dissents in Select Committee on GST Billby B N GURURAJ

Dissents in Select Committee on GST Bill
Published: August 03, 2015

View previous ST se GST tak(s)»

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

 
 
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