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NEWS FLASH
 
CBEC amends Customs Exchange Rates for Swiss Franc & Canadian Dollar (See 'What's New') Govt hikes tariff value of Gold & Silver (See 'What's New') CBEC assigns additional charge to many Chief Commissioners/DGs (See 'Service News' in Pitara)) HSD - Unbranded - Tariff amended (See 'What's New') Jayanti Natarajan quits Congress; FM calls for review of environmental projects granted permission or rejected by UPA Govt Not considering precedent orders by CESTAT - Cryptic orders lacking in reasoning and precision are passed day in and day out - Fault lies either in process of selection and appointment or because there is no review and appraisal of performance of Tribunal Members from time to time: HC (See 'Breaking News') Resurrected Anti Dumping - Board Clarifies its own Confusion - Contempt of Court? (See 'DDT' Column) CX - Too late in day for Revenue to urge that refund application was not maintainable - Interest u/s 11AB is payable only in respect of clearances post 28.09.1996 irrespective of date of passing of adjudication order - Revenue appeal dismissed: HC (See 'Breaking News') Getting ready for GST - The immediate do's (See 'ST se GST tak') I-T - Whether when except advances shown against current asset for fiscal, there is no other evidence to prove that land was purchased for purpose of business, sale of such land attracts tax on capital gains - YES: ITAT (See 'Breaking News') Anomalous Duty in respect of Sedans & SUVs needs to be set right (See 'Budget Run-Up') I-T - Whether where assessee is executing an infrastructure development fixed price contract, provision made in respect of foreseeable losses of future years recognized on basis of AS-7 issued by ICAI, is an allowable deduction: ITAT (See '2015-TIOL-100') Tax Donations to Political Parties (See 'DDT') Hyderabad University bags 'Visitor's Award' for Best University in India PM owes explanation to nation on issue of 'summary' of sacking of Foreign Secretary: Congress CBEC clarifies on collection of anti-dumping duty beyond validity period (See Cir 5 in 'What's New') Justice N Nadar Paul Vasanthakumar of Madras HC appointed as Chief Justice of J&K High Court Maharashtra Govt to accord 'State Guest' status of all retired CJs of Bombay HC if they had min tenure of three years After India it's USA turn to invite Indian Cos to invest in America Voda case - Modi Cabinet shows courage but must protect India's 'taxing right' (See 'The Cob(Web) Column) Cus - Assessment on shore tank quantity or Transaction value - Board Circular is to be considered retrospective as same is not contradictory to earlier Circular - Rule of unjust enrichment to apply even in provisional assessments: CESTAT (See 'Breaking News') Service Tax - Value of goods and materials supplied free of cost outside taxable value or gross amount charged? (See 'DDT' Column) I-T - Whether for purpose of computing depreciation, only written down value of transferred assets of demerged company as per books maintained shall constitute WDV of block of assets of resulting company - YES: ITAT (See 'Breaking News') ICEGATE should allow simultaneous availment of exemption notifications (See 'Budget Run-Up') Central Excise and Service Tax Awards + Babus No Premium Trains for LTC (See 'DDT') Service Tax - 'Commercial Training and Coaching' - Mandatory Training of Insurance Agents - not liable to pay Service Tax: CESTAT (See 'Breaking News') Appeals Why difference in provisions in Service Tax and Central Excise (See 'DDT') I-T - Whether disallowance of interest paid to bank u/s 40(a)(ia) is warranted when the assessee had paid interest to co-op. Bank and co-op. bank was not entitled for deduction u/s.80P(4): HC (See '2015-TIOL-89') Indian Ambassador to USA Mr S Jaishankar appointed as New Foreign Secretary two days before retirement for two years Union Cabinet decides to accept Bombay HC decision in Vodafone TP adjustment case (See 'Breaking News') CCEA okays HDFC Bank 74% foreign holding proposal worth Rs 10,000 Cr + also approves FIIs investment limit in Lupin Ltd for investment of Rs 6099 Cr Cabinet okays Spectrum Auction for 2100 MHz band in Feb 2015; Reserve Price pegged at Rs 3705 Crore Union Cabinet reconstitues panel to set up Semiconductor Wafer Fabrication projects; Dr V K Saraswat appointed as Chairman RRBs with less than USD 175 mn worth of assets exempted from registration under FATCA: RBI (See 'What's New') IGI Airport Customs busts gold smuggling racket; seized yellow metal worth Rs 42 lakh and finds employee of Thomas Cook involved in racket After Obama tour India is high on US investors' list: FM Govt to announce much-delayed New Foreign Trade Policy soon: Sitharaman India appeals against WTO ruling against Govt ban on import of US poultry product Apple quarterly profits riding sale of iPhones turns out to be largest profit in corporate history
 
   
BUDGET RUN-UP 2015-2016

Anomalous Duty in respect of Sedans & SUVs needs to be set right
By Rajesh Pandey
Published: January 30, 2015

ICEGATE should allow simultaneous availment of exemption notifications
By H S Prasad
Published: January 29, 2015

DDT (Daily Dose of Taxation)

Resurrected Anti Dumping - Board Clarifies its own Confusion - Contempt of Court?

With VIJAY KUMAR

Resurrected Anti Dumping - Board Clarifies its own Confusion - Contempt of Court?
Published: January 30, 2015

View previous DDTs »

WHAT'S NEW
CUS
:
Not 03 NT 15,16 Cir 05
ADD
:
Not 02 SG: 04  
EX
:
Not 04 NT 01 Cir ins
S.TAX
:
Not 01 Cir 181  
I-T
:
Not 09 Cir 01 itinst 02
DGFT
:
Not 107 PN 83 Cir15
RBI
:
Cir 67-68 Notif  
BREAKING NEWS

Mumbai, January 30
Not considering precedent orders by CESTAT - Cryptic orders lacking in reasoning and precision are passed day in and day out - Fault lies either in process of selection and appointment or because there is no review and appraisal of performance of Tribunal Members from time to time: HC

Mumbai, January 30
CX - Too late in day for Revenue to urge that refund application was not maintainable - Interest u/s 11AB is payable only in respect of clearances post 28.09.1996 irrespective of date of passing of adjudication order - Revenue appeal dismissed: HC

Bangalore, January 30
Income tax - Whether when except advances shown against current asset for fiscal, there is no other evidence to prove that land was purchased for purpose of business, sale of such land attracts tax on capital gains - YES: ITAT

Mumbai, January 29
Cus - Assessment on shore tank quantity or Transaction value - Board Circular to be considered retrospective as same is not contradictory to earlier Circular - Rule of unjust enrichment to apply even in provisional assessments: CESTAT

Mumbai, January 29
Income tax - Whether for purpose of computing depreciation, only written down value of transferred assets of demerged company as per books maintained shall constitute WDV of block of assets of resulting company - YES: ITAT

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

Whether it is necessary for AO to write words Yes I am satisfied on basis of above facts that income chargeable to tax has escaped assessment after factual narration of escapement of income; failing which reopening would be invalid.

Published: January 27, 2015

Post Answer »
THE COB (WEB)
Voda case - Modi Cabinet shows courage but must protect India's 'taxing right'by SHAILENDRA KUMAR

Voda case - Modi Cabinet shows courage but must protect India's 'taxing right'
Published: January 29, 2015

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Resolve all issues resulting from disbanding of Planning Commissionby TIOL EDIT TEAM

Resolve all issues resulting from disbanding of Planning Commission
Published: January 19, 2015

View previous Editorials»

ICE CUBES
by NARESH MINOCHA For Every Reform; there is equal & opposite counter-reform

For Every Reform, there is equal & opposite counter-reform
Published: January 27, 2015

View previous ICE CUBEs »

GUEST COLUMN

Pre-deposit Blues - Erroneous drawback is not duty? by S MURUGAPPAN

Pre-deposit Blues - Erroneous drawback is not duty?
Published: January 27, 2015

View previous Guest Column(s);

ST se GST tak

Getting ready for GST - The immediate do's by Dr G GOKUL KISHORE

Getting ready for GST - The immediate do's
Published: January 30, 2015

View previous ST se GST tak(s)»

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

 
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