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NEWS FLASH
 
OMCs reduce petrol price by Rs 1.09 per litre and diesel by 50 paise per litre CBDT Chairperson R K Tiwari retires today; Member (Inv) K V Chowdary gets Addl Charge Govt reduces tariff value of Gold + Silver but hikes the same for RBD Palm Oil (See 'Custom NT' in What's New) ACC clears appointments of Navtej Singh Sarna as Special Secretary in MEA + Prakash Mishra as Special Secretary(Internal Security) in MHA Black Money - Income Tax weapon of Search & Seizure becoming STINGLESS! (See 'THE COB (WEB)' Column) ST - Telecom Infrastructure Services are more appropriately classifiable under Business Support Service - demand under BAS is not sustainable: CESTAT (See 'Breaking News') What is Revenue foregone? (See 'DDT' Column) CENVAT – Rule 3(3) of CCR, 2004 - Duty paid on any input can be utilized for payment of any duty of excise on any final product – no one-to-one correlation required - availment of duty paid on Molasses for payment of duty on Sugar not barred: CESTAT (See 'Breaking News') List of Officials with Doubtful Integrity: CBI prepares it alone; No role for CVC: Minister (See 'Mixed Buzz') Income tax - Whether profit relatable to sale of unutilized FSI is also eligible for Sec 80IB(10) benefits - NO: HC (See 'Breaking News') Service Tax – 15 lakh returns pending corrective action - CAG (See 'DDT') Cus - if statutory provision is capable of two interpretations, taking one such interpretation cannot give rise to an error apparent from record even if one is of view that other interpretation is more correct in context - ROM dismissed: CESTAT Delay in Passport Issuance significantly reduced: Govt (See 'Mixed Buzz') Rajya Sabha also clears Finance Bill; Presidential Assent expected any time today US steps up pressure on India to end opposition to WTO deal on trade facilitation RBI issues fresh direction to banks to share information with SIT on Black Money (See 'RBI Cir' in What's News) Natural Rubber is in negative list of FTAs, says Minister (See 'Mixed Buzz') China having 'Apple' time in India (See 'Mixed Buzz') ST - Construction of retention wall on bank of Sabarmati river can be considered in a broad sense as renovating or restoring of water bodies - activity falls under exclusion clause of "site formation and clearance, excavation and earth moving and demolition service" - No ST chargeable: CESTAT CBDT issues transfer order of 20 Addl / JCITs (See 'Transfer' in Pitara) FM to meet CEOs of Public Sector Banks and FIs tomorrow on issue of financial inclusion Amazon decides to invest USD 2 bn to grab larger e-tail space in India Sixth Economic Census provisional results released (See 'Mixed Buzz') Govt repatriates Secretary, Defence Production, Gokul Chandra Pati, to home cadre ST - Renting of Immovable property - lease amount was collected as premium & rental at time of agreement - expressions ‘other similar arrangements' and ‘any other service in relation to such renting' used in s. 65 are expressions of width & amplitude - Pre-deposit Rs 20 Cr ordered: CESTAT (See 'Breaking News') Frivolous Appeals – Bombay HC imposes Costs of Rs 3 Lakhs on Income Tax Department (See ‘DDT’ Column) I-T - Whether expression 'Tax, Duty, Cess or Fee or by whatever name called' mentioned in provisions of Sec 43B brings under its sweep port dues payable by assessee to a government agency - NO: ITAT (See 'Breaking News') Does your decision represent viewpoint of Department? (See 'Guest Column') CX - Registration - Inclusion of pipelines in ground plan of refinery - pipeline is primarily meant for transportation of raw material - No justification for inclusion in ground plan: Tribunal (See 'Breaking News') CBDT Clarification on 'Alternate Investment Funds' having status of non-charitable trusts - Compliance with HC orders (See ‘DDT’) ST - Appellants only collecting ads & same is forwarded to various newspapers - since they are not undertaking any activity connected with preparation & display, they are not Ad Agency - no ST payable: CESTAT (See 'Breaking News') Tax Audit – CBDT prescribes new Forms – 3CA, 3CB and 3CD (See ‘DDT’) PM asks scientists to take lab to field to boost farmers’ income HAL joins hands with Bangalore Business Chamber to set up Skill Development Council for aviation Sector Imports - Trade credits - RBI extends validity of all-in-cost ceiling up to Dec 31, 2014 (See Circular 16 in 'What's New') I-T - Whether amount written off by bank can be straightaway held as income from other sources: ITAT (See '2014-TIOL-482') CBI Court orders 5-yr RI to four Central Excise officers (See 'Mixed Buzz') CST - Whether Form C under CST is required to be issued for transfer of credit in DEPB passbook - YES: HC (See 'Breaking News')
 
   
DDT (Daily Dose of Taxation)

What is Revenue foregone?

With VIJAY KUMAR

What is Revenue foregone?
Published: July 31, 2014

View previous DDTs »

WHAT'S NEW
CUS
:
Not 11-25 NT 55 Cir 08
ADD
:
36 Inst: 07 SG: 01
EX
:
Not 08-20 NT 17-22 Cir 983
S.TAX
:
Not 06-15 Order Cir 178
I-T
:
Not 33 Cir 12-13 Inst 11
DGFT
:
Not 88 PN 67 Cir 13
RBI
:
Cir 18    
BREAKING NEWS

Mumbai, July 31
ST - Telecom Infrastructure Services are more appropriately classifiable under Business Support Service - demand under BAS is not sustainable: CESTAT

Mumbai, July 31
CENVAT - Rule 3(3) of CCR, 2004 - Duty paid on any input can be utilized for payment of any duty of excise on any final product - no one-to-one correlation required - availment of duty paid on Molasses for payment of duty on Sugar not barred: CESTAT

Ahmedabad, July 31
Income tax - Whether profit relatable to sale of unutilized FSI is also eligible for Sec 80IB(10) benefits - NO: HC

Mumbai, July 31
Cus - if statutory provision is capable of two interpretations, taking one such interpretation cannot give rise to an error apparent from record even if one is of view that other interpretation is more correct in context - ROM dismissed: CESTAT

Mumbai, July 30
ST - Construction of retention wall on bank of Sabarmati river can be considered in a broad sense as renovating or restoring of water bodies - activity falls under exclusion clause of "site formation and clearance, excavation and earth moving and demolition service" - No ST chargeable: CESTAT

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

I-T - Sec 40(a)(ia) provides for disallowance of expenditure if TDS is not made. In other words, such amount becomes income of assessee. However, such income is not defined as income in sec 2(24). Whether such disallowance can be deleted on such ground.

Published: July 28, 2014

Post Answer »
THE COB (WEB)
Black Money - Income Tax weapon of Search & Seizure becoming STINGLESS!by SHAILENDRA KUMAR

Black Money - Income Tax weapon of Search & Seizure becoming STINGLESS!
Published: July 31, 2014

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Modi Govt should roll-out Tax Policy roadmap as promised in BJP manifesto by TIOL EDIT TEAM

Modi Govt should roll-out Tax Policy roadmap as promised in BJP manifesto

Published: July 18, 2014

View previous Editorials»

ICE CUBES
by NARESH MINOCHA FM shuns Risks & Innovation in growth-centric Budget

FM shuns Risks & Innovation in growth-centric Budget
Published: July 14, 2014

View previous ICE CUBEs »

GUEST COLUMN

What are Challenges before GST? Can these be met?by G SREEKUMAR MENON

Does your Decision represent viewpoint of Department?
Published: July 30, 2014

View previous Guest Column(s);

ST se GST tak

'Achhe Din aagaye' - CENVAT credit on Overseas Export commission by P G JAMES

'Achhe Din aagaye' - CENVAT credit on Overseas Export commission
Published: July 28, 2014

View previous ST se GST tak(s)»

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

 
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