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Thursday , July 24, 2014 | Updated : Jul 24, 20:35 IST
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NEWS FLASH
 
Govt imposes definitive anti-dumping duty on many Rubber Chemicals (See 'Cus ADD' in What's New) Govt seeks views of all political parties on appointment of judges Govt likely to propose many amendments to Finance Bill relating to pre-deposit in case of duty and penalty cases in indirect taxes + more than one price in TP cases Service Tax mop-up in Q1 goes up to Rs 38862 Cr from Rs 32617 Cr during same time last fiscal CBEC issues AGT order of 104 AC/DCs at All India level (See 'Transfer' in Pitara) CBDT issues transfer order of 33 Addl / JCITs (See Transfer in 'Pitara') Union Cabinet okays Bill to vest powers in SEBI to deal with Ponzi Schemes Govt decides to appoint Panel to review gas pricing mechanism Anti-dumping duty on Carbon Black, Phosphoric Acid, Vitamin C, Potassium Carbonate extended by one more year CBDT Chairman to inaugurate Special Return Receipt Counters at Civil Centre tomorrow Income Tax Return Filing - CBDT decides to keep offices open on Saturday + Sunday; additional counters to be set up up to July 31 NTT 'ghost' is back! FM needs to do 'same thing' only differently! (See ‘The Cob(Web) Column) Cus - EOU - De-bonding - Depreciation on value of capital goods imported but not used fully for purpose of manufacture so as to discharge export obligation - Depreciation allowed: CESTAT (See 'Breaking News') Customs EDI, not all that good - CAG (See ‘DDT’ Column) Income tax - Whether interest is payable on refund of self assessment tax from date of assessment order till grant of refund - YES: HC (See 'Breaking News') Govt mulling over multi-pricing policy for Satellite Transponders (See ‘Mixed Buzz’) Truth is defence in Contempt proceedings - A Commission headed by Judge is not Court: SC (See ‘DDT’ Column) CBI maintains no centralised data on conviction in Corruption Cases (See ‘Mixed Buzz’) Did budget meet expectations of Corporates? (See 'Budget Analysis') Scrutiny of Returns is neglected area in Central excise - CAG (See ‘DDT’ Column) VAT - Whether the assessment proceedings are quasi judicial in nature: HC (See ‘2014-TIOL-1190’) ST - Since appellant had preferred appeal against entirety of adjudication order which included imposition of penalties, revisional proceedings are in clear transgression of provisions of Sec 84(4) of FA, 1994 - Appeal allowed: CESTAT (See 'Breaking News') SC Constitution Bench finds many flaws in National Tax Tribunal Bill; reserves order Govt to float a ‘Bank of Ideas & Innovation’ for infra projects in August: Gadkari Chennai Airport rated high in Service Quality Service About 400 SEZs are yet to be operational: Minister Govt working on contours of 100 'Smart Cities'; Small towns make better use of JNNURM funds: Naidu Clearance from EOU to DTA - CVD - Can CE Exemption be availed? (See 'DDT' Column) CENVAT - Reinsurance service is an 'Input service' for appellant engaged in life insurance business: CESTAT (See 'Breaking News') Govt to repeal Companies (Donation to National Funds) Act, 1951 (See ‘Mixed Buzz’) ST - Tribunal had shown sufficient indulgence to appellant by granting time to deposit a part of tax demanded and had also granted an extension of time for compliance - Tribunal had, therefore, rightly dismissed appeal for non-compliance: High Court (See 'Breaking News') How Revenue Boards will spend in 2014 -15 + CESTAT going to be starved for funds in 2014 -15 (See ‘DDT’) I-T - Whether in case of sale and lease-back deal where sales tax was paid, depreciation can be disallowed merely because Central Excise papers treat machinery as 'not for sale' - NO: HC (See 'Breaking News') Mangalore Central Excise arrests CMD of an advertising company for alleged service tax evasion of Rs 1.94 Cr Finance Bill - Key concerns on indirect tax (See ‘Budget Analysis’)
 
   
UNION BUDGET 2014-15
BUDGET ANALYSIS

Did budget meet expectations of Corporates?
By Lakshit Desai & Deepa Bakhru
Published: July 24, 2014

Finance Bill - Key concerns on indirect tax
By Bimal Jain
Published: July 23, 2014

More

DDT (Daily Dose of Taxation)

Customs EDI, not all that good - CAG

With VIJAY KUMAR

Customs EDI, not all that good - CAG
Published: July 24, 2014

View previous DDTs »

WHAT'S NEW
CUS
:
Not 11-25 NT 54 Cir 08
ADD
:
30-35 Inst: 07 SG: 01
EX
:
Not 08-20 NT 17-22 Cir 983
S.TAX
:
Not 06-15 Order Cir 178
I-T
:
Not 32 Cir 10 Inst 11
DGFT
:
Not 88 PN 67 Cir 13
RBI
:
Cir 12,13    
BREAKING NEWS

New Delhi, July 24
Cus - EOU - De-bonding - Depreciation on value of capital goods imported but not used fully for purpose of manufacture so as to discharge export obligation - Depreciation allowed: CESTAT

Mumbai, July 24
Income tax - Whether interest is payable on refund of self assessment tax from date of assessment order till grant of refund - YES: HC

New Delhi, July 24
ST - Since appellant had preferred appeal against entirety of adjudication order which included imposition of penalties, revisional proceedings are in clear transgression of provisions of Sec 84(4) of FA, 1994 - Appeal allowed: CESTAT

Bangalore, July 23
CENVAT - Reinsurance service is an 'Input service' for appellant engaged in life insurance business: CESTAT

Chennai, July 23
ST - Tribunal had shown sufficient indulgence to appellant by granting time to deposit a part of tax demanded and had also granted an extension of time for compliance - Tribunal had, therefore, rightly dismissed appeal for non-compliance: High Court

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

Can CIT(A) order special audit u/s 142(2A) in course of appellate proceedings?

Published: July 21, 2014

Post Answer »
THE COB (WEB)
NTT 'ghost' is back! FM needs to do 'same thing' only differently!by SHAILENDRA KUMAR

NTT 'ghost' is back! FM needs to do 'same thing' only differently!
Published: July 24, 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

Mandatory Pre-Deposit - Interpretative Challenges & Possible Outcomes by LAKSHMI MENON

Mandatory Pre-Deposit - Interpretative Challenges & Possible Outcomes
Published: July 21, 2014

View previous Guest Column(s);

ST se GST tak

Conflicting views in computing 'P' in Rule 6 of CCR, 2004 by S NARAYANAN

Conflicting views in computing 'P' in Rule 6 of CCR, 2004
Published: July 22, 2014

View previous ST se GST tak(s)»

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

 
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