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Friday , April 25, 2014 | Updated : Apr 24, 18:50 IST
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NEWS FLASH
 
IMD forecasts 88% rains during monsoon season Centre tells SC it will not take decision on Appointment of Lokpal Delhi HC agrees to hear PIL against land allotment to Robert Vadra CBDT invites applications from Inspectors for posting in CPC-Compliance Cell (See 'Deputation' in Pitara) CX - It is ratio of law declared by LB which is applicable and not reasoning - CENVAT credit on Outdoor Catering is admissible even if number of workers in factory is less than 250: CESTAT (See 'Breaking News') Impact of Poll Fever: Bihar Police seizes FC like US Dollar & Dirham worth Rs 40 lakh in Vaishali Service Tax Rebate - Appeal Lies to Tribunal and not Government: HC (See 'Breaking News') It's raining 'Black'! (See 'The Cob(Web) Column) ST - Once CESTAT had held the demand to be time barred, entering into merits of case and passing an order would amount to an illegality: HC (See 'Breaking News') Income Tax - expenditure incurred for development of roads/highways in BOT agreements - CBDT clarifies (See 'DDT') Railways introduces Mobile & Desktop APP on Windows 8.0 for train enquiry (See 'Mixed Buzz') CX - Revenue alleging that activity does not amount to manufacture and hence credit should be reversed - Once duty on final products is accepted, CENVAT credit availed need not be reversed: CESTAT (See 'Breaking News') Service Tax Rebate - Appeal Lies to Tribunal and not Government (See 'DDT') VAT - Whether a 'sale' within meaning of Sec 2 (ac) takes place when a stent or valve is implanted in a patient in course of surgical procedure in hospital: HC (See '2014-TIOL-551') Arvind Kejriwal Wins TIME 100 Readers - Poll (See 'DDT') I-T - Whether CIT is required to examine application of income while processing the application for registration u/s 12A (See '2014-TIOL-553') DGCA allows passengers to use mobile phones during Flight USA approaches India for arrest of Congress Rajya Sabha MP for receiving bribe of USD 18.5 mn from American company to grant permission for Titanium mining Delhi HC orders preparation of Lists of Healthy and junk food items ACC extends tenure of Dr K Radhakrishnan, Secy, Department of Space till year-end in public interest Mumbai Service tax recovers tax from Videocon Group Companies; arrests one person (See 'Mixed Buzz') MoF notifies 8% interest rate for Savings (Taxable) Bonds, 2003 (See Notification in 'What's New') RBI Panel Report favours Enabling PKI in Payment System Applications (See 'Mixed Buzz') CENVAT credit on Construction service received prior to 01.04.2011 - services were billed prior to 1.4.2011 for which payment made prior to 1.4.2011 - Credit taken on 28.04.2011 cannot be held to be improper : CESTAT (See 'Breaking News') IRCON inks MoU with Transparency International India (See 'Mixed Buzz') CX - So-called 'special discount' is not discount at all is established by fact that it was never passed on to customers of cars and, therefore, is includible in AV - Demand of Rs 59 Cr upheld: CESTAT (See 'Breaking News') CAG entitled to audit private telecom service providers - SC (See 'DDT' Column) ST - Tax of more than Rs 5.8 Cr collected from clients but not deposited with Govt - suppression of facts with willful intention to evade duty is manifest - no merit in plea for waiver of SCN as s.73(4) expressly disentitles same: CESTAT (See 'Breaking News') Disposal by Commissioner (A) - Quantity or Quality? (See 'DDT')
 
   
DDT (Daily Dose of Taxation)

Income Tax - expenditure incurred for development of roads/highways in BOT agreements - CBDT clarifies

With VIJAY KUMAR

Income Tax - expenditure incurred for development of roads/highways in BOT agreements - CBDT clarifies
Published: April 24, 2014

View previous DDTs »

WHAT'S NEW
CUS
:
Not 08-09 NT 32 Cir 07
ADD
:
15 Inst: 04 SG: 01
EX
:
Not 05 NT 13-16 Cir 981
S.TAX
:
Not 05 Order Cir 177
I-T
:
Not 24 Cir 09 Inst 03
DGFT
:
Not 78 PN 58 Cir 13
RBI
:
Cir 124    
BREAKING NEWS

New Delhi, April 24
CX - It is ratio of law declared by Larger Bench which is applicable and not reasoning - CENVAT credit on Outdoor Catering services is admissible even if number of workers in factory is less than 250 - Appeal allowed: CESTAT

New Delhi, April 24
Service Tax Rebate - Appeal Lies to Tribunal and not Government: High Court

Allahabad, April 24
ST - Once the CESTAT had held the demand to be time barred, entering into the merits of case and passing an order would amount to an illegality: HC

Chennai, April 24
Income tax - Whether when land is taken on lease for longer period against lumpsum payment and transfer is in perpetuity, such expenditure can still be construed as revenue in nature - NO: HC

Mumbai, April 24
CX - Revenue alleging that activity does not amount to manufacture and hence credit availed should be reversed - Once duty on final products has been accepted by the department, CENVAT credit availed need not be reversed: CESTAT

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

Assessee filed return showing much low profit rate, as compared to preceding year, but full quantity details were maintained. Books cannot be rejected if quantitative details are maintained. The AO issued notice u/s 148 recording reasons of very low gross profit. Whether reopening is valid.

Published: April 21, 2014

Post Answer »
THE COB (WEB)
It's raining 'Black'!by SHAILENDRA KUMAR

It's raining 'Black'!
Published: April 24, 2014

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Set up a statutory panel to reform expenses including tax expendituresby TIOL EDIT TEAM

Set up a statutory panel to reform expenses including tax expenditures
Published: April 12, 2014

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Mirror Mirror on wall, see who is most crooked of all?

Mirror Mirror on wall, who is the most crooked of all?
Published: April 09, 2014

View previous ICE CUBEs »

GUEST COLUMN

Indian Patent Regime - Bitter pill, Placebo or Panacea? by MANISH MANI TIWARI

Indian Patent Regime - Bitter pill, Placebo or Panacea?
Published: April 21, 2014

View previous Guest Column(s);

ST se GST tak

Tour operators: Travelling in uncertainities of law - Part-IIby PRADEEP JAIN, PREETI PARIHAR & NEETU SUKHWANI

Tour operators: Travelling in uncertainities of law - Part-II
Published: April 22, 2014

View previous ST se GST tak(s)»

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

 
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