News Update

Unveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesI-T- Secured creditor has priority charge over secured asset, over claims of I-T Department & other Departments; any excess amount recovered by Secured Creditor from auction of secured asset, over & above the dues payable to it, are to be remitted to the Departments: HCFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesI-T - Once assssee on year of reversal has paid taxes on excess provision and similar feature appeared in earlier years and assesee had payments for liquidated damages on delay of deliverables, no adverse inference can be drawn: HCFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerST - Software development service & IT-enabled service provided by assessee was exempt from tax during relevant period, by virtue of CBEC's Notification & Circular; demands raised for such period not sustainable: CESTATUN says Households waste across world is now at least one billion meals a dayCus - Order rejecting exporter's request for conversion of Shipping Bills on grounds that the same has been made by exporter beyond period of three months from date of Let Export Order in terms of CBEC Circular No. 36/2010-Cus : CESTATIndia, China hold fresh dialogue for complete disengagement on Western borders: MEACus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTATThakur says India is prepared for 2036 OlympicsCX - As per settled law, a right acquired as result of a statutory provision, cannot be taken away retrospectively unless said statutory provision so provides or by necessary implication has such effect: CESTAT
 
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Chennai, April 19, 2018
I-T - Appeal filed before Aaykar Seva Kendra and later transferred to CIT(A) would not be barred by limitation: HC
 
Mumbai, April 19, 2018
ST - Appellant is entitled to CENVAT credit on input services used for construction of immovable property which is ultimately rented out: CESTAT
 
Mumbai, April 19, 2018
CX - Disallowance of CENVAT credit availed on services in proportion to value of clearance of inputs as such does not have backing of law : CESTAT
 
Mumbai, April 18, 2018
ST - Standard Chartered Bank undertook collection of export proceeds through their office in UK who retained a part of amount towards collection charges – No ST liability on appellant under reverse charge: CESTAT
 
Mumbai, April 18, 2018
I-T - Innocent ignorance of taxpayer in offering his liabilities as 'income' in his return must not be taken advantage of by Department: ITAT
 
Kolkata, April 18, 2018
Wealth tax - Freehold land used for construction of office space and service centre, within two years of its acquisition, will not attract Wealth tax: ITAT
 
Mumbai, April 18, 2018
ST - Rule 5 of CCR, 2004 – Refund cannot be denied on ground that services are not input services u/r 2(l) without first issuing SCN and deciding on admissibility of credit: CESTAT
 
Mumbai, April 18, 2018
CX - Stand of revenue neutrality does not appear convincing for reason that MSEB is neither a service provider nor manufacturer, therefore, duty payable, by respondent cannot be taken as CENVAT credit: CESTAT
 
Mumbai, April 18, 2018
Cus - Appellant having been able to sell goods even at higher value to their foreign buyer and having realized entire consideration, is entitled to drawback admissible to him under law: CESTAT
 
Kolkata, April 17, 2018
CGST - Applicant, a non-profit organisation is engaged exclusively in supplying goods and services that are wholly exempt from tax, and, therefore, not liable to be registered: AAR
 
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