News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
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Chennai, December 01, 2017
I-T - When a property is found to be non-agricultural, it is to be treated as 'capital asset' even if it is situated outside municipal area and profits on its transfer are liable to capital gains tax: ITAT
 
Mumbai, December 01, 2017
ST – Service provider had not issued any consignment note and hence appellant will not be covered under scope of Goods transport Agency: CESTAT
 
Mumbai, December 01, 2017
CX – Easehaler is a plastic gadget not containing any medicament and, therefore, not classifiable under Ch.30, Ch.note 6 will not apply: CESTAT
 
New Delhi, November 30, 2017
I-T - When return was scrutinised by auditors and also Directors of company, it cannot be said that invalid claim of depreciation is not concealment and merely an accounting error: HC
 
Mumbai, November 30, 2017
CX – Contention that permission was granted is in nature of a misrepresentation and an attempt to mislead authorities and this Court - Petition dismissed and costs imposed: HC
 
Nainital, November 30, 2017
I-T - Interest earned on money deposited in open LC for purchase of machinery is not liable to be treated as income for purpose of deduction u/s 80-IC: HC
 
Hyderabad, November 30, 2017
Erroneous view taken mechanically by AA in holding that DFS was liable to ensure that every sale even to individual crew member was to be taken to ship under customs preventive escort: CESTAT
 
Mumbai, November 30, 2017
CX - Merely because appellant had separate electric connections for both units, situated across road, a common registration cannot be denied: CESTAT
 
Chandigarh, November 29, 2017
I-T - Club can avail of doctrine of mutuality w.r.t. surplus amount received as contributions or price for some of facilities availed by its members: ITAT
 
Chennai, November 29, 2017
CX – Rule 57G(3) - Certified photostat of triplicate copy of Bill of Entry is admissible document for taking credit: HC
 
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