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World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions Voter turnout surpasses 50% by 4 PM in Phase 2 polls ST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HC XI tells Blinken - China, US ought to be partners, not rivals ST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HC CX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HC Cus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HC Cus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HC Cus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HC Cus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HC I-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HC China asks Blinken to select between cooperation or confrontation I-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITAT Honda to set up USD 11 bn EV plant in Canada Imran Khan banned from flaying State Institutions I-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITAT Pro-Palestine demonstration spreads across US universities; 100 arrested I-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITAT NATO asks China to stop backing Russia if keen to forge close ties with West NY top court quashes conviction of Harvey Weinstein in rape case


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New Delhi, October 13, 2017 Wealth Tax - Overriding power of AO u/s 7(2)(a) to reject normal method of valuation in case of running businesses is not a standalone provision: Supreme Court

Mumbai, October 13, 2017 ST � Tribunal has oversimplified matter - Respondent has not established that incidence of service tax has not been passed by its client to any other person: High Court

New Delhi, October 13, 2017 I-T - Department cannot proceed with assessment u/s 153C, if they themselves have become dormant for more than six years after initiating search: ITAT

Mumbai, October 13, 2017 CX � If case of appellant is that some of submissions actually made were not recorded and not dealt with, remedy available was before Appellate Tribunal: High Court

Mumbai, October 13, 2017 ST � Service performed by M/s. Schiffko GMBH, Germany at Russia on respondent's behalf and no part of such service was performed in India - in terms of Rule 3 (ii) of Rules, 2006, service is not taxable: CESTAT

Mumbai, October 13, 2017 CX - Expression 'or for any other reason' used in Rule 16 of CER, 2002 is of wider connotation and cannot be governed by principle of ejusdem generis : CESTAT

Allahabad, October 12, 2017 Income Tax - Rule 8D(1)(b) comes into play only after AO records his non-satisfaction about assessee's claim: HC

Mumbai, October 12, 2017 I-T - Capital gains - An asset once treated as part of 'block of assets' will always remain a part of the block even if it ceases to be put to use for business in some previous years: HC

Mumbai, October 12, 2017 CX - Newsprint is defined as paper 'intended' for printing of newspaper - it is not necessary that such paper should be 'compulsorily' used for printing of newspaper: CESTAT

Mumbai, October 12, 2017 ST - Appellant in ST-3 declared the amount of PF and ESI on which no tax was shown to have been paid under the belief that reimbursement is not taxable - Demand time barred: CESTAT

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