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, January 03, 2017
I-T - Whether dispatch register by itself is sufficient for proving deemed service of notice u/s 148, in absence of any authenticated signature of AO on same - NO: HC
 
Mumbai, January 03, 2017
CX - Rule 18 accords rebate of duties paid on goods that are exported & do not distinguish between exempted goods and dutiable goods - lower authorities have erred in adopting approach which is redolent of opportunism: CESTAT
 
Allahabad, January 03, 2017
Cus - Valuation provisions of s.14 are not applicable to goods which have already left shores & export of which has already taken place - Excess drawback allegedly disbursed not recoverable: CESTAT
 
Mumbai, January 02, 2017
I-T - Whether an issue which was never subject matter of consideration in order passed u/s 143(3) r/w/s 254, can be sought for rectification u/s 154 - NO: HC
 
New Delhi, January 02, 2017
CENVAT Credit - Amendment to Rule 6 vide No 6/2010 to exclude supplies to Power Projects is only prospective - Demand upheld -Penalty set aside: CESTAT
 
Mumbai, January 01, 2017
CX - Since s.11A amended by s. 110 of FA, 2000 making provision for reopening of approved classification list is valid piece of legislation, differential duty can be recovered even in respect of approved classification list: HC
 
New Delhi, January 01, 2017
Indian economy continues to consolidate gains in current fiscal; CAD down to 1.1% of GDP & forex kitty quite comfortable: Jaitley
 
New Delhi, December 31, 2016
PM announces interest and loan sops for MSMEs, Sr Citizens, urban poor, farmers and pregnant women; Also thanks bankers for their service to Nation
 
Mumbai, December 31, 2016
CENVAT - There was no intention to evade duty in adopting facility of payment of tax of 8%- no suppression on part of appellant, hence demand is barred by limitation: CESTAT
 
Chandigarh, December 30, 2016
I-T - Whether grant of registration u/s 12A & exemption u/s 10(23C)(vi) would by itself, entitle trust for allowance of exemption u/s 80G - NO: HC
 
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