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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Allahabad, December 27, 2016
I-T - Whether CNG in its compressed form having distinct identity from that of natural gas, which acquires trait of 'manufacture', is eligible for deduction u/s 80IA - YES: HC
 
Mumbai, December 27, 2016
Cus - No evidence has been placed on record to establish that Boric acid has been used for insecticidal purposes - registration under Insecticide Act is not needed - confiscation, penalty set aside: CESTAT
 
Mumbai, December 27, 2016
CX - Cash refund can be given only in situation where either assessee has paid amount in cash or refund is against export of goods: CESTAT
 
Chandigarh, December 26, 2016
Cus - Illegal detention of goods by Customs - Demurrage amounts to more than value of goods & container - Importer not liable to pay these charges; Customs liable - Costs imposed, can be recovered from guilty officers: HC
 
Ahmedabad, December 26, 2016
I-T - Whether withdrawal of registration u/s 12A for subsequent AYs can be a ground to reopen previous assessments by Revenue - NO: HC
 
Mumbai, December 26, 2016
CX - Demand dropped on ground of time bar but allegation upheld - observation on merits challenged by appellant will not prejudice them as issue is not of recurring nature: CESTAT
 
Mumbai, December 26, 2016
Cus - Materials, though produced, escaped attention of Bench while recording order - Tribunal has power to recall its order if facts not considered: CESTAT
 
New Delhi, December 25, 2016
DoP&T Minister unfolds six key initiatives to mark Good Governance Day - Online filing of APAR; Immovable Property Return & Online App
 
New Delhi, December 24, 2016
GST Council approves GST Model Law almost 'fully' + Compensation law; to discuss IGST and cross-empowerment issues at next meeting on Jan 3 & 4, 2017
 
New Delhi, December 23, 2016
I-T - Whether amounts of advance tax paid prior to declaration under Kar Vivad Samadhan Scheme, can be adjusted while determining tax arrears - NO: HC
 
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