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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Mumbai, August 18, 2016
CX - S.110 of Customs Act, 1962 - If appellant's prayer of quashing impugned order is allowed, it will be frustrating due process of law that is required in quasi-judicial proceedings - Appeal dismissed: CESTAT
 
Mumbai, August 17, 2016
FTP - Once there was clear stipulation in policy itself, then, all that circular does is to clarify this obvious position - If there was no obligation to pay duty, then, there is no question of claiming refund - Petitions dismissed: High Court
 
Mumbai, August 17, 2016
ST - Maintenance or repair service - Ships or vessels move easily on water but, not being goods that are amenable to severance from land or water, are not distinguishable from immoveable property - s. 65(105)(zzg) did not extend to Ships: Tribunal by Majority
 
Kolkata, August 17, 2016
I-T - Whether loss incurred by assessee in derivative transaction is liable to be assessed as loss of deemed speculation business even though for purpose of Sec 43(5) transactions in derivatives were not 'speculative transactions' - NO: ITAT
 
Mumbai, August 17, 2016
Cus - Allegation of having acted as a mere conduit for generation of documents to show that watch movements and parts were genuinely imported would not attract provisions of s. 112 - Penalty set aside: CESTAT
 
Mumbai, August 17, 2016
CX - Supplier fraudulently taking credit and by utilizing same paying duty - CENVAT credit cannot be denied as there is no evidence produced to assert that appellants knew that supplier of goods had wrongly availed CENVAT Credit: CESTAT
 
Mumbai, August 16, 2016
CX - Fact that guesthouse is located right next to factory implies that it is used in relation to manufacturing activity - credit of repair and maintenance services of guesthouse is admissible: CESTAT
 
Mumbai, August 16, 2016
Cus - Even if claim of revenue that documentation is incomplete is not in doubt, it is seen that no such deficiency was brought to notice of applicant- interest liability crystallizes: CESTAT
 
New Delhi, August 15, 2016
Consumer Affairs Minister urges Industry to spend on promoting consumer awareness about food safety 
 
New Delhi, August 15, 2016
Railway Board Members given assignments based on functional lines
 
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