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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 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 I-T - Re-assessment is invalid where based only on a suspicion that income escaped assessment & where not based on concrete reasons to believe for commencing such proceedings : ITAT 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 Cus - When Department has not complied with time limit, the order issued for revocation of licence or order issued for continuation of suspension licence cannot sustain: CESTAT NY top court quashes conviction of Harvey Weinstein in rape case Weather prediction normal for phase 2 poll day IndiGo orders 30 Airbus A350s for long hauls ST - Appellant is an 'authorised medical practitioner' providing 'healthcare services' - services exempted in terms of clause 2(i) of notification 25/2012-ST: Commr(A)RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimes REC avails SACE-Covered Green Loan for 60.5 Billion Japanese Yen Study finds Coca-Cola accounts for 11% of branded plastic pollution worldwide Cus - 'Small Form-factor Pluggable Optical Transceivers' are classifiable under CTH 8517 7090 and not under CTH 8517 62 90 - entitled for benefit of duty concession under 57/2017-Cus: CESTAT DoNER discusses Development of Tourism in North East CX - Appellant is eligible for exemption under Notfn 12/2012-CE upon fulfilling all conditions stipulated therein, thus sufficiently establishing that goods dealt with by Appellants qualify for exemption: CESTAT


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New Delhi, May 17, 2016 FERA - Seizure of Foreign Currency - Permission to import currency has to be proved; Amount of seized currency returned has to be paid back to Govt with interest: Supreme Court

New Delhi, May 17, 2016 VAT - Proviso ought to be given normal and natural meaning keeping in mind context, object and reasons for its enactment and incorporation: Supreme Court

Mumbai, May 17, 2016 I-T - Rent paid by an entity to its directors for leasing out their land in favour of the entity for carrying out agricultural operations, is liable to be disallowed u/s 14A, if it is directly attributable to earning of agricultural/exempt income: ITAT

Mumbai, May 17, 2016 Cus - Either delivery of goods should be given to appellant and if department has failed to give delivery of goods then appellant shall be entitled for refund of duty and interest paid by them - Matter remanded: CESTAT

Mumbai, May 16, 2016 ST - While most departments of government do end up participating in litigation initiated by private entities, they are not normally geared for litigation with other government departments - delay in filing appeal condoned: CESTAT

New Delhi, May 16, 2016 I-T - Whether when assessee was to receive full consideration on transfer of assets, merely manner of discharge of sale proceeds would alter the scheme and decide taxability of capital gains - NO: HC

New Delhi, May 16, 2016 Cus - Post-amendment by FA, 2012, Section 153 of CA, 1962 does not provide for service of SCN on a customs agent - right of owner of goods cannot be defeated without prior notice on him - seized goods rightly ordered to be released: HC

New Delhi, May 15, 2016 CBDT gears up to notify Income Declaration Scheme 2016 from June 1, 2016; Tax to be charged @ 30% + KKC + 25% penalty

New Delhi, May 14, 2016 Impact of liquor ban - surplus molasses - Centre accepts Bihar's proposal for lifting 6 cr litre of ethnol for blending with petrol scheme

New Delhi, May 14, 2016 Cus - There is no provision in Act that enables Revenue to direct carrier of goods to waive demurrage charges or container charges even where order of confiscation is ultimately held to be illegal: HC

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I-T - Assessee cannot be prevented from claiming that receipts from sale of software were wrongly offered as royalty, merely because such income was wrongly offered in ROI and which was not revised: ITAT

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Trade Mark Act - Marks are visually phonetically and deceptively similar to Plaintiffs' trademarks : HC

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