News Update

CBIC revises tariff value of edible oils, gold & silverFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCentre receives Rs 18.5 lakh crore tax revenue upto Feb monthUN says Households waste across world is now at least one billion meals a dayExpert Committee on developing GIFT IFSC as 'Global Finance and Accounting Hub' submits report to IFSCAIndia, China hold fresh dialogue for complete disengagement on Western borders: MEADefence Production issues notification for re-organisation of DGQAThakur 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 LebanonMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilThailand’s Lower House okays Bill to legitimise same-sex marriageYellen warns China against clean energy dumpingMilky 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 billionJustice Ritu Raj Awasthi joins as Judicial member of Lokpal
 
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Chandigarh, February 18, 2016
CENVAT Credit - Rent paid for Branch offices which are used for procurement of orders and provision of Service - Credit is admissible on renting Service: CESTAT
 
Chandigarh, February 18, 2016
Cus - Prosecution in violation of Sec 155(2) is not valid - it would not be in interest of justice to subject petitioners to trial which will ultimately be still-born - Criminal revisions allowed: HC
 
Mumbai, February 18, 2016
I-T - Whether assessee is entitled to Sec 54 benefits even if investment is made for acquisition of new property outside India - YES: ITAT
 
Mumbai, February 17, 2016
ST - For clients located outside India, respondent provided Technical Consultancy Service by offering research in new compounds of pharma products - Benefit of service accrued to foreign clients outside India - it is export of service: CESTAT
 
New Delhi, February 17, 2016
I-T - Whether rent paid by occupiers to sub-licencees is taxable as income from property in hands of assessee which had sub-licensed its premises - NO: ITAT
 
Mumbai, February 17, 2016
CX - Oiling & Pickling of H R Coils - Once assessee considered activity as amounting to manufacture and discharged duty liability, question of availing CENVAT credit cannot be disputed holding that there is no manufacture - CENVAT credit cannot be denied: CESTAT
 
New Delhi, February 16, 2016
Customs - Smuggling of Gold - prosecution of person charged with financing smuggling - High Court order quashing prosecution set aside - Prosecution to continue: Supreme Court
 
Mumbai, February 16, 2016
CX - Barbed wire is an anti-climbing device and same is useful in protecting electric tower - bought out barbed wire supplied along with Transmission tower is an accessory and qualifies as Input under rule 2(k) of CCR, 2004: CESTAT
 
New Delhi, February 16, 2016
I-T - Whether gold recovered by assessee from wastage in its regular course of business of manufacturing and export of gold jewellery is its income - YES: ITAT
 
New Delhi, February 16, 2016
ST - Adjudicating authority is only bound by orders of superior authority like CESTAT and observations of Committee of CCs are of administrative nature and not of quasi-judicial nature to have any binding effect on adjudicating authority: CESTAT
 
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