News Update

CBDT 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, January 04, 2016
CX - Rule 2(l) - ST paid on services of setting up of mandap in factory for celebrating Dussera festival is not eligible to be held as credit as this seems to be not connected with the business of the appellant: CESTAT
 
Chennai, January 04, 2016
I-T - Whether assessee can be held liable for sub agents, if any, nominated by commission agents, who had received payments of commission - NO: HC
 
Mumbai, January 04, 2016
Cus - Basis on which value of Appellants' imports is sought to be 'again' enhanced by SCN was already available with department at time of assessment of duty made by relying on contemporaneous value - Larger period of limitation not applicable: CESTAT
 
New York, January 03, 2016
Refugees & Migrants braving seas to flee to Europe by smugglers boat top 10 lakhs mark: UNHCR
 
New Delhi, January 03, 2016
Paying taxes should not be painful process for taxpayers; FM asks IRS probationers to retain their idealism
 
Mumbai, January 02, 2016
Cus - Refund claim is not an Appeal proceeding - Officer considering refund claim cannot sit in Appeal over an assessment made by competent Officer or for that matter review same - Appeal dismissed: CESTAT
 
New York, January 02, 2016
UN sustainable development goals kick in with start of New Year
 
New Delhi, January 01, 2016
I-T - Whether compensation received by Indian journalist from foreign publisher is liable to be treated as capital receipt where such compensation was paid not under any obligation but as ex-gratia payment upon termination of publishing contract - YES: HC
 
Mumbai, January 01, 2016
ST - Appellant had no intention to avoid payment of service tax which would have been available to them as Cenvat credit and non-payment would not result in any financial benefit - Penalties waived: CESTAT
 
Mumbai, January 01, 2016
CX - Drawing of MS wires from wire rods not manufacture - However, Credit taken on various items at input stage is regularised in view of retro amendment of Rule 16 by Taxation Laws (Amendment) Act, 2006: CESTAT
 
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