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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Ahmedabad, December 17, 2015
Cus - A consolidated appeal filed on 15.07.2014 against confirmation of CE & Cus duty - Registry insisting that separate appeal be filed - new s.129E warranting payment of 7.5% of duty not applicable as appeal must be seen as continuation of original proceedings: HC
 
Mumbai, December 17, 2015
CX - CCR, 2004 contains no restriction on distribution of credit earned prior to taking registration by ISD - Registration taken in Feb 2008 & invoices issued in respect of tax paid on input services received from April 2005 is proper - no cause for denial of credit: CESTAT
 
New Delhi, December 16, 2015
Union Cabinet approves new text for Model Bilateral Investment Treaty
 
New Delhi, December 16, 2015
CX- Valuation - Whether pre-delivery inspection charges (for short 'PDI') and after sales service charges (for short 'ASS') are to be included in assessable value? NO - CESTAT LB decision in Maruti Suzuki overruled: Supreme Court
 
Mumbai, December 16, 2015
I-T - Whether merely not receiving money in India can render assessee free, although documentary evidence seized during search raises a strong presumption that assessee held bank accounts in Switzerland and indulged in cross border transactions - NO: ITAT
 
Mumbai, December 16, 2015
ST - Respondent received Rs 7 Cr as commission from RBI for sale of bonds - Undoubtedly, no ST was paid on said amount & accordingly conclusion reached that entire amount needs to be considered as cum-tax amount is correct conclusion: CESTAT
 
Mumbai, December 16, 2015
CX - s.4 - Valuation - Amount received by appellant towards third party inspection charges undertaken at instance of buyer is not includable in transaction value: CESTAT
 
Mumbai, December 16, 2015
Cus - Certificate issued by SAI certifying that import is being made by Tennis Association - There is no doubt that AITA has used goods for tennis court to be used in international competitions - as conditions of notification 146/94 fulfilled, benefit is admissible: CESTAT
 
New Delhi, December 15, 2015
Govt makes PAN quoting mandatory for all transactions exceeding Rs two lakhs; hikes limits for many transactions from Jan 1, 2016
 
New Delhi, December 15, 2015
CX - Seizure of sale proceeds of clandestinely manufactured goods - Power applicable for seizure is equally applicable for provisional release - Absence of provision for release of currency under Excise Act is irrelevant: CESTAT
 
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