News Update

Unveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesI-T- Secured creditor has priority charge over secured asset, over claims of I-T Department & other Departments; any excess amount recovered by Secured Creditor from auction of secured asset, over & above the dues payable to it, are to be remitted to the Departments: HCFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesI-T - Once assssee on year of reversal has paid taxes on excess provision and similar feature appeared in earlier years and assesee had payments for liquidated damages on delay of deliverables, no adverse inference can be drawn: HCFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerST - Software development service & IT-enabled service provided by assessee was exempt from tax during relevant period, by virtue of CBEC's Notification & Circular; demands raised for such period not sustainable: CESTATUN says Households waste across world is now at least one billion meals a dayCus - Order rejecting exporter's request for conversion of Shipping Bills on grounds that the same has been made by exporter beyond period of three months from date of Let Export Order in terms of CBEC Circular No. 36/2010-Cus : CESTATIndia, China hold fresh dialogue for complete disengagement on Western borders: MEACus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTATThakur says India is prepared for 2036 OlympicsCX - As per settled law, a right acquired as result of a statutory provision, cannot be taken away retrospectively unless said statutory provision so provides or by necessary implication has such effect: CESTAT
 
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Mumbai, October 27, 2015
CENVAT - Rule 3(7)(a) - Notifn 23/2003 does not reduce rate of basic customs duty but quantum is reduced by 75% - term BCD in second proviso implies basic custom duty applicable on goods by normal importer from abroad - Credit correctly taken: CESTAT
 
Mumbai, October 27, 2015
ST - Revenue cannot argue against Board's circular - Activity of preparing vegetables by cleaning, boiling and freezing same and subsequently packing it in unit packs is in relation to agriculture, hence appellant is not liable to ST: CESTAT
 
Mumbai, October 26, 2015
ST - Rule 5 - Computer software recorded on media are 'goods' as held in TCS case - appellant provided services of maintenance or repair and accordingly entitled to refund, services being admittedly exported: CESTAT by Majority
 
Ahmedabad, October 26, 2015
ST - Commercial Coaching - Appellant engaged in running Coaching Classes for students of CA examination cannot be treated as vocational training institute - clubbing of income of relatives is unacceptable: CESTAT
 
Bangalore, October 26, 2015
I-T - Whether when there is neither quantification of sum payable nor any actual payment is made, it would still be fair to burden assessee with obligation to deduct tax at source - NO: HC
 
Mumbai, October 26, 2015
CX - Perfunctory manner of disposal of appeal on two occasions and in absence of petitioner and its advocates does not sub-serve larger interest of justice - Matter remanded to Tribunal: HC
 
Paris, October 25, 2015
OECD organises regional workshop on implementation of BEPS in Eurasia
 
New Delhi, October 24, 2015
CBEC substantially hikes monetary limits for arrest; No prosecution against Directors of Public Limited Cos and in cases of technical nature
 
Mumbai, October 24, 2015
ST - Appointment of Special Counsel by Revenue - Tribunal expresses anguish as Commissioner did not take any action for appointing Counsel although matter was listed for an out-of-turn hearing but sought an adjournment at last minute
 
Ahmedabad, October 23, 2015
Coal classification issue - It is convention to grant waiver of pre-deposit when matter is referred to Larger Bench - Dismissal of modification application is not correct - HC grants complete waiver and modifies Tribunal's order
 
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