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World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions Voter turnout surpasses 50% by 4 PM in Phase 2 polls 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 XI tells Blinken - China, US ought to be partners, not rivals 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 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 NY top court quashes conviction of Harvey Weinstein in rape case


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New Delhi, May 09, 2015 China accounts for huge imports of bulk drugs by India; Govt working on policy to promote manufacturing

Ernakulam, May 09, 2015 Pre-deposit ordered by Tribunal challenged in Writ - Tribunal did not deal with specific contention of petitioner with regard to non-establishment of wilful representation - However, HC refrained from interfering with direction of Tribunal to pre-deposit Rs 20 lakhs since it appears reasonable

New Delhi, May 08, 2015 Central Excise - Manufacture - sterlilisation of syringes and needles does not amount to manufacture: Supreme Court

New Delhi, May 08, 2015 Income tax - Whether 'hundi discounting charges' can be treated as capital expenditure, when same was charged to revenue account on year to year basis, for all previous and subsequent years - NO: HC

Bangalore, May 08, 2015 Karnataka VAT - Penalty for understated liability - Return includes revised return - no understatement in revised return; no penalty: High Court

Mumbai, May 08, 2015 ST - Appellant is an entity situated at Illinois in USA and has no office or any permanent establishment in India - provisions of Finance Act, 1994 do not apply to an entity who is not situated within India - ST demand is set aside and appeal allowed: CESTAT

New Delhi, May 07, 2015 CX - Valuation - goods cleared at factory gate and for captive consumption in another factory not same - not comparable; Demand - limitation - no mala fide intentions - and revenue neutral - demand beyond normal period and penalty set aside: Supreme Court

Kolkata, May 07, 2015 Income tax - Whether income arising out of property belonging to joint owners by doctrine of blending, is liable to be treated as 'income from house property' u/s 22 and not income from other sources u/s 56 - YES: HC

New Delhi, May 07, 2015 Anti-dumping duty on PVC imported from China under Notification No 11/2008 - Whether amending Notification No 38/2008 is retrospective - Matter referred to President in view of difference in opinion between Members: CESTAT

New Delhi, May 07, 2015 CX - Valuation - Job work - 'other works overhead' element should have been taken into consideration in arriving at AV; Demand - Limitation - Suppression proved - appeal dismissed: Supreme Court

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April 26, 2024

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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