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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, January 16, 2015 Sales Tax - Official Liquidator is a dealer liable to pay tax: Supreme Court

Chennai, January 16, 2015 I-T - Whether when assessee is engaged in business of race horses and has betting income it cannot set off losses incurred in earning such income - YES: HC

New Delhi, January 16, 2015 CX - Rule 16 does not require maintenance of any records - Returned goods have to be treated as inputs and assessee having shown issuance of said inputs from RG-1 are deemed to have manufactured final product - CENVAT reversal cannot be sought: CESTAT

Mumbai, January 15, 2015 ST - If reason for waiving penalty u/s 80 are that there was confusion about scope of leviability under reverse charge mechanism, then, it is same confusion because of which appellants had not declared fact of receiving service by way of import - Demand time barred: CESTAT

Hyderabad, January 15, 2015 Income tax - Whether finding that there was no distribution of assets leads to conclusion that there was no transfer of assets at all - NO: HC

New Delhi, January 15, 2015 FERA - Belated retraction of Confession rejected - Penalty upheld: High Court

Hyderabad, January 14, 2015 Transfer of SFIS duty credit scrips among Group Cos - Interpretation of 'Group Company' under para 9.28 of FTP - DGFT cannot introduce something which is not envisaged in FTP and impose additional restriction: HC

Kolkata, January 14, 2015 Income tax - Whether inter-corporate deposits can be considered as part of loans and advances and same attracts provisions of Sec 2(22)(e) - NO: ITAT

Mumbai, January 14, 2015 ST - Services to members of club or cooperative housing society is not service by one to another - not chargeable to service tax: CESTAT

Mumbai, January 13, 2015 CX - Brand name Ribbons & Balloons belonged to Bharat Cafe - Fact that Bharat Cafe were not manufacturer or trader or seller of said goods at relevant time is of no consequence - benefit of SSI exemption not available to appellant: CESTAT

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