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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, December 10, 2014 Cus - Neither Central Govt, nor DGFT have power to amend FTP or withdraw any export benefit with retro effect - DGFT Circular 42 set aside: HC

New Delhi, December 10, 2014 Income tax - Whether when assessee revises return after being confronted by AO but before issue of notice for filing accurate particulars, penalty is warranted in such a case - YES: HC

Chennai, December 10, 2014 No error in the order of Tribunal disallowing CENVAT Credit on services relating to trading activity prior to 01.04.2011: High Court

Mumbai, December 10, 2014 ST - Whether introduction of new definition of credit card or other card service by FA, 2006 by excluding from Banking services is substantive & prospective or is in continuation of levy u/s 65 (10)/(12) & retrospective - Matter goes to LB: CESTAT

Geneva, December 09, 2014 WTO rules against US Countervailing Duties on Indian Hot Rolled Carbon Steel Flat Products

Ahmedabad, December 09, 2014 VCES - Provisions of s.37C of CEA has no application - if summons u/s 14 has been issued, inquiry in respect to ST not paid shall be stated to have been initiated - Application rightly rejected: HC

Chennai, December 09, 2014 Cus - While disposing appeal filed under Customs Act, whether Tribunal can remand matter to Central Excise Commissioner? - Yes - Sec 129B does not restrict power of Tribunal: Madras HC

Mumbai, December 09, 2014 Income tax - Whether if remission of liability is made pursuant to premature repayment of loan, such remitted sum can be treated as income - NO: HC

Chennai, December 09, 2014 CENVAT - Rule 6(3)(b) - Eligibility of Credit on inputs used exclusively in exempted goods when 10% amount paid - Finding of fact of CESTAT that inputs are used for both categories - Department not countered fact - Finding of fact cannot be disturbed - Assessee eligible to avail credit: HC

Mumbai, December 09, 2014 ST - Refund - Vodafone case - principles of unjust enrichment would not apply in respect of exports - ROM application rejected - Revenue would be required to refund amount paid by respondent in terms of undertaking executed by them: CESTAT

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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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