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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Mumbai, September 20, 2014
ST - Bench had asked Revenue to verify as to whether surety bond has been executed as per Apex Court order - in response, CCE, Pune III submitted letter wherein confirmation sought is not forthcoming but many other useless information is reproduced - Matter adjourned: CESTAT
 
Mumbai, September 19, 2014
CENVAT credit availed on Input Services used in or in relation to manufacturing activity at Pune factory has no nexus with rendering of output service of Renting of Immovable property in Mumbai: CESTAT
 
New Delhi, September 19, 2014
CX - Rebate on goods exported to overseas subsidiary - Delhi HC holds Revenue cannot restrict rebate on value u/s 4 - Market Price under condition 'e' of Notifn No 19/2004 is export market price - Not Indian Market price - Allows rebate of Rs 23 Cr to Dr Reddy's Labs
 
Mumbai, September 19, 2014
Income tax - Whether HC has discretion not to exercise its judicial review powers in writ petition filed by assessee, when conduct of assessee himself is tainted and doubtful - YES: HC
 
Mumbai, September 19, 2014
ST - As provision of telecommunication service to international roamers would amount to export of service, refund is permissible in law - Revenue's appeal dismissed: CESTAT
 
Mumbai, September 18, 2014
CCR, 2004 - Rule 5 - Onsite services rendered abroad by foreign subsidiaries - CENVAT credit refund ineligible prior to 27/02/2010 as same does not constitute exports - amendment made on 27/02/2010 is not clarificatory: HC
 
New Delhi, September 18, 2014
ST - Reference to Five Member Bench - Misc applications by Revenue are defended with more heat than light - more dogma than logic or law - Applications dismissed with costs: CESTAT
 
Mumbai, September 18, 2014
Income tax - Whether character of any stock-in-trade acquired by partners of a firm changes into capital asset upon dissolution of firm, without presence of any agreement regarding such conversion - NO: HC
 
Mumbai, September 18, 2014
Cus - Once warehousing period has expired, goods are deemed to be improperly removed from warehouse and cannot be considered as warehoused goods and appellants are required to pay duty u/s 72(1)(b) irrespective of fact that they want to abandon goods: CESTAT
 
Mumbai, September 17, 2014
ST - Surface transportation charges, on which service tax is demanded, has been shown in invoices as part of sale value of coal and on value including transportation charges, applicant has discharged CE duty as well as sales tax - sale value cannot be charged to ST: CESTAT
 
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