News Update

World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsST - 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: HCXI tells Blinken - China, US ought to be partners, not rivalsST - 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: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - 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: HCCus - 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: HCCus - 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: HCCus - 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: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaImran Khan banned from flaying State InstitutionsI-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: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-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): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestNY top court quashes conviction of Harvey Weinstein in rape case
 
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Mumbai, August 23, 2014
ST - It is not wordings of agreement but substance of agreement that is relevant - If one sees substance it is for promotion of software of CRS companies - prima facie services merit classification under BAS - Pre-deposit ordered of Rs 5.8 crores: CESTAT
 
New Delhi, August 22, 2014
ST - It is dismaying to note that neither SCN nor o-in-o/o-in-a even remotely mentioned legal provision under which recipient of service were liable to pay impugned tax; flaw which by itself could arguably be fatal: CESTAT
 
New Delhi, August 22, 2014
CENVAT - Engineering Consultancy Service received for construction of Railway siding to facilitate transportation of coal to factory for running captive power plant is an Input Service: CESTAT
 
Mumbai, August 22, 2014
ST - Appellant providing services to Knowledge Corporation which provides IT Literacy Course to make learner IT literate - BAS services are exempt since they come within clause (d) of exemption Notification 14/2004: CESTAT
 
Allahabad, August 22, 2014
Income tax - Whether if money is routed indirectly from firm to assessee's account in garb of gifts, same is to be taxed in hands of donor as unexplained income - YES: HC
 
Bangalore, August 22, 2014
Customs - 100% EOU - Warehousing facility - Application for extension of warehousing period - Can be made even after warehousing period is over: CESTAT
 
New Delhi, August 21, 2014
CX - Claiming of remission of duty on ground of dacoity when, in fact, police report stated that no dacoity actually took place - Demand of duty correctly confirmed: CESTAT
 
New Delhi, August 21, 2014
ST - Perception of appellate Commissioner that every departmental officer is sui generis advance ruling authority is misconception that has no legislative basis: CESTAT
 
Mumbai, August 21, 2014
ST - Appellant splitting contract into two, one with Chinese party for supply of equipment and another one in India for commissioning - services provided is Works Contract - Department cannot force appellant to go for Composition Scheme - Matter remanded: CESTAT
 
Pune, August 21, 2014
Income tax - Whether disallowance u/s 40(a)(ia) is warranted merely because assessee provides wrong PAN No of transport operator who was paid transport charges without deduction of tax at source - YES: ITAT
 
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