News Update

Unveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesI-T- Secured creditor has priority charge over secured asset, over claims of I-T Department & other Departments; any excess amount recovered by Secured Creditor from auction of secured asset, over & above the dues payable to it, are to be remitted to the Departments: HCFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesI-T - Once assssee on year of reversal has paid taxes on excess provision and similar feature appeared in earlier years and assesee had payments for liquidated damages on delay of deliverables, no adverse inference can be drawn: HCFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerST - Software development service & IT-enabled service provided by assessee was exempt from tax during relevant period, by virtue of CBEC's Notification & Circular; demands raised for such period not sustainable: CESTATUN says Households waste across world is now at least one billion meals a dayCus - Order rejecting exporter's request for conversion of Shipping Bills on grounds that the same has been made by exporter beyond period of three months from date of Let Export Order in terms of CBEC Circular No. 36/2010-Cus : CESTATIndia, China hold fresh dialogue for complete disengagement on Western borders: MEACus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTATThakur says India is prepared for 2036 OlympicsCX - As per settled law, a right acquired as result of a statutory provision, cannot be taken away retrospectively unless said statutory provision so provides or by necessary implication has such effect: CESTAT
 
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New Delhi, August 12, 2014
I-T - Whether franchise fee remitted to non-resident for simply using trademark 'Dominos' is required to be partly treated as capital expenditure - NO: HC
 
New Delhi, August 12, 2014
CX - Appellant should not suffer for dereliction of duty by Revenue - Appeal Allowed for this: CESTAT
 
New Delhi, August 11, 2014
FM asks CBEC officers to work as facilitator for taxpayers and also take stern action against tax evaders
 
Mumbai, August 11, 2014
ST - Respondent supplying Manpower for cleaning of aircrafts - if said service performed outside the airport or civil enclave was not taxable it is not liable to service tax under 'Airport Service' - Stay petition dismissed: CESTAT
 
New Delhi, August 11, 2014
Laptop with special software used for managing functionalities of machine is eligible for credit as capital goods: CESTAT
 
Ahmedabad, August 11, 2014
I-T - Whether when assessee discontinues manufacturing and commences trading from part of premises and also earns rental by leasing out remaining part, it is entitled to set off business loss from trading against rental i on which Sec 24 benefit was also availed - NO: HC
 
Mumbai, August 11, 2014
ST - If service is classifiable under BSS from a given date and said service is not carved out of any of existing services, it cannot be construed that service was taxable prior to that date: CESTAT
 
New Delhi, August 11, 2014
CENVAT credit on Courier - as manufactured goods are notified u/s 4A, 'place of removal' would be factory gate and hence credit of ST paid on outward freight from place of removal is not admissible - Demand hit limitation, penalties set aside: CESTAT by Majority
 
New Delhi, August 10, 2014
PM to lay foundation of New Port-based Multi-Product SEZ at JNPT on Aug 16
 
New Delhi, August 10, 2014
Textiles footprint: China has larger manufacturing base than India; India facing stiff competition from neighbours
 
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