News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur 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 LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky 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 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
Page 595
New Delhi, April 13, 2014
ST - service provided by appellant to customers by facilitating fore-closure of loans clearly falls outside ambit of business auxiliary service: CESTAT
 
Chennai, April 13, 2014
CX - Penalty - There is nothing with Revenue to establish that conduct of assessee in paying duty on transaction value of rusted inputs, though amendment requiring reversal of credit came into effect from 01.03.2003, was with an intention to evade duty: HC
 
Paris, April 13, 2014
Major OECD countries trim tax credits & tax-free allowances; personal income tax goes up
 
New Delhi, April 12, 2014
Delhi VAT - If accounts were not properly maintained, AO had rightly come to conclusion that total possible sale was much higher and conclusion so arrived at was based on sound reasons: Supreme Court
 
New Delhi, April 12, 2014
ST - CENVAT credit on Courier services - 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 - however, on issue of limitation, Members have divergent views - Matter referred to TM: CESTAT
 
Mumbai, April 11, 2014
ST - Appellant is liable to pay tax on taxable services rendered as sub- contractor - eligibility to benefits of Notifn 12/2003 & 1/2006 to be examined by adjudicator - Matter remanded: CESTAT by Majority
 
Chennai, April 11, 2014
Rule 14 of CCRs, 2004 - Credit taken but not utilized till reversal - Whether Interest and Penalty can be levied? - The controversy of 'and' & 'or' finally comes to an end: High Court
 
Allahabad, April 11, 2014
Income tax - Whether initiation of re-assessment u/s 147 gets vitiated merely because AO fails to correct assessment completed u/s 143(1) by issuing notice u/s 1432(2) - NO: High Court
 
New Delhi, April 11, 2014
Cus - Storage of imported goods in a warehouse pending clearance – whether Customs authorities can issue a certificate and order waiver of demurrage charges in all cases – No, says HC
 
Ahmedabad, April 10, 2014
Income tax - Whether profits from mere sale of open land or unused FSI as part of housing project where FSI utilization is way short of permissible limits can be said to have been derived from such project u/s 80IB(10) - NO: High Court
 
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