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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Ahmedabad, February 19, 2014
Inter-unit transfer of goods manufactured by a 100% EOU 'No requirement to pay SAD though no sales tax is paid' Tribunal sets aside demand
 
Ahmedabad, February 18, 2014
Income tax - Whether additions are warranted when there is substantial increase in consumption of electricity but without corresponding increase in production and also no mention of work-in-progress in books - YES: HC
 
New Delhi, February 18, 2014
Appeal against Anti-dumping Notification No 33/2008 Cus dated 11.3.2008 fails – Tribunal finds no flaw in Notification and the proceedings
 
Chennai, February 18, 2014
Toys or Games? Not fun to decide - Classification of Chip N Dale, Duck Tale Disney, Fox and Geese and Rally manufactured by Funskool - Matter referred to Third Member
 
Mumbai, February 17, 2014
ST - Ajay Devgn aka Bajirao Singham not entitled to take CENVAT credit on Club service as same relates to personal activity & has no nexus with business: CESTAT
 
Chennai, February 17, 2014
CENVAT - Credit taken not utilized & reversed - Penalty not imposable, but interest exists in view of SC decision in Ind-Swift - question of size of demand not relevant when major question of law is involved: HC
 
Hyderabad, February 17, 2014
I-T - Whether when assessee has earned capital gains on transfer of land to developer, not filing Return because papers were missing, warrant penalty - YES: ITAT
 
Mumbai, February 17, 2014
ST - listing fee charged towards banner advertising - SCN alleges activity would be exigible to tax under online data access - demand dropped - in appeal memo, Revenue seeks classification under BAS but has no merits: CESTAT
 
Mumbai, February 16, 2014
CX - appellant paid ST for Works Contract - since Composition Scheme was availed in respect of ST on condition that CENVAT is not availed on inputs, permitting appellant to take CENVAT against CX duty would mean they are disentitled to benefit of ST: HC
 
Mumbai, February 16, 2014
CX - Classification of Brown Sugar under same heading 23.01 as applicable to Bagasse would not alter position about applicability of Rule 6: CESTAT
 
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