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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Mumbai, January 20, 2014
CX - SCN invokes extended period and alleges that appellant has availed abatement wrongly - word 'wrongly' means that there was no deliberate act by appellant - duty liability not contested but paid - mandatory penalty not imposable: CESTAT
 
New Delhi, January 20, 2014
FEMA - Transaction through authorized persons - 'No violation' - Penalties quashed: Supreme Court
 
New Delhi, January 19, 2014
Indo-Pak trade: Working Groups of Customs, Railways & Banking to meet soon; Lahore to host 'India Show' in Feb
 
New Delhi, January 19, 2014
PPP Appraisal Committee approves projects worth Rs 7600 Cr
 
New Delhi, January 18, 2014
Implementation of Food Security Act: Centre asks States to set up more food procurement centres
 
New Delhi, January 18, 2014
Polls in India, EU may delay Bilateral Trade Agreement beyond 2014
 
Allahabad, January 17, 2014
Income tax - Whether when assessee engaged in real estate business lets out part of property to beat slowdown in business and to reduce interest on borrowed funds, such rental income takes colour of business receipt - YES: HC
 
Mumbai, January 17, 2014
CX - Manufacture - Footwear notified in 3rd Schedule - Shoes received loose in jute bags from karigaars are put in plastic bags and then packed in boxes wherein details like MRP are affixed - Activity amounts to manufacture: CESTAT
 
Mumbai, January 17, 2014
Cus - CHA licence suspended on basis of CBI inquiry that appellant was bribing officials for favours - as officers have been issued charge sheets, Commissioner (G) to complete inquiry under CHALR within month: CESTAT
 
Mumbai, January 16, 2014
Govt releases New Policy Guidelines; Commercial utilisation of land owned by Major Ports to be expensive
 
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