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ST - 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: HC CX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HC Cus - 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: HC Cus - 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: HC Cus - 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: HC Cus - 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: HC I-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HC China asks Blinken to select between cooperation or confrontation I-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITAT Honda to set up USD 11 bn EV plant in Canada I-T - Re-assessment is invalid where based only on a suspicion that income escaped assessment & where not based on concrete reasons to believe for commencing such proceedings : ITAT Imran Khan banned from flaying State Institutions I-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: ITAT Pro-Palestine demonstration spreads across US universities; 100 arrested I-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): ITAT NATO asks China to stop backing Russia if keen to forge close ties with West Cus - When Department has not complied with time limit, the order issued for revocation of licence or order issued for continuation of suspension licence cannot sustain: CESTAT NY top court quashes conviction of Harvey Weinstein in rape case Weather prediction normal for phase 2 poll day IndiGo orders 30 Airbus A350s for long hauls ST - Appellant is an 'authorised medical practitioner' providing 'healthcare services' - services exempted in terms of clause 2(i) of notification 25/2012-ST: Commr(A)RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimes REC avails SACE-Covered Green Loan for 60.5 Billion Japanese Yen Study finds Coca-Cola accounts for 11% of branded plastic pollution worldwide Cus - 'Small Form-factor Pluggable Optical Transceivers' are classifiable under CTH 8517 7090 and not under CTH 8517 62 90 - entitled for benefit of duty concession under 57/2017-Cus: CESTAT DoNER discusses Development of Tourism in North East CX - Appellant is eligible for exemption under Notfn 12/2012-CE upon fulfilling all conditions stipulated therein, thus sufficiently establishing that goods dealt with by Appellants qualify for exemption: CESTAT


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New Delhi, July 19, 2018 I-T - Undisclosed income can be assessed as 'Income from other sources' and against same assessee can claim set off of unabsorbed depreciation : ITAT

Mumbai, July 19, 2018 Cus - Transitional arrangement which has been clarified by Trade notice does not contravene substantive provisions of notification or section 3 of FTDR Act: High Court

Mumbai, July 19, 2018 I-T - No taxpayer can be prevented from netting off interest received on income tax refund, against interest payable on delayed deposit of tax, same being tax neutral exercise: ITAT

New Delhi, July 18, 2018 GST - When delivery challan is issued u/r 55, it is a mandate under sub-rule (3) that there should be a declaration u/r 138 - fact that there was no such declaration, raises a reasonable presumption of attempt to evade tax - s.129 definitely operates: HC

New Delhi, July 18, 2018 I-T - Delayed deposit of TDS in govt A/c can be forgiven, if such default was backed by severe financial crises: ITAT

Mumbai, July 17, 2018 I-T - If assessee fails to establish urgent nature of business necessities for taking loans from its Directors in cash, such transaction warrants levy of penalty u/s 271D: ITAT Special Bench

Bangalore, July 17, 2018 ST - If GOI department could be treated as using 'Residential Complex' constructed by NBCC for its 'personal use', how another Corporate body could be denied benefit of that type of user of 'Residential Complex' to be occupied by its Managerial Staff: HC

Bangalore, July 17, 2018 CX - On being pointed out, Assessee immediately reversed CENVAT Credit wrongly availed by it - there cannot be said to be any fraud through which it wanted to evade Excise Duty - setting aside of interest and penalty cannot be faulted: HC

New Delhi, July 17, 2018 I-T - Complaint received against assessee is a reason to suspect but it is not a reason to believe that some income has escaped assessment untill AO verifies content of information before initiating re-assessment: ITAT

Hyderabad, July 16, 2018 I-T - Even if soil separated from land and put in containers it continues to be specie of land and income from growing mushrooms in such containers under controlled environment is agri income exempt u/s 10(1): ITAT Special Bench

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