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World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions Voter turnout surpasses 50% by 4 PM in Phase 2 polls ST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HC XI tells Blinken - China, US ought to be partners, not rivals 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 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 NY top court quashes conviction of Harvey Weinstein in rape case


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New Delhi, June 19, 2018 CX - Duty demand cannot be made jointly and severally - since units have separate existence, each one will be entitled to the benefit of SSI exemption separately: CESTAT

Chennai, June 18, 2018 Income tax - Date of reckoning u/s 263(2) is date of making scrutiny assessment & not date of re-assessment: HC

Mumbai, June 18, 2018 ST - As demand was raised on basis of recorded transactions in Books of account, it cannot be said that appellant has suppressed any material fact with intention to evade payment of Service Tax: CESTAT

Chandigarh, June 18, 2018 I-T - Assessee cannot be treated to be 'in-default' for not deducting TDS even when, selling prepaid SIM cards, if it has neither paid any commission nor has accrued any income in hands of distributors: ITAT

Mumbai, June 18, 2018 CX -No interest imposition was proposed in SCN and it was also not demanded in adjudication order, therefore, Tribunal could not have held appellant liable to pay interest : CESTAT

Chennai, June 16, 2018 I-T - Easy escape for cine star - If assessee fails to return advances received but puts same in balance sheet on bona fide belief that such advances are not income, it is not to be construed as concealment: HC

Chennai, June 16, 2018 ST - CENVAT - Refund - Rule 5 of CCR, 2004 does not stipulate registration of premises as a necessary pre-requisite for claiming a refund: High Court

Chennai, June 16, 2018 I-T - Once expenditure on technical knowhow is availed by manufaturers u/s 35AB, their eligibility to claim depreciation on such know how ceases: HC

Mumbai, June 15, 2018 ST - 'Exposure fee' charged by US Exim bank is only an interest and not liable to service tax: CESTAT

New Delhi, June 15, 2018 I-T - Amendment vide Finance Act, 2015, introducing clause (c) to Sec 200A(1) cannot be applied retrospectively to earlier AYs: ITAT

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