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Thursday , May 17, 2012 | Updated : May 17, 22:47 IST
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NEWS FLASH
 
Union Cabinet okays GAIL's proposal for Turkmenistan-Afghanistan-Pakistan-India Gas Pipeline Project ACC approves CBEC's foreign posting file FDI into Steel Sector registers net growth: Minister (See 'Mixed Buzz') CBI Court sentences ITO to 3-yr RI (See 'Mixed Buzz') BJD extends support to P A Sangma as Presidential candidate Revised DTC Bill: To what extent FM may care for House Panel concerns? (See 'The Cob(Web)' Column) I-T - Whether when assessee takes a house on lease for its Chairman and pays huge security deposit, notional interest on such deposit is to be treated as a sum liable to FBT - NO, rules ITAT (See 'Breaking News') Rajya Sabha Okays Finance Bill 2012 - FM ready to bite bullet if needed; Determined to collect tax from Vodafone (See 'DDT' Column) Excise duty paid on imported Modems supplied to BSNL by availing CENVAT Credit of Additional duty of Customs and SAD paid on import - No case for imposing equal penalty under Section 11AC: CESTAT by Majority (See 'Breaking News') Smuggling across Indo-Bangla borders: Goods worth Rs 71 Cr seized (See 'Mixed Buzz') Handling of Cargo in Customs Areas Regulations, 2009 - Amended (See 'DDT' Column) I-T - Whether claim of depreciation on sale and lease back transaction can be rejected on ground that assessee was never in possession of machinery (See '2012-TIOL-376-HC-MAD-IT') Govt flooded with proposals for New Airports (See 'Mixed Buzz') Govt mulling over proposal to set up National Social Security Authority: Minister Murli Manohar Joshi backs FM on Vodafone issue Entertainment tax - Taxing Fashion Shows - Delhi HC declines to interfere DG (Systems) of CBEC allots port codes to 58 SEZs (See Cir 64 in 'What's New') Rupee nosedives against Dollar; India to resort to some austerity steps for fiscal consolidation: FM Export of rice to Iran: Indian Embassy takes up payment default cases, says Govt EU keen to wrap up FTA with India by year-end CBI launches search operations against Yeddy; raids residences I-T - Whether when assessee pays commission to its Director, who holds 1% equity, for services rendered, such sum can be said to be in lieu of dividend - NO, rules ITAT (See 'Breaking News') Tariff Value - Hike in Brass Scrap; Decrease for Gold and Silver (See 'DDT' Column) Foreign Assets reporting - Means not meeting the ends? (See 'Guest Column') Non-Plan Expenditure is on slide: Minister (See 'Mixed Buzz') I-T - Whether a jobworker is entitled to Sec 80IB benefits (See '2012-TIOL-371-HC-P&H-IT') FTP - Import of Betel Nut (See PN 112 in 'What's New') DTC fresh Bill after considering House Panel recommendations to be tabled in Parliament during Monsoon Session: FM Govt decides to reduce import of crude oil from Iran by 11% CBDT reconstitutes Placement Committee format for issue of AGT (See 'Service News' in 'Pitara') ED looking into alleged FEMA violations by Bharti Airtel: MoS(R) Secretary, DIPP, to hold Addl Charge of Secretary, Department of Commerce Imports from Singapore - Tariff Headings amended + Exemption for Imports from Singapore - Tariff headings amended + Concessional rates for imports from Singapore - Sanitary towels included (See Tariff in 'What's New') Anti Dumping Duty on PVC Flex Film from China - Provisional Assessment Ordered + ADD on Dry Cell Batteries from China - extended for one more year (See Notifications in 'What's New') SC finally grants bail to A Raja in 2G Scam case ITAT President issues transfer order of four Members - I C Sudhir from Pune to Delhi + I P Bansal from Delhi to Mumbai + J Sudhakar Reddy from Mumbai to Delhi and N V Vasudevan from Mumbai to Bangalore DRI case against Hewlett-Packard India - Bangalore Customs Commissioner confirms demand of Rs 925 Cr, with consequent penalties and interest (See 'Breaking News') CX - Exports - Refund of CENVAT Credit - Relevant date is date on which final products are cleared for export: Madras HC (See 'Breaking News') Shameful Backdoor Amendment to Notification by CBEC (See 'DDT' Column') Income tax - Whether, for purpose of computing capital gains, the day on which an asset is acquired or the day on which an asset is transferred, is to be added or excluded - NO, rules Delhi HC (See 'Breaking News') Works Contract - Levying tax on 'service portion' by exempting 'goods' portion - A great step forward (See 'ST se GST tak' Column) MVAT - Input Credit - No set off without any tax being received into Government Treasury: Bombay HC (See 'Breaking News') Gujarat using cloud seeding technology to tackle drought: Govt (See 'Mixed Buzz') I-T - Whether introduction of capital by partners can be added as cash credit when the partners are income tax assessee (See '2012-TIOL-240-ITAT-HYD')
 
 
 
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