News Update

Apex Court says NO to plea for deferment of Budget presentation on account of state elections40 Officers of CBEC bag Presidential AwardMeasures for reducing litigation - Clarification on Circulars 21/2015 and 8/2016Complexity of the Multilateral Convention for combating BEPS (See 'TII EDIT' in Taxindiainternational.com)Cooperative Banks not authorised to accept application for deposit in ‘Bond Ledger Account' of PMGK Deposit SchemeCX – Mixed questions of fact and law are capable of being properly resolved in appellate remedies available under CEA - Petitions disposed of: HCCapital market loses over Rs 5000 cr vide outflow of funds by FPIsWhether notice for reopening issued after six years of completition of assessment, against an original assessee which is not in existence due to compulsory amalgamation, is void ab initio - YES: HCWhether the proceedings initiated before expiry of limitation period, can be rendered invalid merely for the reason that the same was not concluded within a reasonable time period - NO: HCCompetition Act - Quoting unusually high prices in tender and committing lower quantity as part of sharing arrangement amounts to bid rigging, no requirement of law that colluding bidders must submit bids containing identical or similar conditions: CCI (See 'Legal Desk' in TIOLCorplaws)Service Tax - Valuation - Re-treading of tyres - Maintenance and Repair Services - Service Tax is payable only on service part - Value of goods sold excluded: Supreme CourtCus - Assumption by CESTAT that pending Writ petitions of others can provide adequate redress to petitioner is an entirely erroneous assumption: HCSupply of product dossier to overseas customer, whether export of service?GST-There is nothing new, but for clatter going on all over - Part-III-T - Whether AO can make disallowances in remand proceedings on issues which were not approved by ITAT, in absence of new evidences found during remand - NO: HCCX - Mentioning part number on Air shaft/Air chucks and brand 'TIDLAND' on letterhead, invoices and catalogues does not amount to use of 'brand name' so as to be held ineligible for benefit of SSI exemption notification: CESTATCongress Party joins hands with SP for UP polls; bags 105 seats out of 403 seatsGST - Division of assessee-base below Rs 1.5 Cr threshold - IRS officers upset; may hold EGM tomorrow; CBEC Chairman likely to pacify ruffled feathersIf Trump goes for Border Adjustment Tax, Indian pharma Cos would be in soupPHD Chamber urges FM to limit Corporate tax rate to 25%Trump thinks journalists in USA are most dishonest human beingsIndia teams up with largest warship INS Vikramaditya; ATM onboard inauguratedHirakhand Express derails; 35 pax killed; over 60 injuredRespect must be shown to National Anthem & National Flag; Govt asks all offices to comply with SC interim directions


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