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Sunday , August 2, 2015 | Updated : Aug 1, 22:09 IST
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NEWS FLASH
 
Cyclone Komen causes massive destruction in Manipur, Orissa & West Bengal PM for export of surplus sugar; favours ethanol blending Compliance Window - Declaration not admissible as evidence: Minister (See 'Mixed Buzz') CBDT promotes 3 CCITs as Principal CCITs; Dinesh Verma is New Principal CCIT in Bengaluru (See 'Promotion'in 'Pitara') Govt promises SEBI's black eye to black money (See 'Mixed Buzz') CX - Valuation - Transaction Value - whether transportation and insurance cost to be included in value - What is to be determined is 'place of removal' and that depends on facts of each case; - perfunctory manner in which appeal of assessee is allowed by Tribunal, cannot be countenanced: Supreme Court (See 'Breaking News') Manual - Scrutiny of returns - Are Executive Commissionerates usurping powers of Audit Commissionerates? (See 'ST se GST tak') Customs - Exempted Imports - Export Obligation - Even if DGFT holds that export obligation is fulfilled, it is not binding on Customs: Supreme Court (See 'Breaking News') CBDT simplifies procedures for e-filing, e-payment and online application for PAN (See 'Mixed Buzz') Cus - There is no provision for filing ROM application against order of Tribunal deciding ROM application - Application not maintainable, hence dismissed: CESTAT (See 'Breaking News') Latin America and Caribbean economies slowing down: UN Forum (See 'Mixed Buzz') I-T- Whether when time limit for investment in shares is six months from date of transfer and even if such investment falls under two financial years,benefit claimed by assessee cannot be denied - YES: ITAT (See '2015-TIOL-1188-ITAT') OMCs reduce petrol price by Rs 2.43 per litre & Diesel by Rs 3.60 per litre AP and Karnataka urge Centre to hike import duty on raw silk to at least 15% Anusha Khurana, IRS, 97 batch, goes to Competition Commission as Joint DG DoP&T empanels 74 IRS officers for JS-level posts under Central Staffing Scheme (See 'Service News' in Pitara) Two IRS Officers posted as OSDs in CBEC (See 'Transfer' in Pitara) CBEC reduces Tariff Value of Silver, all oils & brass scrap (See 'What's New') Imbroglio continues in RS; No business transacted ST - Appellant collects toll & deposits same with NHAI and either retains part of sum which was collected as toll or gets fixed amount by NHAI - collection of toll is not to be considered as BAS provided to NHAI: CESTAT (See 'Breaking News') ST - Commission for promoting of auto loans - Appellant admitted that in case of HDFC Bank they had raised debit notes for ST but bank did not pay - This is no excuse for not paying tax - extended time period is invokable: CESTAT (See 'Breaking News') CBDT Notifies new ITR Forms (See 'DDT' Column) Exemption certificate can be signed by CEO of PSU - Notfn. 39/96-Cus amended (See 'What's New') Exemption to Anti-Tuberculosis Drugs, Diagnostics & Equipments extended till 01.04.2016 (See 'What's New') I-T - Whether if assessee was originally claiming Sec 10B benefits, it can claim Sec 10A benefits once it acquires a running business having entitlement for claiming deduction u/s 10A - YES: ITAT (See 'Breaking News') CENVAT Credit on M.S.Plates, M.S.Angles, M.S.Channels and H.R. Plates used for construction of plant - High Court sets aside order of Tribunal denying credit prior to 07.07.2009 (See 'Breaking News') Reduction of CENVAT credit on Intangible Services + Consultant pocketing Service Tax and giving forged challans to assessee (See 'DDT') Is there rampant misuse of Notification Nos 49 & 50/2003-CX? (See 'Guest' Column) Whether when the assessee has accepted assessment order, correctness of which can also be agitated before revisional authority, cannot directly challenge consequential recovery notice before HC - YES: HC (See '2015-TIOL-1730-HC') Tribunal to correct its approach so as to ensure such lapses do not recur (See 'DDT') I-T- Whether profit on cancellation of forward marketing contract is to be treated as export turnover within the meaning of Section 80HHC - YES: HC (See '2015-TIOL-1733-HC') World's population - India projected to surpass China in 7 years; Nigeria to surpass USA for third place (See 'Mixed Buzz') CBDT notifies New Forms - ITR-3, ITR-4, ITR-5, ITR-6 & ITR -7 Indians dying due to antibiotic resistance - Govt admits it does not collect data (See 'Mixed Buzz') Cyclone Komen causes massive destruction in Manipur, Orissa & West Bengal PM for export of surplus sugar; favours ethanol blending Compliance Window - Declaration not admissible as evidence: Minister (See 'Mixed Buzz') CBDT promotes 3 CCITs as Principal CCITs; Dinesh Verma is New Principal CCIT in Bengaluru (See 'Promotion'in 'Pitara') Govt promises SEBI's black eye to black money (See 'Mixed Buzz') CX - Valuation - Transaction Value - whether transportation and insurance cost to be included in value - What is to be determined is 'place of removal' and that depends on facts of each case; - perfunctory manner in which appeal of assessee is allowed by Tribunal, cannot be countenanced: Supreme Court (See 'Breaking News') Manual - Scrutiny of returns - Are Executive Commissionerates usurping powers of Audit Commissionerates? (See 'ST se GST tak') Customs - Exempted Imports - Export Obligation - Even if DGFT holds that export obligation is fulfilled, it is not binding on Customs: Supreme Court (See 'Breaking News') CBDT simplifies procedures for e-filing, e-payment and online application for PAN (See 'Mixed Buzz') Cus - There is no provision for filing ROM application against order of Tribunal deciding ROM application - Application not maintainable, hence dismissed: CESTAT (See 'Breaking News') Latin America and Caribbean economies slowing down: UN Forum (See 'Mixed Buzz') I-T- Whether when time limit for investment in shares is six months from date of transfer and even if such investment falls under two financial years,benefit claimed by assessee cannot be denied - YES: ITAT (See '2015-TIOL-1188-ITAT') OMCs reduce petrol price by Rs 2.43 per litre & Diesel by Rs 3.60 per litre AP and Karnataka urge Centre to hike import duty on raw silk to at least 15% Anusha Khurana, IRS, 97 batch, goes to Competition Commission as Joint DG DoP&T empanels 74 IRS officers for JS-level posts under Central Staffing Scheme (See 'Service News' in Pitara) Two IRS Officers posted as OSDs in CBEC (See 'Transfer' in Pitara) CBEC reduces Tariff Value of Silver, all oils & brass scrap (See 'What's New') Imbroglio continues in RS; No business transacted ST - Appellant collects toll & deposits same with NHAI and either retains part of sum which was collected as toll or gets fixed amount by NHAI - collection of toll is not to be considered as BAS provided to NHAI: CESTAT (See 'Breaking News') ST - Commission for promoting of auto loans - Appellant admitted that in case of HDFC Bank they had raised debit notes for ST but bank did not pay - This is no excuse for not paying tax - extended time period is invokable: CESTAT (See 'Breaking News') CBDT Notifies new ITR Forms (See 'DDT' Column) Exemption certificate can be signed by CEO of PSU - Notfn. 39/96-Cus amended (See 'What's New') Exemption to Anti-Tuberculosis Drugs, Diagnostics & Equipments extended till 01.04.2016 (See 'What's New') I-T - Whether if assessee was originally claiming Sec 10B benefits, it can claim Sec 10A benefits once it acquires a running business having entitlement for claiming deduction u/s 10A - YES: ITAT (See 'Breaking News') CENVAT Credit on M.S.Plates, M.S.Angles, M.S.Channels and H.R. Plates used for construction of plant - High Court sets aside order of Tribunal denying credit prior to 07.07.2009 (See 'Breaking News') Reduction of CENVAT credit on Intangible Services + Consultant pocketing Service Tax and giving forged challans to assessee (See 'DDT') Is there rampant misuse of Notification Nos 49 & 50/2003-CX? (See 'Guest' Column) Whether when the assessee has accepted assessment order, correctness of which can also be agitated before revisional authority, cannot directly challenge consequential recovery notice before HC - YES: HC (See '2015-TIOL-1730-HC') Tribunal to correct its approach so as to ensure such lapses do not recur (See 'DDT') I-T- Whether profit on cancellation of forward marketing contract is to be treated as export turnover within the meaning of Section 80HHC - YES: HC (See '2015-TIOL-1733-HC') World's population - India projected to surpass China in 7 years; Nigeria to surpass USA for third place (See 'Mixed Buzz') CBDT notifies New Forms - ITR-3, ITR-4, ITR-5, ITR-6 & ITR -7 Indians dying due to antibiotic resistance - Govt admits it does not collect data (See 'Mixed Buzz')
 


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