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Tuesday , May 31, 2016 | Updated : May 31, 08:40 IST
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NEWS FLASH
 
Whether closed or defunct units are liable to pay Penalty under 12(6) of CER, 2002? (See 'Guest Column') Sectorial Impact of Proposed GST Law on E-Commerce in India (See 'Guest Column') I-T - Whether denial to release cash seized from armoured vehicle which was hired by banks to transport cash can be sustained as Revenue was yet to verify cash slips from customers - NO: HC (See 'Breaking News') Water dispensers imported – Whether RSP assessment is applicable - No error in order of original authority allowing refund by holding RSP is not applicable: CESTAT (See 'Breaking News') CX - Benefit of 15% discount on MRP claimed in price list in terms of Notfn. 245/83 - whether prices were approved by DPCO - no evidence produced by assessee before lower authorities as well as Tribunal - whether claim is wrong and fraudulent and, therefore, extended period is invocable - Difference of Opinion: CESTAT (See 'Breaking News') CBDT notifies Dispute Resolution Scheme Rules + Equalisation Levy Rules (See 'What's New') FM urges taxpayers to make good use of income disclosure window and sleep well Govt notifies Fare Fixation Committee for Delhi Metro; Report to be submitted in 90 days Commerce Minister favours 7-yr tax holiday for Startups No unanimity on issue of full statehood to Delhi: Naidu Japan may delay announced hike in sales tax rate Maruti Suzuki temporarily suspends production due to fire at Manesar factory of component supplier Subros Insolvency and Bankruptcy Code, 2016, gets Presidential assent I-T - Whether Rule 37(7)(i) is ultra vires Sec 17(2)(viii) as it prescribes exact method of valuation of fringe benefits and leaves no fact to be decided by AO - NO: HC (See 'Breaking News') Service Tax - Krishi Kalyan Cess - On All Taxable Services - Notifications Issued (See 'DDT Column') Krishi Kalyan Cess - yet another Cess (See 'ST se GST tak') ST - Assessee, an exporter of BAS - Internet Telecom Services, Market Research services, Videotape production & Security services are in relation to business activity and, therefore, Input services - Refund admissible u/r 5 of CCR, 2004: CESTAT (See 'Breaking News') Lessons from Monsanto: Stronger policy & innovation is way forward! (See 'Guest Column') I-T- Whether retirement benefits received by employee of SBI are entitled to benefit of exemption u/s 10(10C) - YES: HC (See '2016-TIOL-1024') Life Made Easy For NRIs (See 'Book Review' in 'TIOL Library') Is interest rate on delayed payments actually compensatory? (See 'ST se GST tak') VAT - Whether penalty u/s 31 of Bihar VAT can be levied upon dealer, if it has paid entry tax on entire value of goods which have been brought in by it - NO: HC (See '2016-TIOL-1030') Services under Full Reverse Charge - All Stick and no Carrot? (See 'ST se GST tak') Centre asks States not to allow diversion of Finance Commission grants sanctioned for Urban Local Bodies Income Tax staffer with wife convicted in refund fraud case (See 'Mixed Buzz') I-T - Whether exempted income is allowable for deduction in view of section 14A - NO: ITAT (See '2016-TIOL-893')
 
   
E-LITE BUDGET EDITION
DDT (Daily Dose of Taxation)

Service Tax - Krishi Kalyan Cess - On All Taxable Services - Notifications Issued

With VIJAY KUMAR

Service Tax - Krishi Kalyan Cess - On All Taxable Services - Notifications Issued
Published: May 30, 2016

View previous DDTs »

WHAT'S NEW
CUS
:
Not 35 NT 77 Cir 20
ADD
:
Not 20 SG 01 CVD01
EX
:
Not 23 NT 28 Cir 1030
S.TAX
:
Not 27-31 Cir 194  
I-T
:
Not 34,35,37,38 Cir 12
DGFT
:
Not 08 PN 14 Cir 04
RBI
:
Cir 72-74    
BREAKING NEWS

Chennai, May 31
Facility of transfer of CENVAT Credit under Rule 10 of CENVAT Credit Rules, 2004 is available for shifted units also - Absence of word 'shifted' in said sub-rule appears to be an inadvertence: CESTAT

New Delhi, May 31
Settlement - None of provisions in Chapter V of CE Act dealing with 'settlement of cases' envisages CCESC sending matter for adjudication to CE Officer because there was no consensus between applicant and Department - Orders set aside: High Court

New Delhi, May 31
I-T - Whether denial to release cash seized from armoured vehicle which was hired by banks to transport cash can be sustained as Revenue was yet to verify cash slips from customers - NO: HC

Chennai, May 31
Water dispensers imported - Whether RSP assessment is applicable - No error in order of original authority allowing refund by holding RSP is not applicable: CESTAT

Mumbai, May 31
CX - Benefit of 15% discount on MRP claimed in price list in terms of Notfn. 245/83 - whether prices were approved by DPCO - no evidence produced by assessee before lower authorities as well as Tribunal - whether claim is wrong and fraudulent and, therefore, extended period is invocable - Difference of Opinion: CESTAT

MIXED BUZZ

TIOL E-lite Update

 

TIOL TUBE SNIPPETS
Replies to these questions can be found by clicking on the text of these questions.
THE COB (WEB)

Second Anniversary of Modi Sarkar - Taxation turns Less Litigious Turf

by SHAILENDRA KUMAR

Second Anniversary of Modi Sarkar - Taxation turns Less Litigious Turf
Published: May 26, 2016

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Smugness over pace & direction of Fiscal Reforms not good for growthby TIOL EDIT TEAM

Smugness over pace & direction of Fiscal Reforms not good for growth
Published: May 13, 2016

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Kejriwal, Read History on Delhi Statehood & Abort Draft Bill

Kejriwal, Read History on Delhi Statehood & Abort Draft Bill
Published: May 11, 2016

View previous ICE CUBEs »

GUEST COLUMN

by DIVAKAR RAO CH

Whether closed or defunct units are liable to pay Penalty under 12(6) of CER, 2002?
Published: May 31 2016

by NEELADRI CHAKRABARTI

Sectorial Impact of Proposed GST Law on E-Commerce in India
Published: May 31 2016

by SUDIPTO BANERJEE

Lessons from Monsanto: Stronger policy & innovation is way forward!
Published: May 30 2016

View previous Guest Column(s) »

ST se GST tak

by MONARCH BHATT

Krishi Kalyan Cess - yet another Cess
Published: May 30, 2016

by V SIVASUBRAMANIAN

Is interest rate on delayed payments actually compensatory?
Published: May 30, 2016

by DR SHRIKANT KAMAT & SAMIKSHA JAIN

Services under Full Reverse Charge - All Stick and no Carrot?
Published: May 30, 2016

View previous All ST se GST tak(s) »

View previous All New Law +VE or -VE »

 
 
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    The Week That Was - Episode 40 (May 27, 2016)