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NEWS FLASH
 
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') Is there rampant misuse of Notification Nos 49 & 50/2003-CX? (See 'Guest' Column) 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') 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') CBEC grants back-dated NFSG benefits to 62 officers (See 'Promotion' in Pitara) Centre trying hard for a reasonable GST rate: Revenue Secretary Bharat Ratna Dr Kalam laid to rest in Rameswaram CX - Iron and steel obtained by breaking up of ships - two different notifications for two similar assessees not correct: Supreme Court (See 'Breaking News') Terrific 'Run' of P-Note bumps into SIT wall! (See 'The Cob (Web)' Column) I-T - Whether when assessee pays interest on interest, deduction for such sum is not allowable as per provisions of Sec 36(1)(iii) - YES: HC (See 'Breaking News') European Commission Modernises Customs Procedures (See 'DDT') 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') Is there rampant misuse of Notification Nos 49 & 50/2003-CX? (See 'Guest' Column) 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') 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') CBEC grants back-dated NFSG benefits to 62 officers (See 'Promotion' in Pitara) Centre trying hard for a reasonable GST rate: Revenue Secretary Bharat Ratna Dr Kalam laid to rest in Rameswaram CX - Iron and steel obtained by breaking up of ships - two different notifications for two similar assessees not correct: Supreme Court (See 'Breaking News') Terrific 'Run' of P-Note bumps into SIT wall! (See 'The Cob (Web)' Column) I-T - Whether when assessee pays interest on interest, deduction for such sum is not allowable as per provisions of Sec 36(1)(iii) - YES: HC (See 'Breaking News') European Commission Modernises Customs Procedures (See 'DDT')
 
   
TIOL TUBE SNIPPETS
Replies to these questions can be found by clicking on the text of these questions.
DDT (Daily Dose of Taxation)

CBDT Notifies new ITR Forms

With VIJAY KUMAR

CBDT Notifies new ITR Forms
Published: July 31, 2015

View previous DDTs »

WHAT'S NEW
CUS
:
Not 41-42 NT 72 Cir 19
ADD
:
Not 35,36 SG: 01  
EX
:
Not 40 NT 18 Cir 1005
S.TAX
:
Not 17 Cir 185 JS TRU
I-T
:
Not 61 Cir 13  
DGFT
:
Not 16 PN 28 Cir02
RBI
:
Cir 04-06 Notif  
BREAKING NEWS

Mumbai, July 31
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

Mumbai, July 31
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

Chennai, July 31
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

Chennai, July 31
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

New Delhi, July 30
Central Excise - Iron and steel obtained by breaking up of ships - two different notifications for two similar assessees not correct: Supreme Court

MIXED BUZZ
XCuSE Updates
XCuSE
THE COB (WEB)
Terrific 'Run' of P-Note bumps into SIT wall!by SHAILENDRA KUMAR

Terrific 'Run' of P-Note bumps into SIT wall!
Published: July 30, 2015

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Govt should manage well both risks & benefits of fragile global environment by TIOL EDIT TEAM

Govt should manage well both risks & benefits of fragile global environment
Published: July 29, 2015

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Govt must break Parliament logjam over Lalitgate

Govt must break Parliament logjam over Lalitgate
Published: July 26, 2015

View previous ICE CUBEs »

GUEST COLUMN

Is there rampant misuse of Notification Nos 49 & 50/2003-CX?by H S SHARMA

Is there rampant misuse of Notification Nos 49 & 50/2003-CX?
Published: July 31, 2015

View previous Guest Column(s);

ST se GST tak

Rubaru with RS Panel on GST Bill - A humbling experience!by SUMIT DUTT MAJUMDER

Rubaru with RS Panel on GST Bill - A humbling experience!
Published: July 28, 2015

View previous ST se GST tak(s)»

View 'ST - New Law +VE or -VE' Articles»

 
 
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    Legal Wrangle - Episode 22 (International Tax)

    This episode of Legal Wrangle on International Taxation brings you five cases relating to disallowance u/s 40A(2)(b) on commission paid to AE, liability to deduct TDS on capital gains earned by non-resident, issue of GDR as quasi capital of the company, exercise of jurisdiction u/s 263 in case of deduction claimed u/s 10B and establishment of service PE. The asseessees involved are Garware Polyester Ltd (2015-TII-23-HC-MUM-TP), New Vistas Constructions (2015-TII-127-ITAT-HYD-INTL), Soma Textile and Industries Limited (2015-TII-293-ITAT-AHM-TP), Spicer India Ltd (2015-TII-290-ITAT-PUNE-TP) and Kreuz Subsea Pte Ltd (2015-TII-120-ITAT-MUM-INTL).

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