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Monday , September 22, 2014 | Updated : Sep 22, 23:24 IST
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Trichy Airport Customs seizes gold biscuits & pieces worth Rs 40 lakhs from pax coming from Malaysia & Singapore Kolkata Airport Customs seizes American Dollar worth Rs 36 lakh from one Bangkok-bound pax + gold worth Rs 28/68 lakh from inbound pax Emerging economies’ concern different from DCs on BEPS, MoS for Finance tells G20 gathering PM urged by producers to declare TEA as National Drink CBDT gives Addl Charge to 2 CITs (See 'Service News' in Pitara) ST - Leasing of land by Corporation on own account to pvt individuals on commercial consideration cannot be said to be sovereign function at all as normally understood - land given on lease is amenable to ST under Renting of Immovable property w.e.f 1.7.2010 – Pre-deposit ordered of Rs185 cr: CESTAT (See 'Breaking News') Coal Scam: Closure of case against Kumarmangalam Birla - CBI seeks more time from HC for furnishing clarifications CBDT re-launches official website; FM re-admitted to hospital for check-up CENVAT - Merely because supplier's name is Surya Roshni it is absurd to infer that they had supplied ‘tube lights' & not MS Tubes without taking slightest effort by checking from their website as to whether they have a steel division: CESTAT (See ‘Breaking News’ There is a technique required to draft legislation and to understand legislation (See ‘DDT’ Column) Merely because postal department pays ST on Speed Post, it cannot be held that appellant need not discharge ST liability in respect of business support/auxiliary service rendered by him in canvassing business for postal department - Pre-deposit ordered: CESTAT (See ‘Breaking News’) Ships imported for breaking - CVD and Cenvat credit (See ‘Guest Column’) Income tax - Whether interest earned on bill discounting with credit institutions is to be included in interest income u/s 2(7) - NO: High Court (See ‘Breaking News’) RBI Circular on Willful Defaulter partly quashed - Not to apply to Directors: High Court (See ‘DDT’) CX - Cenvatted Moulds cleared under Rule 57S(8) to Job worker without payment of duty - Demand of duty on ground that consignor cannot be treated as job worker as no raw material was supplied by Principal manufacturer - No error in order of Tribunal setting aside demand: HC (See ‘Breaking News’) Suicide prevention a health priority: Health Minister (See ‘Mixed Buzz’) ST-3 returns filed after case booked - Application for Settlement filed in Nov, 2013 allowed by Additional Bench by holding that pragmatic view is to be taken of amendment made in sec 32E(1) by the Finance Act, 2014 as adequate circumstances existed for non-filing of the returns: Settlement Commission (See ‘2014-TIOL-01’) Mangalore Airport Customs seizes gold pieces concealed in watch straps, toy cars, pen refills, key chain and alarm clock worth Rs 23.5 lakh We are never opposed to GST, says MP Chief Minister Shivraj Singh India can 'rise' again; I have clear roadmap, says PM G20 commits to enable DCs to expand revenue base & okays Common Reporting Standard for auto exchange of tax info (See 'Breaking News') Health Ministry to take up anti-noise pollution initiatives (See 'Mixed Buzz') Income tax - Whether when assessee fails to submit confirmations regarding meagre loss on account of share capital and unsecured loan at time of filing of return due to paucity of time, invocation of penalty u/s 271(1)(c) is warranted: ITAT (See '2014-TIOL-664') ST - Service in relation to Transmission & distribution of electricity - S 11C exemption notification is applicable in respect of tax which was 'not paid' - appellant not eligible to get refund of tax already paid: CESTAT (See 'Breaking News') UN affirms People's right to 'Imagine' and Live in Peace (See 'Mixed Buzz') CENVAT - Rule 6 - Waste products arising in course of manufacture of sugar such as bagasse, cannot be considered as final products, and, therefore, payment of a sum equal to 5%/6% of price of goods is not required to be made: CESTAT (See '2014-TIOL-1804') Govt revises guidelines for purchase of note book/laptop by Govt Departments (See 'MISC' in Pitara) Govt notifies 7% DA effective from 01.07.2014 (See 'MISC' in Pitara) 8th Amendment Rule - Renewal energy - depreciation - benefit extended (See 'IT Not' in What's New) Real Estate Regulator: Govt is against over-regulation; Bill to be moved in Rajya Sabha soon, says Naidu (See 'Breaking News')
 
   
DDT (Daily Dose of Taxation)

Increasing time limit for availing CENVAT credit from 6 months to 1 year?

With VIJAY KUMAR

General Principles concerning retrospective effect of Laws
Published: September 22, 2014

View previous DDTs »

WHAT'S NEW
CUS
:
Not 27-28 NT 86,87 Cir 09
ADD
:
41 Inst: 08 SG: 03
EX
:
Not 08-20 NT 27-29 Cir 984
S.TAX
:
Not 20-22 Order Cir 178
I-T
:
Not 43 Cir 12-13  
DGFT
:
Not 90,91 PN 70 Cir 13
RBI
:
Cir 31    
BREAKING NEWS

Mumbai, September 22
ST - Leasing of land by Corporation on own account to pvt individuals on commercial consideration cannot be said to be sovereign function at all as normally understood - land given on lease is amenable to ST under Renting of Immovable property w.e.f 1.7.2010 - Pre-deposit ordered of Rs185 cr: CESTAT

New Delhi, September 22
CENVAT - Merely because supplier's name is Surya Roshni it is absurd to infer that they had supplied "tube lights" & not MS Tubes without taking slightest effort by checking from their website as to whether they have a steel division: CESTAT

Mumbai, September 22
Merely because postal department pays ST on Speed Post, it cannot be held that appellant need not discharge ST liability in respect of business support/auxiliary service rendered by him in canvassing business for postal department - Pre-deposit ordered: CESTAT

New Delhi, September 22
Income tax - Whether interest earned on bill discounting with credit institutions is to be included in interest income u/s 2(7) - NO: High Court

Chennai, September 22
CX - Cenvatted Moulds cleared under Rule 57S(8) to Job worker without payment of duty - Demand of duty on ground that consignor cannot be treated as job worker as no raw material was supplied by Principal manufacturer - No error in order of Tribunal setting aside demand: HC

MIXED BUZZ
XCuSE Updates
XCuSE
PUZZLE TO DAZZLE
Punit Vedby PUNIT PAVAN VED CA

Whether solatium under new land acquisition Act is taxable or is capital receipt.

Published: September 15, 2014

Post Answer »
THE COB (WEB)
Administrative Reforms - The weak belly of Modi Govt!by SHAILENDRA KUMAR

Administrative Reforms - The weak belly of Modi Govt!
Published: September 18, 2014

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Give arbitration & conciliation reforms highest priority to spur growthby TIOL EDIT TEAM

Give arbitration & conciliation reforms highest priority to spur growth

Published: September 10, 2014

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Modi Govt should not let credibility deficit build up from word go

Modi Govt should not let credibility deficit build up from word go
Published: September 04, 2014

View previous ICE CUBEs »

GUEST COLUMN

Ships imported for breaking - CVD and Cenvat creditby S B PARIKH

Ships imported for breaking - CVD and Cenvat credit
Published: September 22, 2014

View previous Guest Column(s);

ST se GST tak

Computation of 'exempted value of services' for 'trading activity' - CBEC should interveneby S NARAYANAN

Computation of 'exempted value of services' for 'trading activity' - CBEC should intervene
Published: September 16, 2014

View previous ST se GST tak(s)»

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

 
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