News Update

ST - The company is entitled to refund of unutilized Education Cess and Secondary & Higher Education Cess under Section 142(9)(b) of CGST Act, 2017, as a transitional credit: CESTATCentre withdraws 20% export duty on Onion from 1st AprilST - Delayed Payment Charges (DPC) are penal in nature and not consideration for a separate taxable service, service tax demand and penalties cannot sustain: CESTATDGGI launches offensive against offshore Online Money Gaming firmsCX - The CENVAT credit availed for demolition services and input service distribution is legitimate, the demand, penalty and interest imposed by adjudicating authority is set aside: CESTATPLI Schemes: 176 MSMEs out of 764 are beneficiariesCX - There is no notification providing exemption from Additional Duties of Excise; refund claims dismissed: CESTATCoding jobs going to be thieved by AI, says Altman of OpenAI100 New Food Testing Labs to be established: MoSNew Canadian PM announces snap polls amid rising tariff threats from TrumpCus - As is trite law, multimedia speakers with additional functions like FM radio & USB ports are classifiable under CTH 8518 22 00 as speakers, as their primary function remains amplifying sound: CESTATTrump’s policies spark snafus in USD 320 bn fishing industryGI-tagged jaggery exported from Muzaffarnagar to BangladeshPak claims to have killed 16 fighters on Afghan borderCus - Reclassification of imported e-scooter parts as complete vehicles is incorrect and the company is entitled to benefit of an unconditional customs duty exemption: CESTATUS, Ukraine delegations meet in Saudi ArabiaI-T - Penalty u/s 271(1)(c) cannot be imposed for an inadvertent error in calculating deductions, without evidence of intent to misrepresent income: ITATPope Francis is back to Vatican after 5 weeks in hospitalI-T - If return has already been e-verified, then can't be held that RoI was filed belatedly because of five seconds delay in generation of acknowledgment as per due date specified u/s 139(1): ITATDeath toll in Gaza goes beyond 50,000I-T - Interest income earned from investments with cooperative banks qualifies for deduction u/s 80P(2)(d): ITATJustice Yashwant Verma says Talks of cash recovery are preposterous & incredulous + SC panel conducting probeI-T - Physical availability of return along with Form 10A filed through registered Post which is available in repository of department, can't be countenanced by CIT(E) for refusing eligibility to exemption u/s 11: ITATGadkari says political leaders are casteist, not peopleI-T - For purpose of computing book profit, amount of brought forward loss/ unabsorbed depreciation as per books whichever is lower should be cumulative figure: ITATTrump withdraws security clearances for Hillary Clinton & Kamla HarrisI-T - Once appeal is before CIT(A), he can revise not only ultimate computation arrived at by AO but he can revise every process which led to ultimate computation or assessment: ITATSushant Singh Rajput case - CBI files closure report in court as no evidence of murder foundI-T- Once it is accepted that money was borrowed for purpose of making investment, then non-receipt of income is no ground to disallow interest expenditure: ITATAC compressor blast - 3 children & woman killed in BahadurgarhI-T- If aspects require factual verification but assessee did not get opportunity to prove its case due to ex parte disposal of appeals, then related issue requires verification at departmental level: ITATUK orders probe into fire leading to Heathrow shutdownI-T - Additions u/s 68 invalid where not based on adequate verification of relevant evidence furnished by assessee, such as bank statements, confirmations & ITRs: ITATNagpur violence - Costs for damaging public property to be recoveredI-T - Failure of I-T authorities to adhere to binding decisions of higher courts, amounts to disrespecting principles of judicial precedents & judicial discipline: ITATSaharanpur BJP leader shoots dead two sons & fires at wifeI-T - If funds invested as FDR is inextricably linked with business of assessee, then interest earned on it shall be treated as business income: ITAT
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