News Update

NDPS - There is no recovery being effected from petitioner either for substance or money trail - Petitioner to be released on bail: HCGST - Anti-Profiteering - Direction of Authority to expand scope of investigation to 'other impacted products' and letters of DGAP in this regard seeking details/documents stayed: HCCBDT issues transfer order with addl charge for senior IRS officersCBIC keeps taxpayers' issues at core: ChairmanPMAY - Proposals for construction of 10.3 lakh houses get nodExpenses incurred on repair of rooms do not qualify as capital expenditure particularly when hotel is not permitted to raise room tariff: HCA crime investigation agency is not eligible for registration u/s 12AA & u/s 80G as its activities are not categorised as charitable in nature: ITATCBIC posts Hasan Ahmad as OSD in Drawback division of BoardDisallowance u/s 40A(2)(b) can be made solely because the rent payment was made to a related person of the assessee company: ITATGovt exempts imports linked to Kudankulam Nuclear Power Project Units 5 & 6CX - CENVAT credit is allowed in respect of CHA service, Port service & Steamer Agent service availed at port of shipment for export of finished goods on FOB basis: CESTATPM to inaugurate submarine cable connectivity to Andaman & Nicobar IslandsST - Activity of supervising Coal production to meet specific standards of consumers & liaisoning to ensure smooth supply of Coal is not taxable as Clearing and Forwarding service: CESTATCus - No refund can be claimed in respect of any assessment including self assessment unless the assessment itself is challenged and set aside by the appellate authority: CESTATIs there a time limit to avail ITC of GST paid under Reverse Charge? PART-II (See 'THE INSIGHT' in Taxongo.com)ST - SCN proposes classification of services under BSS whereas adjudicating authority confirms tax under BAS - as order has gone beyond scope of SCN, same is set aside: CESTATCX - Charges of clandestine removal are not sustainable where based solely on purchase of certain inputs used as fuel & where manufacture of final product, its movement or receipt of consideration is not established: CESTATDubai to Kozhikode Air India flight overshoots runway; 17 including two pilots killedCBIC revises Tariff Value of Gold bars & Gold coinsST - When original provision itself has been substituted, procedure contemplated in original notification becomes redundant - it cannot be construed as new amendment for giving effect to certain procedures prospectively: HCCBIC releases JC, DC & ACs for GST Council SecretariatST - Merely mentioning citations in order is not enough - order of final fact finding body has to be self contained and should discuss relevant facts and reasons for arriving at particular conclusion: HCIndia’s forex kitty swells by USD 56.8 billion since April; total tally rises to UD 534 billion, sufficient for over 13 months importsI-T - Provisions of Sec 47(v) are invokable only where entire share capital of subsidiary is be held by holding company: HCCOVID-19 Effect - RBI sees rising pressure on prices of protein-based foods items in coming monthsUncertainty brings a window of opportunities
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