News Update

RCM - whether applicable only to renting of MV and not Transport of passenger Service?USD 60 Bn investment forthcoming in city gas infrastructure: PradhanCX - Excise duty collected on wholly exempted or Nil rate duty goods - Lacuna was corrected by introduction of Section 11D(1A) by FA, 2008 and does not have retrospective effect: CESTATCus - Difference between declared price at the time of import and selling price cannot be designated as profit accruing to appellant as there are many overheads which are bound to influence the price of goods when sold to Indian Railways: CESTATCX - Refund claims under Notfn No 33/99-CX are not restricted by the time limits u/s 11B of CEA, 1944: CESTATCX - Education cess and higher education cess is part of duty in terms of Notfn 56/2002-CE, refund permissible: CESTATOnce books of a/c along with ledgers & bank statement stood explained, entire purchases cannot be termed as bogus on account of differences in opening or closing balance of sundry creditors: ITATPayment of education cess & provision for warranty are allowable expenditure: ITATMere non-reporting of quantitative details in financial statements due to nature of business, cannot lead to rejection of books if no defect is found in sales & purchase invoices: ITATLumpsum disallowance is permitted u/s 68 in case of mutual contradictory findings and failure of assessee in discharging onus cast on him to prove liability: ITATRemaining balance of agreed compensation paid for removing encumbrance and to get clear title, is revenue in nature: ITATTaxpayer is eligible for TDS credit in same AY in which such income is assessable in terms of Rule 37BA(3)(i): ITATIncome tax return-filing in fiscal 2018-19 - 11.3 lakh HUFs + 5.5 lakh individuals + 8.4 lakh companies + 12.7 lakh firms + 2 lakh AOP / BOICommerce Minister calls for discipline in Cooperative SectorRCM on Rent a cabST - For the earlier period, assessee opted for VCES Scheme and paid dues, therefore, his not paying tax for subsequent period is intentional - no benefit u/s 80 of FA, 1994: CESTATCus - Reliance on a Notification which has been rescinded is not tenable in law: CESTATST - Lease rent from property owned by co-owners accrues to individual co-owners and not to any AOP - threshold exemption is available for each individual co-owner: CESTATCX - Whether charges recovered from customer for delayed payment by issuance of debit note is to be added to the assessable value being in the nature of additional consideration - No: CESTATST - Definition of WCS under CST Act cannot be applied under service tax since statutory provisions of Service tax has exclusive definition of 'Works Contract': CESTATPr CIT can exercise power u/s 263 to revise assessment order if AO fails to conduct proper enquiry on deduction claims: ITATSimply because valuation report based on beneficial provision of sec 55(2)(b) does not depict fair value, it cannot be rejected for lack of evidence: ITATOnce AO is satisfied by disclosure of facts made during original assessment, then re-assessment based on same facts amounts to change of opinion: ITATExemption benefit from MAT can be availed by businesses approved by SEZ and not simple developer of housing projects: ITATProvision for maintenance & free warranty cannot be disallowed while computing book profit u/s 115JB: ITATNo penalty u/s 271C can be imposed for reasonable & non deliberate failure to deduct tax at source: ITATPenalty levied u/s 158BFA(2) outside limitation period is not maintenable: ITATRTI has transformed civil society, says Amit ShahPrahlad Singh participates in BRICS Culture Ministers' Meet in BrazilIncome tax searches six premises of large real estate developer in Goa; seizes assets worth Rs 4.4 Crore, including cash of Rs 2.55 CroreWorld Bank trims India's growth projection to 6% in current fiscalTyphoon Hagibis devastates Japan; Death Toll rises to 20
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