News Update

ST - As is trite law, construction activities found to be composite contracts, cannot be taxed under Commercial or Industrial Construction Service or Construction of Complex Service : CESTATST - Excess service tax paid could be adjusted against liabilities over multiple months rather than being restricted to immediate succeeding month: CESTATCX - Assessee is entitled to refund of excise duty paid on bulk drugs used to manufacture life-saving drugs, as the exemption under Notfn 4/2006-CE extended to their hydrochloride forms: CESTATCX - Assessee & its distributor found to be related persons clearly falling u/s 4(3)(b) of CEA 1944 due to mutual interest; goods sold to distributor be valued under Rule 9 - demand for differential duty upheld: CESTATI-T - Merely because cash were deposited during demonetization period, does not make it tainted: ITATI-T- Retrospective denial of exemption u/s 11 and 12, on grounds of the claimant having been registered u/s 12A, is invalid: ITATI-T- Re-assessment invalid where based solely on conjecture & without being based on any corroborative evidence or independent verification by AO: ITATI-T - Income received by originator from securitization trust in nature of EIS did not accrue or arise from investment, then said trust was not entitled to deduct TDS on same: ITATI-T - Assessee cannot be given benefit of Explanation (5) to Sec 271(1)(c), if he had not communicated in his return, income which was sought to be brought to taxation as result of search: ITATI-T - Status quo as regards exemption u/s 11 shall be maintained in case of educational trust if same was allowed under identical circumstances in previous year: ITATI-T- No penalty could be levied u/s 271D if AO failed to record satisfaction in assessment order, with regard to violation of provisions of Sec 269SS: ITATI-T - AO is not permitted to tax income twice in reopening, which has already suffered disallowance in original assessment proceedings, on basis of change of opinion: ITAT
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