News Update

CBDT issues FAQs on Revised Guidelines for compounding of offencesCurfew imposed in Nagpur after violence erupts over Aurangzeb rowIsrael triggers avalanche of air strikes at Gaza as Ceasefire fails; 66 killedTaiwan detects 9 Chinese warships & 59 aircraft encircling island countryST - Service tax demand confirmed against appellant citing forged agreements, misdeclaration of taxable services and deliberate tax evasion: CESTAT9th India-Australia Defence Policy talks held in New DelhiTrump urges Putin not to slaughter Ukrainian troopsST - Rectification of O-i-O is invalidated where AO seeks to revisit & change findings, which goes beyond scope of Sec 74 of Finance Act 1994, which only permits correction of mistakes apparent & clerical errors: CESTATCX - Genuine refund claims should not be denied due to procedural technicalities when clear evidence of double duty payment is provided: CESTATGovt e-Marketplace surpasses Rs 5 Lakh Crore GMVCX - The amount deposited during an investigation is not a pre-deposit under Section 35FF but a revenue deposit making it eligible for interest at 12% per annum: CESTATCus - Aircraft engine stands should be classified under CTH 8609 00 00 as 'containers for transport' rather than under CTH 8716 39 00 as 'trailers,' thereby setting aside the demand for differential customs duty: CESTATCus - Royalty & technical fees need not be included in transaction value of imported goods, as they are not a condition of sale for imported items: CESTATCus - Dabur India Ltd's refund claim is upheld for excess CVD paid on imports holding that company had borne the duty burden itself and did not pass it on to consumers, thereby overcoming the bar of unjust enrichment: CESTATAustralian patient is first to survive for 100 days with titanium heartI-T - Allowance in respect of bad debts u/s 36(1)(vii) is allowable only if debt was taken into account for computing income of assessee in previous year in which amount is written off: HCH7N9 bird flu outbreak spreads to more cities in USI-T- Delay in filing ITR ought to be condoned where factors such as issues in I-T portal & operational challenges due to COVID pandemic, were not considered: HCNo directive to mining companies to review EIA for carbon emissions: MinisterI-T - If assessee has not proved genuineness of purchases, which inter alia include source of making payment for such purchases, such case calls for addition u/s 69C: HCPM Modi joins Trump-owned social media platform Truth SocialI-T - AO can initiate reassessment proceedings for year which has already been assessed u/s.143(3), if material information was not disclosed correctly & truly by assessee: ITATMoS inaugurates QUAD Workshop on pandemic preparedness for Indo-Pacific RegionI-T - No TDS is applicable u/s 194C on fuel charges paid by assessee if same was reimbursed on cost-to-cost basis: ITATDoval chairs meet of intelligence heads, including three from Five Eyes AllianceI-T - AO can't disallow commission expenses incurred by insurance company, without examining PAN details along with related documents placed on record by way of additional evidence under Rule 29: ITATFirst things First - The DIN!
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