News Update

GST - Service of leasing of Satellite Transponders is taxable @5% GST: AARGST - Logging does not yield 'agricultural produce' - does not attract Nil rate, chargeable @18%: AARST - SCN proposed recovery of tax under 'CICS', whereas adjudicating authority confirmed same under 'Site Formation Service' and thus traveled beyond the scope of SCN - demand set aside: CESTATCX - Commissioner has not bothered to read the entire provisions of Section 11-BB which also includes the proviso - interest payable even if the application was made on 29.12.1989: CESTATCus - Granola bars is classifiable under heading 1905 9090 and not 1904 9000 of the CTA, 1975: CESTATCX - It is difficult to understand how a huge quantity of Zarda was manufactured without procuring the main raw material - no investigations made in this regard as well as identifying the buyers - demand cannot sustain: CESTATCus - Law is settled that not any and every infraction of CHA Regulations leads to the revocation of license - only grave and serious violation justify same: CESTATReassessment based on incriminating materials found & seized during search is invalid if jurisdiction lies to initiate proceedings u/s 153C and not u/s 148: ITATClaim of depreciation on Stock Exchange Card cannot be allowed if such card is not 'asset' as of nature referred u/s 32(1)(ii): ITATIf income is declared in validly filed revised return so that there is no income on which tax is sought to be evaded, no penalty can be levied u/s 271(1)(c): ITATIn absence of specific evidence to prove nature of services rendered as professional services, request for remand cannot be accepted: ITATDisallowance of administrative Support Services u/s 40A(2)(b) is permitted by following decision in case of sister concern, in absence of any contrary: ITATCircumstantial evidences cannot override detailed corroborative documentation indicating genuineness of transactions in scrips like contract notes, share certificates and demat statements: ITATThe Story of TRAN-1Basic Customs duty on Open Cell (15.6” and above) for use in manufacture of LCD and LED TV Panels reduced to Nil - certain goods for use in their manufacture to also attract Nil duty - valid up to end of September 2020States asked to prevent manufacturing of single use plastic by Oct 2Biotech industry to grow to USD 100 bn by 2024-25: GowdaSection 17(5)(c), Section 17(5)(d) of CGST Act and Exceptions to Negative List - Suggestions on the Negative List of CreditsST - Audit u/r 5A of STR, 1994 in GST regime - prima facie case in favour - irreparable loss would be caused to petitioner if stay not granted: HCIndia to have physical control over PoK one day: Foreign MinisterWTO members review three Regional Trade AgreementsJettison Dogmas to Resolve India's Complex Economic WoesGAAR - CBDT amends Rule 10UC in relation to application to be made in Form 3CEIA to approving panelCus - Since petitioner has suppressed material facts leading to issuance of SCN, it does not deserve indulgence of the Court - Petition rejected in limine : HCCX - Credit of SAD - Notification 22/2009-CX(NT) dated 07.09.2009 providing for credit of special additional duty is retrospective in operation: CESTATST - VAT and service tax being mutually exclusive, assessee will not be liable to pay service tax on the amounts which have suffered VAT: CESTATCus - Revenue could not establish from where gold was smuggled - On the contrary, appellant has established that he has procured the said gold after making payments through banking channels - confiscation set aside and so also the penalties: CESTAT
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