News Update

CAG's Audit Report on Entertainment Sector - An Overview (See 'THE TOG INSIGHT' in - Residential complex service - Completion certificate - Sale of immovable property - Exempt services - As at the time of taking credit, there was no existence of any exempted service, therefore, there is no application of Rule 6 of CCR: HCPost - Sale Discounts: Clarification or Confusion?RBI levies Rs 7 Cr penalty on SBI for not complying with guidelinesGST - An agenda for reforms - Part 46 - Amnesty season - Time to bring Settlement Commission for GST disputesRajasthan HC asks lawyers not to call Judges as My Lord; Addressing SIR is fineIt is fit case for remand if adjudication order passed is cryptic and does not consider relevant parameters while disposing of stay petitions: HCTariff Values of all Edible oils see a dip whereas that of Gold and Silver hiked marginallyCus - As far as relationship has not influenced pricing pattern, there is no justification for inclusion of royalty and technical know-how in AV of imported products: CESTATDefence Industrial Corridors - Consultant hired to prepare Project ReportAdditions can be made on basis of peak credit theory if assessee fails to explain genuineness of transactions: ITATDigital Healthcare to deliver services at doorstep: Dr Harsh VardhanCX - On provisional release, goods were cleared on payment of duty, therefore, order of confiscation is not as per law: CESTATPetro Sector contributed about Rs 6 lakh crore to Central & State Exchequers last yearRevisional power exercised by subordinate officer on behalf of CIT in delegation of power, is not permissible as per Sec 263: ITATST - Assessee is himself operating the power plants and not managing the same for others - maintenance is in the nature of self service, not taxable: CESTATProvision created for post-retirement medical benefit can be held as ascertained liability and is allowable as expenditure: ITATCX - AA is bound to make assessee aware with the materials collected behind their back and to give them adequate opportunity to meet the case of Revenue - Matter remanded: CESTATDespite remand proceedings, if AO fails to place any incriminating materials found during survey operations, no addition for suppression of yield can be made: ITATST - Unjust enrichment is not applicable even when refund amount is claimed as expenses in the P&L Account: CESTATNo penalty u/s 271(1)(c) can be imposed merely because claim of deductions are found to be untenable & no act of concealment is recorded: ITATCX - Merely for procedural lapse, substantial benefit of CENVAT credit cannot be denied - credit taken on the strength of first stage dealer invoice even though issued by importer is admissible: CESTATSum held in fiduciary capacity cannot be taxed as income in hands of holder: ITATFailure to reconcile differences in sales figures as reported in books to that of corresponding figures reflected in TDS statement, calls for penalty: ITATIndia's exports in June month logs negative growth of 9.7%Over 9622 acres of defence land stand encroached; UP, Maharashtra, West Bengal and Assam top the tallyCBDT issues AGT order of 122 ACIT / DCIT on All India basisGST - Slabs of Quartz (Artificial stone) is classifiable under HSN 6810 1990 and attracts GST @18%: AARGST - Air-conditioning work for new building carried out by applicant is a Composite Supply; Ch. 8415 @28% GST: AARGST - Healthcare treatment to patients through Ayurveda, Naturopathy, Yoga by appropriate diagnosis and intake of medicines - applicant qualifies as clinical establishment, Nil rate GST: AARGST - Converting bare shaft supplied by customers to 'Sugar Mill Rollers' is supply of goods and not services: AARGST - Offering advisory services is not covered under mandate of Authority - application rejected: AAR