News Update

GST - Vires of Rule 89 (5) of the CGST Rules challenged - Notice issued to respondent: HCCX - Once apex Court has dismissed Revenue appeal challenging Tribunal order classifying Shrink Sleeves under Ch.39, contention of department that CENVAT is not admissible as the Shrink Sleeves attract Nil rate of duty under Ch.49 would no longer survive: HCCX - SCN proposed recovery of credit under one provision of CEA whereas Asstt. Commr. confirmed demand under different provisions of law, which is not permitted: CESTATCX - Commissioner has, without justification, recorded a finding for period which was not the period involved in the SCN - AA cannot go beyond the SCN: CESTATCX - Goods meant for export destroyed en route - goods having been destroyed before removal, no duty can be demanded and remission is permissible: CESTATCX - Sugar Syrup - It is the burden of department to establish marketability as well as excisability of a product while demanding duty: CESTATSC grants relief to Chidambaram in ED case till Monday but no succour in CBI caseFATF Asia-Pacific Group puts Pakistan in 'enhanced blacklist'Cash recovered from residential premises of individual's parent's in law, cannot be added to individual's income in absence of any reasonable nexus: HCRe-assessment proceedings are unsustainable where based on same set of facts already available during original assessment, hence leading to change of opinion of AO: ITATAdditions made while determining book profit u/s 115JB are unwarranted if no deduction is claimed on provision for bad & doubtful advances: ITATAssessee must be given chance to cross examine deponents whose statements are relied upon by AO; failure to do so invalidates any consequent additions or disallowances: ITATDeduction u/s 54 can be claimed even where adjacent units or flats are combined into one residential house: ITATAdditions on account of bogus purchases are to be restricted to the profit element embedded & undue benefit obtained from evading VAT payment: ITATSabka Vishwas Scheme to end on Dec 31, 2019GST - Petitioner encountered technical glitch in payment of GST for seven months - it would be appropriate to leave it to the technical body concerned to decide whether there was a technical glitch at all: HCVAT - It is one thing to say that Petitioner had violated provisions of Central Excise Act, but another to immediately infer that it also violated provisions of DVAT Act: HCCX - In case of reversal of proportionate credit attributable to exempted goods/services, further demand in terms of Rule 6(3) of CCR, 2004 is unsustainable: CESTATCus - Appellant has not suppressed any fact from Department to the extent that license which was submitted for clearance of imported consignment is issued by DGFT, although the same is claimed to have been obtained fraudulently by seller of licence M/s Nilesh International: CESTATAdditions u/s 14A are sustained where shares are held as stock in trade & such investments do not fall within ambit of Rule 8D(iii): ITATPurchases cannot be treated as genuine where although backed by bills & proof of payment, dealers admit to have provided accommodation entries in statements before sales tax authority: ITATAdditions u/s 68 on account of bogus Short Term Capital Loss are unsustainable where based on statements which are uncorroborated by supporting evidence: ITAT August 23 2019Unexplained expenses cannot be disallowed where PAN & address of recipient parties is submitted to AO, who in turn failed to verify same by issuing notice u/s 133(6): ITATPenalty notice is defective & vitiated proceedings where it does not specify charges based on which penalty is being levied: ITATACC appoints Ajay Kumar Bhalla as New Home SecretaryBenefit u/s 80IA available to start-ups having turnover of above Rs 25 CrContinuing protectionist policies would cause global recession: GoyalGovt relaxes lease rent charges on wind power projectsCBIC also raises monetary limits for indirect tax cases