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12 Unicorns, over 125 startups commit to onboarding ONDCBEML secures Rs 250 crore order from Northern Coal FieldsBharat Parv celebration takes centerstage at Cannes Film FestivalSteel industry should work towards reducing emissions: Steel SecretaryI-T - Additions framed on account of unexplained cash credit & unexplained money, are not tenable where cash deposits & withdrawals were of personal funds & were done through banking channels: ITATUS says not too many vibrant democracies in the world than IndiaI-T - Benefit of section 11(2) can not be denied merely on reasoning that form 10 is filed belatedly: ITATSwati Maliwal case takes new turn with Kejriwal’s assistant Bibhav Kumar filing FIR against herI-T- Unexplained money - Additions sustained as assessee unable to provide proper explanation for amount withdrawn & subsequently deposited into same bank account: ITATIndia says Chabahar Port to benefit Central Asia and AfghanistanCX - Though Commissioner mentions that he refrains from imposing penalty under Rule 27 of CER, 2002, same is not invoked in SCN, there is no way that Adjudicating Authority could have imposed penalty under said Rule: CESTATRussia seizes Italy’s UniCredit assets worth USD 463 mnCus - Order re-determining transaction value based on CRCL test report is not correct & hence unsustainable: CESTATPutin says NO to Macron’s call for ceasefire in Ukraine during OlympicsCus - If price is not sole consideration for sale, then transaction value can be rejected under Rule 8 of Export Valuation Rules & then must be redetermined sequentially through Rules 4 to 6: CESTATBrazil to host women’s World Cup 2027Cus - If there is additional consideration for sale, then proper course for the officer is to reject transaction value & re-determine value under Rule 4 or Rule 5 or Rule 6 sequentially: CESTATSC upholds ICAI rules capping number of audits per yearST - Assessee transports coal for M/s WCL; demand raised under Cargo Handling Service on activity of loading/unloading/packing of Coal - Activity of loading/unloading/packing may take even longer time than actual transportation, but main purpose of contract is to transport goods - Demand raised is not tenable, more so where M/s WCL already paid tax under reverse charge on transportation service: CESTAT
 
GST - TRAN-1 verification - Pune wraps up 100% verification

By TIOL News Service

NEW DELHI, FEB 11, 2018: EVEN as a good number of GST assessees moving writ petitions before the High Court over the issue of not being facilitated to file their TRAN-1 return by December 27, the CBEC Chairperson has patted the back of some of the Commissionerates for wrapping up 100% verification of TRAN-1 Credit carried forward from the previous tax regime. In fact, Pune is the lone location which has attained 100% target.

Those who have completed 90% verification are Chandigarh, Ahmedabad, Shillong, Vizag, Bhubaneshwar and Bhopal Zones. The Chairperson has also issued a fresh reminder to those who have wrapped up only 50% targets.

Since the GST refund cart is moving very slow, the Chairperson has reminded the field formations to make extra efforts to sanction refund. For this purpose, she has advised deployment of extra staff.


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