News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
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New Delhi, November 09, 2017
CX - Board Circular cannot be equated with an exemption notification - To hold product as excisable, actual sale of goods is not necessary: SC
 
New Delhi, November 08, 2017
ICDS - Amendments to Sec 145(2) do not enable Govt of India to change basic principles of accounting recognised in various provisions of I-T Act: HC
 
New Delhi, November 08, 2017
ST - RIPS- Person liable to pay tax is service provider, namely lessor - Apex Court refuses to exercise its discretion under Art. 136 of Constitution in favour of UOI: SC
 
Ahmedabad, November 08, 2017
Cus - Export duty - Raw sugar imported against advance authorization on condition of re-export had no impact on domestic sugar price - reintroduction of exemption is to be viewed as clarificatory or curative in nature: HC
 
Ahmedabad, November 08, 2017
I-T - Once minimum numbers stipulated for Industrial Park Scheme are satisfied, benefit of Sec 80IA(4) would be available to project without waiting for entire Park to have all Units applied for being functional: HC
 
Mumbai, November 08, 2017
Cus – Refund of SAD - In view of express provisions of s.27 of CA, 1962, time period provided in amending notfn. 93/2008-Cuswill apply with all force: HC
 
Mumbai, November 08, 2017
ST - Value of all goods supplied free or otherwise should be included to arrive at the gross value of works contract: CESTAT
 
Shimla, November 07, 2017
Setback for Congress Chief Minister; HC rules if AO fails to make inquiry about genuineness of agriculture income, it is a fit case for invocation of powers u/s 263
 
Kolkata, November 07, 2017
CX - Copies of reports relied upon not supplied by AA while passing order - Post facto so called compliance thereof will not cure proceedings which stands already vitiated: HC
 
Jaipur, November 07, 2017
I-T - Income from interest on FDR cannot be considered as part of business income, if investment in FDR itself was never part business: HC
 
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