News Update

Goyal discusses rising freight cost, shipping delays & congestion at the portsCustoms - First Schedule - Chapter 98 - Clarificatory explanation on 'laboratory chemical' insertedKentucky Sheriff accused of shooting dead District Judge inside courthouseM/s Konoike Transport approved as Strategic Buyer for disinvestment of FSNLCus - Gold seized from appellant & auctioned without considering cogent evidence furnished; seizure invalidated, auction proceeds be refunded with interest: CESTATIndia grants USD 50 mn budgetary support for one more year to MaldivesFATF smacks on India's back for measures to tackle illicit financeCX - Rule 4 of Central Excise Valuation Rules 2000 are rightly invoked where assessee suppresses material facts about clearance of finished goods to related entity: CESTATTMC disowns Minister’s statement that women were drinking during protestBRICS Summit: India showcases Legal Reforms and InitiativesST - For the amenities provided by service recipient, the cost thereof cannot be included in assessable value of service in hands of appellant being service provider, therefore, demand is not sustainable: CESTATChina, India are not rivals rather cooperators, says Chinese envoyRM exhorts Navy to be prepared for every situation in today's volatile global scenarioI-T - Revenue is not permitted to express different opinion based on very same facts disclosed during original assessment proceedings: HCIndia trashes report on Indian ammunition reaching UkraineI-T - No distinction to be made between direct and indirect expenses that are eligible for deduction under Section 35 D of the Income Tax Act: HCBiden hopeful of further cut in rates by FedI-T - Non-investment of sale consideration or portion thereof in designated capital gains would not come in way of assessee claiming exemption so long as assessee had invested said amount for construction: HCLanka to go to polls for New President tomorrowI-T - Assessee sought repeated adjournments without valid reason; costs of Rs 2000/- per appeal imposed on assessee; nevertheless, case remanded for de novo hearing, given tight scheduling of notices & interests of justice: ITATIsrael incinerates 1000 rocket launcher barrels of HezbollahI-T - Interest received by credit cooperative society from investment held, cannot be treated as it's operational income, as interest received is not from credit facilities provided to its members as envisaged u/s 80P(2)(a)(i): ITATSEBI hammer falls on Axis Capital; Ban imposed from acting as investment banker in debt marketI-T - Where DVO has power to estimate value independently & fails to do so, then PCIT's action to seek fresh report & revise the assessment, is outside scope of Section 263: ITATCJI asks lawyers to use SC Platform for recorded ordersNPS Vatsalya - FM launches pension scheme for minorsIP Saarthi - Govt launches AI/ML-based search engine for TrademarksNACIN hosts 3-day roundtable on IPR; Govt envisages greater role of Customs in IPR protectionUS Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Fed lives up to global expectations; cuts interest rate by 0.5% - first cut in last 4 yearsMandaviya chairs meeting to provide Social Security to Gig and Platform WorkersCAQM announces revised GRAP schedule for Delhi-NCR
 
Page 170
Ahmedabad, September 15, 2017
I-T - Mere allotment of PAN would not make PAN-holder necessarily separate entity for purpose of assessment to tax: HC
 
Ahmedabad, September 15, 2017
I-T - When assessee has filed settlement applications for several AYs but only partly paid additional tax with interest, only those proceedings before Commission would abate for which no payment of tax was made: HC
 
Ahmedabad, September 15, 2017
I-T - Acceptance of return without scrutiny, will not debar AO from reopening same, if there is live link with formation of belief that income had escaped assessment: HC
 
Mumbai, September 15, 2017
CX - Issuing fake or forged gate passes - Respondent not having physically dealt with excisable goods penalty u/r 209A cannot be invoked: HC
 
Mumbai, September 15, 2017
Cus - It is well settled that where one party leads evidence of witness, opposing side has right to cross examine that witness: HC
 
Mumbai, September 14, 2017
ST - 'Merger and Acquisition' is highly technical and a restrictive term and cannot be covered within definition of 'Management Consultant': HC
 
Mumbai, September 14, 2017
I-T - Leasing out of plant to seller, after claiming depreciation on same during first year of purchase, is no colourable device, if lease rental are subjected to tax: HC
 
Mumbai, September 14, 2017
ST - OIDAR - Impugned order has not established the appellant to be recipient of service : CESTAT
 
Mumbai, September 14, 2017
ST - Ultimate ownership remained with appellant who paid ST on Sale of space for ads - CENVAT admissible on DCE: CESTAT
 
Mumbai, September 14, 2017
Cus - Whether 'recognition' is equivalent to 'registration’ - Revenue to cause enquiry from Dept. of Science: CESTAT
 
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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.