News Update

Unveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesI-T- Secured creditor has priority charge over secured asset, over claims of I-T Department & other Departments; any excess amount recovered by Secured Creditor from auction of secured asset, over & above the dues payable to it, are to be remitted to the Departments: HCFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesI-T - Once assssee on year of reversal has paid taxes on excess provision and similar feature appeared in earlier years and assesee had payments for liquidated damages on delay of deliverables, no adverse inference can be drawn: HCFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerST - Software development service & IT-enabled service provided by assessee was exempt from tax during relevant period, by virtue of CBEC's Notification & Circular; demands raised for such period not sustainable: CESTATUN says Households waste across world is now at least one billion meals a dayCus - Order rejecting exporter's request for conversion of Shipping Bills on grounds that the same has been made by exporter beyond period of three months from date of Let Export Order in terms of CBEC Circular No. 36/2010-Cus : CESTATIndia, China hold fresh dialogue for complete disengagement on Western borders: MEACus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTATThakur says India is prepared for 2036 OlympicsCX - As per settled law, a right acquired as result of a statutory provision, cannot be taken away retrospectively unless said statutory provision so provides or by necessary implication has such effect: CESTAT
 
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Ahmedabad, July 27, 2017
VAT - It is not possible for State Government to provide mode of tax recovery making it a pre-condition for generation of C forms: HC
 
Allahabad, July 27, 2017
I-T - No business project can be denied deduction u/s 80IB(7) on basis that clause under which exemption was claimed while claiming deduction, was different: HC
 
Mumbai, July 27, 2017
ST - In respect of construction of residential complex, commercial or philanthropic nature is irrelevant: CESTAT
 
Mumbai, July 27, 2017
Cus - When appeal is admitted by Apex Court, whether order appealed is stayed or not makes no difference - Tribunal should not overreach jurisdiction: CESTAT
 
Jaipur, July 26, 2017
I-T - Netting of Interest paid by company to their secured creditors during winding up, is not permitted against interest receivable on FDs made out from sale proceeds of company's assets: HC
 
Ahmedabad, July 26, 2017
I-T - Tribunal cannot reconsider its own decision and render an order entirely different on facts & law already presented, while exercising its powers under rectification: HC
 
Mumbai, July 26, 2017
ST - Excisable activity and service related to RIPS are two distinct activities - availment of CENVAT credit w.r.t manufacturing activity cannot disentitle benefit of notfn. 6/2005-ST:CESTAT
 
Mumbai, July 26, 2017
CX - Modification charges recovered in respect of dies received free of cost is includible in AV as only original cost of unmodified dies have been amortised: CESTAT
 
Allahabad, July 25, 2017
I-T - Intimation issued by ministerial staff of AO u/s 143(1) as deemed acknowledgment of AO, cannot be construed as 'opinion by AO' on returns filed by assessee: HC
 
Mumbai, July 25, 2017
ST - Appellant is engaged in business of financing for which windmill has no use - Repair and maintenance service is not an Input service: CESTAT
 
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