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 24, 2016
Demonetisation saga - Govt extends deadline for use of old notes till Dec 15; allows pre-paid mobile top-up up to Rs 500
 
Kolkata, November 24, 2016
CX - It is a well known fact that success rate of departmental cases is very poor and, therefore, Appellants are required to pay additional 10% deposit, in addition to 7.5% deposit made before Commr(A): CESTAT
 
Mumbai, November 24, 2016
ST - Telecom service - whether CENVAT credit is admissible of CVD paid on Fixed Wireless phones - digression to matters not contemplated in SCN - Matter remanded: CESTAT
 
Mumbai, November 24, 2016
CX - Though it is refund matter but since it does not involve either legal or recurring issue, Tribunal has rightly dismissed the appeal of Revenue on litigation policy: CESTAT
 
New Delhi, November 24, 2016
I-T - Whether NOC from Pollution Control Board is sin qua non for satisfying criteria of 'ecotourism', being a condition precedent for eligibility of Section 80IC deduction - NO: ITAT
 
Chennai, November 23, 2016
ST - Taxability of Medical Treatment provided under 'Kalaignar Kaapittu Thittam', Govt welfare Scheme - Order demanding Service Tax set aside and matter remanded: HC
 
New Delhi, November 23, 2016
I-T - Whether ALV of house property can be considered as income from house property, if it is established that such property was not actually let out in relevant FY due to recession - NO: ITAT
 
Mumbai, November 23, 2016
Cus - Non-filing of appeal against assessed bill of entry does not deprive appellant to file its claim for refund u/s 27: CESTAT
 
Mumbai, November 22, 2016
Cus - Rejecting application on ground that B/E has to be filed before issuance of SCN would go against very spirit for which settlement machinery was constituted: HC
 
Ahmedabad, November 22, 2016
I-T - Whether service tax collected from customers deserves to be added to assessee's net profit, if same was not deposited by assessee before due date of filing return - YES: ITAT
 
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