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 262
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
 
Mumbai, November 22, 2016
ST - Input Services - Renting of Immovable property - CCR, 2004 does not envisage proportional allocation: CESTAT
 
Mumbai, November 22, 2016
Cus - Appellant was not an authorised agent for removing garbage & sweeps from SEEPZ area, hence confiscation & penalty upheld: CESTAT
 
Chennai, November 21, 2016
I-T - Whether it is open to an assessee to agitate show cause notice before High Court, when he can directly approach ITO who had issued said SCN - NO: HC
 
Chennai, November 21, 2016
ST - Order in Original passed by relying upon an order of Tribunal, which has been set aside by High Court much earlier is unsustainable: HC
 
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