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 272
Ranchi, October 25, 2016
ST - Passing Orders taking hyper technical views should be avoided for they unnecessarily increase workload of Court - CC should have guided Commissioner (A) in meetings: HC
 
Mumbai, October 24, 2016
I-T - Whether exercise of extraordinary jurisdiction by HC is warranted in case of petition filed by assessee, who has, by participation in proceedings before AO consequent to transfer of its case, accepted impugned orders - NO: HC
 
Mumbai, October 24, 2016
ST - Once it is accepted that Appellant is rendering 'Mandap Keeper' service and Bills were raised for gross amount towards food, assessee would be eligible for abatement of 40% from value for payment of service tax: CESTAT
 
Ahmedabad, October 24, 2016
FPS - Withdrawal of export incentive to items other than bicycle parts under entry No 269 of Appendix 37-D - HC quashes DGFT Trade Notice 11/2015 - No recovery of benefits already granted
 
Chandigarh, October 23, 2016
ST - As appellant has given contract for loading/unloading on basis of weight of goods and not as per labour provided, activity cannot be termed as supply of Manpower: CESTAT
 
New Delhi, October 22, 2016
ST - There is no bifurcation in commission agent agreement regarding supply of goods and services - entire quantum of ST paid by commission agent is entitled as credit: CESTAT
 
Chennai, October 22, 2016
TNGST - Whether it is permissible for Legislature to introduce a Explanation to provision of fiscal Statute, which has feature of expanding scope of charging section - NO: HC
 
New Delhi, October 21, 2016
Cus - Attaining self-sufficiency is precursor to trigger right of the petitioners to seek permission to export their participating interest/share of crude oil: High Court
 
Kolkata, October 21, 2016
I-T - Whether when complaint filed by assessee against accountant has been duly filed with police, in that case assessee's inability to produce books needs to be believed & he could not be considered as defaulter for not discharging onus of providing books before AO - YES: ITAT
 
Mumbai, October 21, 2016
CX - Contract for manufacture & supply of Electrical Transmission towers - debit notes raised for excess amount of material used - CX duty not payable prior to 1st July 2000 but payable thereafter as valuation is based on Transaction value: CESTAT
 
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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.