News Update

CBIC amends tariff value of silver; No change for other commoditiesHigh Level Official Delegation from Mauritius visits National Centre for Good GovernanceGovt hikes Minimum Wages vide enhanced VDA for unorganised workersTRAI mandates whitelisted URLs, APKS, or OTT links for SMS TrafficGST - Rule 86A is not a machinery provision for recovery of tax - Order can be passed only if ITC is available in the taxpayer's ECL - No negative blocking: HCFrance backs India’s membership to Security CouncilGST - No opportunity of personal hearing as was requested while replying to SCN was given - Order set aside: HCJaishankar calls for reforms of WTO, G20 & UNGST - Goods were purchased from SAIL by a third party who sold to petitioner and who subsequently re-sold to consignee - No justification for detention on ground that correct documents were not travelling with truck: HCFamily of 5 found dead in car in TN; Suicide suspectedAlternative Global Value Chain - Is India going to be 'Next China'!IMF okays USD 7 bn loan to support Pak’s sinking economyCus - Unreasoned order - Order spoke for itself - Revenue counsel tries his best to justify order but in the end had to throw in the towel: HCBombay HC quashes govt clearance given after construction in Coastal areaPrevent misuse of s.114AA of Customs ActBrazil keen to ink trade deal with EUGST - Existence or otherwise of principal place of business - A taxpayer's registration cannot be cancelled solely on the basis of some general queries/enquiries from random persons, of which there is no record: HCHarris promises tax credit and investments to US manufacturersCBIC notifies HAG benefits to 22 IRS officersNukes may deflect asteroid threatening earth: ScientistsAfter Iranian death threat, Trump says Iran should be torn into piecesIndia, Australia working to strengthen ECTA through CECA: GoyalUS Intel suggests Russia has secret war drones factory in ChinaSurvey reveals 31% Indians now use e-com platforms for ordering groceryIndia's coal imports see marginal increase amid surge in Power Generation
 
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Chennai, August 30, 2016
Income tax - Whether order of Settlement Commission can be revised belatedly, in absence of proof of any allegation of fraud or misrepresentation - NO: HC
 
Mumbai, August 30, 2016
CX - Rule 2(k) of CCR, 2004 - CENVAT credit is admissible on HR sheets used for manufacture of biogas storage tank which is exempted under Notification No. 67/95: CESTAT
 
Hyderabad, August 29, 2016
CENVAT Credit is allowed on outdoor catering post 01.04.2011 - Not hit by exclusion as Service cannot be treated as primarily for personal use of employees: CESTAT
 
Kolkata, August 29, 2016
Income tax - Whether filing of petition before HC against reopening notice, can be faulted on ground that despite receipt of reasons for notice, assessee had rushed to HC prematurely - NO: HC
 
Mumbai, August 29, 2016
Cus - Application for renewal of licence was pending with Department - there is no illegality in order of AC suspending warehousing licence of appellant exercising power given u/s 58(3) - appeal dismissed: CESTAT
 
New Delhi, August 28, 2016
Electropreneur Park set up at Delhi Univ to incubate 50 early start-ups & to create at least 5 global companies over 5 years
 
New Delhi, August 28, 2016
International arbitration - Most BRICS members yet to have positive experience with investment arbitration; FM calls for not only free trade but also fair trade
 
New Delhi, August 27, 2016
Income tax - Whether licencee can claim entitlement to business loss on account of forfieture of licence fee, where the loss, if any, on account of forfeiture was sustained not by said licencee but by tranferee - NO: SC
 
Agartala, August 27, 2016
CX - NE exemption – Notfn 11/2007 is hit by promissory estoppel; cannot be sustained and accordingly is set aside - petitioner would continue to get benefit in terms of promise re-extended by OM dated 01.04.2007 for remaining period in terms of NEIP: HC
 
Cochin, August 27, 2016
I-T - Whether if toddy is tapped from coconut trees grown by members of a cooperative society and marketed for profit, such income is entitled to exemption u/s 80P - YES: ITAT
 
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TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

AR not Afar by SK Rahman



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.