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 12, 2016
Income tax - Whether where authority takes a decision to reject application u/s 10(23C) on ground of limitation, it is but proper for authority to refrain from rendering finding on merits of matter - YES: HC
 
New Delhi, August 12, 2016
Karnataka VAT - Iron and steel reinforcements of cement concrete used in buildings do not lose their character as iron and steel at point of taxability, that is, at point of accretion in a works contract - Supreme Court
 
Mumbai, August 12, 2016
CX - Penalty collected from dealers for violating terms of agreement and selling MVs in other dealers' jurisdiction is not in connection with sale but related to post sale breach of contract and is, therefore, not includible in AV: CESTAT
 
Mumbai, August 12, 2016
ST - Tax and interest were paid without waiting for SCN by recourse to loan from a bank - Penalties waived u/s 80 of FA, 1994: CESTAT
 
Chennai, August 12, 2016
Customs - Delay in filing appeal before Commissioner (Appeals) - Appellate Authority has no power to condone delay beyond extendable period: High Court
 
Ahmedabad, August 12, 2016
I-T - Whether assessee can be allowed Sec 54F benefits even if assessee fails to prove that investment was made in a residential house - NO: ITAT
 
New Delhi, August 11, 2016
I-T - Whether when business of assessee is to lease property to earn rental income, such income is to be treated as business income and not income from house property - YES: Supreme Court
 
Kolkata, August 11, 2016
I-T - Whether mere failure to obtain Sec 197 certificate by payee would automatically cast TDS obligation on payer even if it is clear from assessment order of payee that there is no resultant tax liability - NO: ITAT
 
Mumbai, August 11, 2016
ST - Even in respect of lis which arose prior to 06.08.2014, provisions of amended Sec 35F of CEA, 1944 would apply where appeal has been filed after 06.8.2014: High Court
 
New Delhi, August 11, 2016
CX - Processing of unprocessed stainless steel scrap into blended stainless steel scrap results into a new commodity known in commercial market by different name - activity is manufacture: AAR
 
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AR not Afar by SK Rahman



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