News Update

US Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Sourav Ganguly goes to Police against cyberbullyingYadav calls for development of sustainable, Inclusive low-carbon transport systemsFed 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 WorkersCus - Import of Areca Nuts - Department did not follow procedure laid down by CBEC for verification or testing/re-testing, to establish true origin of goods; Nuts imported from Sri Lanka otherwise meet requirements for duty-free import under Notfn No 26/2000-Cus: CESTATCAQM announces revised GRAP schedule for Delhi-NCRChina to be on top of agenda at Quad meeting: White HouseCus - No proper evidence is found towards Customs Officer's involvement in fraud, the allegation that appellant has actively colluded with Customs officials cannot legally sustain, penalty imposed on appellant also cannot sustain: CESTATIndia's position is of a 'Vishwa Bandhu' in global world order: CDS Gen Anil ChauhanST - The contracts being composite in nature and demand having been raised under Construction of Residential Complex Services, demand of service tax cannot sustain for the period after 01.07.2010 also: CESTATGovt organises 'FAME's Success in Transforming India's EV Landscape: From Vision to Reality'Death toll rises to 21 in second wave of blasts in Lebanon - it was Walkie-Talkie after pagerI-T - Miscellaneous income such as commission, discount charges, sale of wastages and diesel sales are to be treated as income derived from industrial undertaking: HCGermany halts exports of weapons to IsraelI-T - If any statute has been enacted, there cannot be insertion of any word beyond the contents of the statute: HCI-T - Contributions to PF/ESI paid before the due date u/s 139(1) of the Act are allowable as deduction: ITATBaltimore Bridge collapse: US seeks USD 100 mn compensation from Singapore-based ship ownerI-T - No license is granted under Income tax Act to misuse presumptive scheme of taxation and camouflage undisclosed income from unexplained sources under guise of turnover/gross receipt: ITATI-T - If no return of income is filed by tax-payer, then appeal can only be admitted by CIT (A) only when tax-payer has paid advance tax which was payable by him: ITATFaux cybercrime platforms busted in global operations; 51 arrested by EuropolI-T - Dismissal of assessee's appeal in limine by CIT(A), without going into merits of issues, solely due to non-appearance of assessee, is unsustainable, being in direct contravention of Section 250(6): ITATI-T - CIT(A) has powers co-terminus with those of the AO and is permitted under law to make own inquiry or direct AO to inquire into the matter, in case of assessee's absence : ITATIMF pauses Mission to Moscow after Kyiv protestsCabinet okays National Centre of Excellence for Animation, Visual Effects & GamingCabinet accepts recommendations of High-Level Committee on Simultaneous ElectionsCabinet gave approval for CHANDRAYAAN-4 MissionIncome tax collections till Sept 15 up by 16%After Moon and Mars, India sights science goals on VenusCabinet approves Pradhan Mantri Janjatiya Unnat Gram AbhiyanISRO to develop launch reusable vehicle with high payloadJapan, France to ink military pact by year-endFM holds 2nd review meeting on Capex for Ministry of RailwaysCyber fraud - posing as CBI officer - Railway staffer loses Rs 9 lakhGlobal Renewable Energy Meet: Investment commitments of Rs 32.45 lakh Cr poured: JoshiProvisional Attachment - Precaution, Persecution, Penury?Dak Ghar Niryat Kendra expands export services with automated IGST Refund facilityThe Delay Dynamics
 
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Chennai, June 17, 2016
CENVAT Credit of Service Tax on insurance premium for health insurance of factory employees is admissible even after amendment to Rule 2(l): CESTAT
 
Pune, June 17, 2016
I-T - Whether when there is no business activity during year, it is justified if assessee company pays rent for residence of Director particularly when it is paid to wife of Director who is specified person u/s.40A(2)(b) - NO: ITAT
 
Chandigarh, June 17, 2016
CX - CESTAT is right in holding that as per third proviso to s.35C (2A) of CEA, 1944, it has got power to grant extension of stay beyond 365 days from initial order of stay : High Court
 
Mumbai, June 16, 2016
CX - Refund - Accounting treatment such as not showing amount receivable in 2007-08 but showing same in 2008-09 is acceptable under I-T Act, therefore, Revenue could not have questioned same - claim not hit by unjust enrichment: CESTAT
 
Chennai, June 16, 2016
Customs - Exemption from CVD under Notification No 30/2004-CE is not admissible to fabrics of silk imported as exemption is conditional - Revenue's appeal against CESTAT order allowed: High Court
 
Kolkata, June 16, 2016
Cus - Kolkata, CFL has certified that betel nuts are fit for human consumption, Customs authorities should have no further reservation in releasing consignment: HC
 
New Delhi, June 16, 2016
I-T - Whether if assessee could not explain fall in gross profit on distress sale made to its sister concern, AO has authority to make addition on such account - YES: ITAT
 
Mumbai, June 16, 2016
CX - Appellant have been submitting cenvatable invoices to Jurisdictional authorities, therefore, entire detail of Cenvat Credit & nature of services were available with department - suppression cannot be alleged: CESTAT
 
New Delhi, June 15, 2016
Cabinet approves Integrated Civil Aviation Policy; Cargo volumes projected to go up four times to 10 mn tonnes; huge incentives for MRO Sector & domestic fare capped at Rs 2500 per hour
 
New Delhi, June 15, 2016
India, Switzerland join hands for early implementation of Automatic Exchange of Information; Revenue Secretary welcomes Swiss decision to amend law to share info on stolen data obtained by India
 
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