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
 
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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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