News Update

Former IPS officer Sanjiv Bhatt jailed for 20 yrs for planing drugs to frame lawyerUN says Households waste across world is now at least one billion meals a dayIndia, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilThailand’s Lower House okays Bill to legitimise same-sex marriageYellen warns China against clean energy dumpingMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionJustice Ritu Raj Awasthi joins as Judicial member of Lokpal
 
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Mumbai, May 13, 2016
I-T - Whether firm engaged in hire purchase is entitled to deduction u/s 37(1) for secret commission paid to employees of its clients, without establishing that such payment was trade practice for ensuring quick payment of hire charges - NO: HC
 
Chennai, May 13, 2016
Customs - Cargo withheld for testing standards - Petitioner is entitled for 45 days' free period and is not liable to pay demurrage charges: High Court
 
Mumbai, May 13, 2016
CX - Clearance of goods under under State excise laws is akin to clearance of goods on which exemption notification has been claimed - CCR does permit assessee to take credit of duty paid on molasses subject to compliance with Rule 6: CESTAT
 
Mumbai, May 13, 2016
Cus - Skimmed Milk powder - Stage of entry of goods to be exported is date on which exporter presents shipping bills to proper officer - shipping bills were presented on 10/2/2011 and 16/2/2011 and on this date the goods were not prohibited - no reason for confiscation: CESTAT
 
Kolkata, May 12, 2016
Cus - When a provision provides for punishment it has to be strictly construed - expression 'goods in respect of which any prohibition is in force' in context of Se 112 would imply goods which are prohibited & not goods which have been smuggled into country: HC
 
New Delhi, May 12, 2016
ST - Leasing of Vehicles - Deemed Sale - VAT paid - Is Service Tax payable? Delhi High Court stays Adjudication Order of Mumbai ST Commissioner
 
Bangalore, May 12, 2016
I-T - Whether Sec 153C notice for initiating block assessment of third party mandates satisfaction of AO having jurisdiction over searched persons & communication of same to AO to be recorded in writing along with incriminating materials - YES: HC
 
Jaipur, May 12, 2016
CX - objection by department that credit from one unit was utilized for purpose of duty liability of other unit without pro rata distribution by Input service distributor would not survive in view of no previous restriction in rule 7 of CCR, 2004: HC
 
New Delhi, May 12, 2016
ST - Incidental receipt of incentives or volume discounts from Media Owner shall not be considered as providing service to Media Owner so as to be liable to service tax: ARA
 
New Delhi, May 11, 2016
Amitabh Bachchan loses income tax case; Supreme Court upholds invocation of powers u/s 263 in a case where AO failed to verify source of expenses, later withdrawn by assessee in re-revised return
 
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