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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Ernakulam, May 11, 2016
Customs - Misuse of IEC code - Goods to be released to person from whose custody seizure was effected - Ownership is not relevant: HC
 
New Delhi, May 10, 2016
India, Mauritius finally succeed in amending DTAA today; source-based taxation of capital gains on shares allowed; LoB scissors to apply
 
Mumbai, May 10, 2016
VAT - Whether 'access to database relating to information of stock exchange' by a trader to its customer which can be used only after installation of a software provided by such trader, is liable to be treated as 'software' and hence leviable to VAT - YES: Sales tax Tribunal
 
Mumbai, May 10, 2016
I-T - Whether if assessee has earned income from sale of mutual funds whose units are not treated as shares, dealing in such units can be considered to be shares for the purpose of computation of capital gain - NO: HC
 
Ernakulam, May 10, 2016
Cus - Food Safety standards - Change of standards governing imports - Standards as on date of release of goods applicable - Not as on date of import : HC
 
Bangalore, May 10, 2016
Writ jurisdiction - If there is gross miscarriage of justice by Commissioner (A), High Court can exercise its jurisdiction under Article 226: High Court
 
Chennai, May 10, 2016
Customs - Refund of Additional duty of Customs (SAD) - Commissioner (Appeals) has followed a novel way to deny refund to appellant on extraneous ground not known to law - Copy marked to Chairman CBEC to remove bottlenecks in refund : CESTAT
 
New Delhi, May 09, 2016
Cus - Drawback - It is not open for a Court, while interpreting any statute, to examine material which weighed with authority while framing that law if provisions of statute are clear and unequivocal: High Court
 
New Delhi, May 09, 2016
CX - Valuation - Transfer of cenvat credit taken inputs to a sister concern - value shown in invoice on basis of which Cenvat Credit was taken by assessee, is value for assessment; Post manufacturing expenses cannot be loaded on to amount equal to duty of excise: Supreme Court
 
Mumbai, May 09, 2016
I-T - Whether if one of partners does agree to sell firm's property, same can be construed as encumbrance and any compensation paid to him is to be treated as expense incurred exclusively for sale of capital asset - 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.