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World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions Voter turnout surpasses 50% by 4 PM in Phase 2 polls ST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HC XI tells Blinken - China, US ought to be partners, not rivals ST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HC CX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HC Cus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HC Cus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HC Cus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HC Cus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HC I-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HC China asks Blinken to select between cooperation or confrontation I-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITAT Honda to set up USD 11 bn EV plant in Canada Imran Khan banned from flaying State Institutions I-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITAT Pro-Palestine demonstration spreads across US universities; 100 arrested I-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITAT NATO asks China to stop backing Russia if keen to forge close ties with West NY top court quashes conviction of Harvey Weinstein in rape case


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New Delhi, December 15, 2015 CX - Seizure of sale proceeds of clandestinely manufactured goods - Power applicable for seizure is equally applicable for provisional release - Absence of provision for release of currency under Excise Act is irrelevant: CESTAT

New Delhi, December 15, 2015 Central Excise - Process of cold-rolling on hot-rolled stainless steel patta/pattis amounts to 'manufacture' : Supreme Court

New Delhi, December 15, 2015 CX - Clandestine removal - There is no provision in CEA, 1944 that raises presumption and shifts burden on to person who is charged with clandestine removal of excisable goods: High Court

New Delhi, December 15, 2015 Customs - Revocation of CHA licence - Investigation disclosed gross mis-declaration of goods in terms of quantity, quality and value to defraud government by availing inadmissible drawback amount of over Rs. 34 Lakhs - Revocation of license is justified: CESTAT

Ahmedabad, December 15, 2015 I-T - Whether when certain products commercially known as 'scrap' are 'usable as such' during process of ship breaking, they would still be considered as 'waste and scrap', as envisaged in Explanation to Sec 206C(1) - NO: HC

Bangalore, December 14, 2015 Customs - Differential duty paid on account of increase in rate of duty after assessment of Bill of Entry - Whether importer is liable to pay interest u/s 47(2) - Matter referred to Third Member in view of difference of opinion

New Delhi, December 14, 2015 Cars imported under EPCG Scheme by Hotel, used by its directors - Hotel is not required to use cars for transporting foreign tourists to earn foreign exchange - Action by DRI premature - Demand of duty aside by Tribunal

Mumbai, December 14, 2015 CX - Export price is CIF, therefore, place of removal in case of export stands extended up to port - Transportation incurred for clearances of goods from factory to port is within term 'clearances of final products upto place of removal' therefore GTA is an Input service even after amendment: CESTAT

New Delhi, December 14, 2015 Competition Law - Whether Chairperson, who did not hear arguments of counsels representing appellants on three consecutive dates could become a party to final order passed under Sec 27 - NO: COMPAT

New Delhi, December 13, 2015 10 Bills passed by Lok Sabha still to be taken up in Rajya Sabha; GST Bill likely to be taken up this week

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I-T - Assessee cannot be prevented from claiming that receipts from sale of software were wrongly offered as royalty, merely because such income was wrongly offered in ROI and which was not revised: ITAT

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