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I-T- Denial of deduction u/s 80IC can create perception of genuine hardship, where claimant paid tax in excess of what was due; order denying deduction merits re-consideration: HC Israel launches missile attack on Iran EC holds Video-Conference with over 250 Observers of Phase 2 polls Germany disfavours Brazil’s proposal to tax super-rich I-T- If material found during search are not incriminating in nature AO can not made any addition u/s 153A in respect of unabated assessment: ITAT Govt appoints Dinesh Tripathi as New Navy Chief AFMS, IIT Kanpur to develop tech to address health problems of soldiers FBI sirens against Chinese hackers eyeing US infrastructure I-T - Interest earned on short term deposit out of borrowed funds during period prior to commencement of business, is totally foreign to business objects of assessee, and not eligible for set off: ITAT Kenya’s top military commanders perish in copter crash CBIC notifies Customs exchange rates w.e.f. April 19, 2024 Meta shares ‘Most Intelligent’ AI assistant built on Llama model ST - Service Tax paid in respect of export of services and cannot be subject to levy of Service Tax under Notfn 18/2009-ST, denial of exemption on procedural lapses cannot be sustained: CESTAT Dengue cases soaring in US - Close to ‘Emergency situation’: UN Agency Nexus between Election Manifesto and Budget 2024 in July!Half of China’s major cities sinking, reveals Study CX - The warranty service is eligible for credit though the same is provided after clearance of final products: CESTAT


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Gangtok, October 14, 2015 ST - Lottery distributors strike gold again - 2015 Budgetary amendments fail - buying and selling lottery tickets is not rendering service - Explanation by which scope of Section 66D is sought to be expanded is ultra vires FA, 1994 - TRU letter quashed: High Court

Mumbai, October 15, 2015 Cus - Sec 28AB left statute book on 08.04.2011 - if this be so, Settlement Commission was in error in rejecting Applications filed on 26.08.2013 on ground that Petitioners had failed to pay interest due u/s 28AB as stipulated u/s127B: HC

New Delhi, October 15, 2015 Whether payment of interest by banks to Industrial Development Authorities requires deduction of tax at source in terms of section 194A(3)(iii)(f) - NO: ITAT

New Delhi, October 15, 2015 Cus - Notf. 34/97, 96/2004 - There is no condition in said notifications that debits made in DEPB issued under particular FTP alone would be eligible for CENVAT credit & that debits in DEPB issued under previous FTP would not be eligible for credit: HC

Kolkata, October 14, 2015 CX - In case where demands are proposed to be confirmed only on basis of few statements, it is incumbent upon adjudicating authority to extend cross examination of relied upon witnesses before deciding issue - Matter remanded: CESTAT

New Delhi, October 14, 2015 Cus - In computing period of limitation contemplated u/s 110(2), date on which goods were seized is to be excluded - Petition dismissed: HC

Mumbai, October 14, 2015 ST - Appellant had in VCES-1 declaration mentioned about DGCEI letter and, therefore, notice proposing to reject declaration is clearly time barred - Board Circular binding on designated authority: CESTAT

Allahabad, October 14, 2015 I-T - Whether service of notice issued u/s 132 is required to be made in manner specified u/s 282, before passing an order u/s 127 - YES: HC

Kolkata, October 14, 2015 CX - s.4A - If pro rata value attributable to additional quantity cleared as bonus quantity, in same pack, is added to MRP affixed on said bonus pack, then declared MRP will increase accordingly, which appellant had not realized from its customers: CESTAT

New Delhi, October 13, 2015 Cus - Ss 27 & 27A concerning refunds and interest on delayed refunds, would equally apply to refund of SAD leviable u/s 3 of CTA - Para 4.3 of CBEC Cir No.6/2008 is inconsistent with and ultra vires Sec 27A: HC

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April 2024 Edition

Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

April 18, 2024

INTL - Expenses incurred by a non-resident individual towards obtaining Special Power of Attorney & anciliary expenses, for purpose of transferring property located in India, are covered u/s 48(i) & allowable: ITAT

April 18, 2024

TP - If assessee has suo-moto offered guarantee commission and no inherent risk arises to financial services utilized by AE from assessee, then no further guarantee adjustment is required: ITAT

April 18, 2024

Trade Marks Act - Issue of grant of registration can be remitted back to Examiner as trade mark could not be rejected and is required to be advertised : HC

April 18, 2024

SARFAESI Act - If any borrower is aggrieved by action of private bank/ARC, then borrower has to avail remedy under SARFAESI Act and no writ petition can lie or is maintainable : HC

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