News Update

Indigenous Technology Cruise Missile successfully flight-tested by DRDO off the Odisha coastUS imposes fresh sanctions against Iranian drone productionIREDA's GIFT City office to boost Green Hydrogen and Renewable Energy Manufacturing ProjectsVoting for General Elections 2024 commences tomorrowGlobal warming up to 3 degrees to cost 10% of global GDP: StudyNexus between Election Manifesto and Budget 2024 in July!Clearing the Air: Airtel's SC Decision provides clarity on test of AgencyGST implications for Corporate Debtor under IBCI-T- Petitioner's CIBIL score lowered due to same PAN being issued to another assessee who defaulted on loan; I-T Deptt to inform CIBIL of remedial measures taken: HCBrazil’s proposal to tax super-rich globally finds many takers in G20 GroupI-T- Additions framed on account of unconfirmed cash loans upheld in part, where assessee is unable to discharge onus of proving source of cash deposits : ITATCPM manifesto promising annihilation of all weapons of mass destructions including nuclear, draws flak from Defence MinisterI-T- Registration of trust u/s 12A denied due to inadvertent error by assessee in filing Form 10AB but with wrong selection code; case remanded for reconsideration: ITATBiden favours higher steel tariff on ‘cheating’ China + may up tariff on dominant solar tech suppliersI-T- Enhancement of income is not sustainable if CIT (A) not follow sec 251 and no notice given to assessee of enhancement : ITATUS Poll: Biden trumps Trump in money race by USD 75 mnI-T- Assessee is entitled for depreciation on goodwill arising out of difference between cost of acquisition and net value of assets and liabilities as per book value of CAPL : ITATNetanyahu says Israel to decide how and when to respond to Iran’s aggressionI-T- There is no scope of extrapolation in search assessment based solely on assumptions and surmises in absence of any tangible material qua the relevant assessment year: ITATGoogle slays costs by laying off staffers & shifting roles outside USI-T- Re-assessment cannot be sustained where based on borrowed satisfaction & where conducted in a mechanical manner: ITATHeavy downpours drown Dubai; Airport issues travel advisoryCus - There cannot be an exercise of jurisdiction to injunct invocation of BG, as it is a settled principle of law that bank guarantee constitutes an independent contract between the bank and the party in whose favour BG is furnished: HCHM pledges to make India completely Maoist-freeGST - Except for holding that the taxpayer had availed ITC which is blocked credit u/s 17(5), no reasons are specified - Order set aside and matter remanded: HCMicrosoft to inject USD 1.5 bn in AI Group G42 of UAEGST - Injustice would be caused unless petitioner is provided another opportunity to contest tax demand on merits - Subject to deposit of 10% of demand, matter is remanded: HCCanadian budget proposes more taxes on higher income groups & tax credits for EVsWorld leaders appeal for quick ratification of UN Ocean Treaty
 
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New Delhi, July 29, 2015
Refund of TED - It is well-settled principle of law that Court cannot direct statutory authority to exercise discretion in particular manner - Single Judge ought not to have directed DGFT to pass an order keeping in mind observations made therein: High Court
 
Mumbai, July 29, 2015
ST - Appellant, during July to Sept 2007, hiring rigs from foreign parties and enlisting same to ONGC - services would not fall under 'Mining of mineral oil and gas service' - when there can be no ST liability, question of interest and penalty does not arise: CESTAT
 
New Delhi, July 29, 2015
I-T - Whether assessee can claim depreciation although land and building vested in Municipal body and assessee had only made part payment to Housing Board but was in full control of buildings - YES: HC
 
New Delhi, July 28, 2015
Competition Commission imposes penalty of Rs 420 Cr on Hyundai; Relief for Reva and Premier
 
Mumbai, July 28, 2015
CX - Rule 6 of CCR is not enacted to extract illegal amount - legislature has not enacted any provision by which credit, which is other than credit attributed to input services used in exempted goods or services can be recovered from the assessee - 25 cr. Demand set aside: CESTAT
 
Mumbai, July 28, 2015
ST - Job worker paying ST along with interest upon insistence by audit - Merely because department has detected and assessee has paid ST, that alone is not sufficient to allege that there is suppression - Credit rightly availed: CESTAT
 
Allahabad, July 28, 2015
I-T - Whether when Revenue initially takes approval only for a Survey but finds huge cash at assessee's premises which one of Directors fails to explain, same Survey can be converted into Search after taking further approval - YES: HC
 
Mumbai, July 28, 2015
ST - No specific head of service was proposed in SCN nor confirmed in o-in-o - SCN + order are vague - classification of taxable service must be specified in SCN in order to fasten liability of ST - demand of Rs.4.12 cr set aside: CESTAT
 
Mumbai, July 27, 2015
Cus - Re-labelling of boxes of Vitrified & Glazed tiles with higher MRP after import - Sec 3(2) will not become ineffective in absence of Sec 4(A)(4) of CEA, 1944 for import made prior to 14.05.2003 - ABB decision does not apply - Differential CVD duty demand upheld: CESTAT by Majority
 
Mumbai, July 27, 2015
ST - Charges of documentation arise at request of customer and are paid outside of Agreement to appellant only - these activities constitute service provided directly to customer and do not constitute services provided on behalf of Principal, hence it would not fall under BAS: CESTAT
 
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