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
 
Page 470
Allahabad, April 10, 2015
Income tax - Whether rental income derived by partnership firm from regular business of leasing out of properties, can be treated as 'income from house property' - NO: HC
 
Mumbai, April 10, 2015
Cus - Only licensing authorities can permit revalidation of freely transferable DFIAs - Denial of benefit under scheme only because of expiry of Licenses due to refusal by Customs to allow import of such goods & their resultant non-utilisation, would amount to denial of substantial benefits: CESTAT
 
Chennai, April 10, 2015
Suppression - Revenue's appeal against order of Tribunal setting aside demand beyond normal period - Appeal dismissed: High Court
 
Chennai, April 09, 2015
ST - Finance Act, 1994 is not law of Income Tax to tax interest income - consideration relating to services provided shall only be subject matter of taxation by FA, 1994: CESTAT
 
Jaipur, April 09, 2015
Income tax - Whether relinquishment of right to sue is to be held as capital asset - YES: ITAT
 
Mumbai, April 09, 2015
CX - Notfn 3/2001 - Condition no 41 mandated that manufacturer should not have taken credit of duty paid on chassis - Assessee did not reverse Modvat Credit at time of removal of goods or after removal - Tribunal should not have interfered in O-in-O denying exemption - Revenue appeal allowed: HC
 
Chennai, April 08, 2015
Signages assembled at site of IOCL bunks cannot be treated as immovable property and are excisable - No error in order of Tribunal confirming demand: HC
 
New Delhi, April 08, 2015
Income tax - Whether if excess stock found in assessee's premises is later claimed to be of sister concern which has also paid tax on same, assessee can still be penalised with tax liability on same - NO: Supreme Court
 
Mumbai, April 08, 2015
ST - Appellants providing Telecom Service - CENVAT not admissible on towers and pre-fabricated buildings - As returns were filed periodically and audit was also conducted by department, demands hit by limitation: CESTAT
 
New Delhi, April 07, 2015
I-T - Whether if there are losses in export business of assessee, but profits of indigenous business outweigh such losses and net result is profit, deduction u/s 80HHC would still be available to assessee - NO: Supreme Court
 
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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.