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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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Mumbai, February 20, 2015 ST - Under ST law, assessee is not prohibited from paying tax on services exempted under notification - there is no provision akin to Section 5A(1A) of CEA, 1944 - Rule 6 of CCR, 2004 would not apply - Appeals allowed: CESTAT

New Delhi, February 20, 2015 I-T - Whether provisions of Sec 292B will overcome irregularity if Sec 153C proceedings against a company which stands amalgamated with other company are found to be invalid - NO: HC

Mumbai, February 20, 2015 CX - Amendment of Rule 57C allowing credit in respect of inputs used in final product cleared to EOU/FTZ under exemption is substantive one - such amendment cannot but be held to be prospective: High Court

Mumbai, February 19, 2015 ST - Govt departments are working with depleted staff strength - Finance & Accounts Manager is crucial post and its vacancy vital element and factor - In such circumstances, by imposition of costs, discretion could have been exercised by Tribunal in favour of statutory entity: High Court

Mumbai, February 19, 2015 Income tax - Whether where assessee has restrained himself from contesting tax effect in respect of disallowance u/s 14A, such concession on part of assessee should not be held against him in any other proceedings - YES: HC

Mumbai, February 19, 2015 ST - Since contract for construction of Mall was terminated on May 31, 2007 & new contract was entered into on June 5, 2007, therefore, there is no infirmity in appellant having paid ST under Composition Scheme - fact of paying ST is enough indication to show that they have opted for payment: CESTAT

New Delhi, February 18, 2015 I-T - Whether success fee paid to non-resident co for preparing scheme for finances and to tie up required loans by Indian company falls within ambit of fees for technical services as consultancy service - YES: Supreme Court

Mumbai, February 18, 2015 CX - Rule 7 - Provisional assessment - If interest was to be recovered & was indeed payable on date on which Assessee made payment of differential duty & prior to finalization of assessment, then, Rule would have specifically said so: HC

Chennai, February 18, 2015 ST paid under reverse charge by LTU - DTA unit is prima facie not eligible for CENVAT Credit of ST paid in respect of SEZ unit - Pre-deposit ordered: CESTAT

Mumbai, February 18, 2015 Income tax - Whether when assessee-developer following project completion method receives certain sum towards parking charges from vacant land, it is liable to pay advance tax on the same - YES: HC

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