News Update

Unveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesI-T- Secured creditor has priority charge over secured asset, over claims of I-T Department & other Departments; any excess amount recovered by Secured Creditor from auction of secured asset, over & above the dues payable to it, are to be remitted to the Departments: HCFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesI-T - Once assssee on year of reversal has paid taxes on excess provision and similar feature appeared in earlier years and assesee had payments for liquidated damages on delay of deliverables, no adverse inference can be drawn: HCFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerST - Software development service & IT-enabled service provided by assessee was exempt from tax during relevant period, by virtue of CBEC's Notification & Circular; demands raised for such period not sustainable: CESTATUN says Households waste across world is now at least one billion meals a dayCus - Order rejecting exporter's request for conversion of Shipping Bills on grounds that the same has been made by exporter beyond period of three months from date of Let Export Order in terms of CBEC Circular No. 36/2010-Cus : CESTATIndia, China hold fresh dialogue for complete disengagement on Western borders: MEACus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTATThakur says India is prepared for 2036 OlympicsCX - As per settled law, a right acquired as result of a statutory provision, cannot be taken away retrospectively unless said statutory provision so provides or by necessary implication has such effect: CESTAT
 
Page 491
New Delhi, January 29, 2015
Service Tax - 'Commercial Training and Coaching' - Mandatory Training of Insurance Agents - not liable to pay Service Tax: CESTAT
 
New Delhi, January 28, 2015
Union Cabinet decides to accept Bombay HC decision in Vodafone TP adjustment case
 
Mumbai, January 28, 2015
Refund of SAD - refund rejected on ground that at time of filing claim VAT not paid - since law allows importer to pay VAT within 21 days of close of month, claim may be said to be premature - however, as claim filed within one year from payment of SAD, rejection on technical ground is not sustainable: CESTAT
 
New Delhi, January 28, 2015
Income tax - Whether for purpose of Sec 158BD, a satisfaction note is sine qua non and must be prepared by AO before he transmits records to other AO who has jurisdiction over such other person - YES: HC
 
Mumbai, January 28, 2015
ST - ROM - Revenue cannot take new ground and seek rectification of mistake in final order: CESTAT
 
New Delhi, January 27, 2015
ST - Once appeal filed by paying pre-deposit amount of 7.5% of tax demand in terms of s.35F of CEA, 1944 is pending before Tribunal, there was no need for freezing bank accounts - DGCEI directed to defreeze bank accounts forthwith: CESTAT
 
Mumbai, January 27, 2015
Valuation - Import of video tapes - payment to non-resident was made for rights to distribute & has nothing to do with goods imported - appellant paying ST on distribution fees under Broadcasting - Commissioner misdirected himself in including value of taxable service in value of goods imported: CESTAT
 
Kochi, January 27, 2015
Whether papers suo motto called for by first appellate authority for disposing of appeal is to be construed as additional evidence under Rule 46A - NO: ITAT
 
New Delhi, January 27, 2015
Goods removed from factory for export - Goods destroyed in fire as truck met with accident - No remission u/r 21 of CER can be allowed on goods destroyed after removal: CESTAT
 
Mumbai, January 26, 2015
Appellant paying ST on behalf of company with which it sought to merge - as HC has not sanctioned merger, ST under VCES paid - Adjudicating authority to allow re-credit of Rs 79.9 cr in CENVAT account of appellant: CESTAT
 
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