News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
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Ahmedabad, December 12, 2014
Income tax - Whether when assessee engaged in trading of shares incurs expenses on unsecured loan and utilises same for buying shares for investment, such expenses are allowable as per Sec 36(1)(iii) - YES: HC
 
Mumbai, December 12, 2014
Cus - Onus of proving mala fide lies with one alleging it - since vessels were examined by Customs and pursuant thereto assessment was done, there cannot be any suppression alleged on part of appellant: CESTAT
 
New Delhi, December 11, 2014
Empowered Committee on GST not to support Constitution Amendment Bill unless Centre meets GST compensation and entry tax demands
 
Ahmedabad, December 11, 2014
CX - Rule 8(3A) of CER, 2002 - since statutory basis for issuance of SCN and raising tax demand is knocked down, very proceedings have to be struck down : Gujarat HC
 
Chennai, December 11, 2014
Customs - Classification - Bituminous coal or Steam Coal - In view of conflicting decisions by Chennai and Bangalore Bench, matter referred to Larger Bench: CESTAT
 
Ahmedabad, December 11, 2014
Customs - Import of Coal - 'Steam Coal' or 'Bituminous Coal' - Appeal against pre-deposit - No substantial question of Law: High Court
 
Chennai, December 11, 2014
Income tax - Whether date of allotment letter issued by builder of flats is the relevant date for acquisition of property for purpose of Sec 2(42A) - YES: HC
 
Mumbai, December 11, 2014
ST - Question of levying to service tax transportation by barges from mother vessel to jetty onshore would not arise at all since said activity is part of import transaction leviable to import duty - Appeals allowed: CESTAT
 
New Delhi, December 10, 2014
I-T - Whether sum paid for transfer of contractual obligation to sister concern, nomenclatured as commission is allowable u/s 37(1) as normal business expenditure - NO: SC
 
New Delhi, December 10, 2014
Cus - Neither Central Govt, nor DGFT have power to amend FTP or withdraw any export benefit with retro effect - DGFT Circular 42 set aside: HC
 
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