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
 
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Chennai, November 28, 2014
Tribunal cannot go beyond scope of SCN and Order-in-Original - When plea of provisional assessment was never raised by Revenue, Tribunal cannot hold assessments are provisional - Matter remanded: HC
 
New Delhi, November 28, 2014
Income tax - Whether loss suffered on hedging for payment of interest and repayment of principal amount of loan in foreign currency is deductible as ascertained liability in computation of book profit u/s 115JB - YES: ITAT
 
Ahmedabad, November 27, 2014
Any stay order passed by CESTAT, if it is in force beyond 07.08.2014, it would continue till disposal of appeals and there is no need for filing any further applications for extension of orders granting stay either fully or partially: CESTAT
 
Mumbai, November 27, 2014
ST - Rule 4 provides for export of service without payment of tax as export is not exigible to tax - amount of tax deposited to be considered as deposit - no time limit for refund of deposit as s.11B applies to refund of duty only: CESTAT
 
Mumbai, November 27, 2014
Whether Income Tax Department can opt for forum-shopping by way of seeking shifting of an appeal pending before Division Bench to constitution of Special Bench - NO: Bombay HC
 
Mumbai, November 27, 2014
Cus - Refund of SAD -Notfn. 102/2007 - Since original application for refund was filed within time, though before wrong authority, it cannot be said that application was barred by limitation - Appeals allowed: CESTAT
 
Mumbai, November 26, 2014
ST - Refund - Notfn 11/2005 - Relevant date for calculation of limitation period is date of payment of service tax - Revenue's appeal dismissed: CESTAT
 
New Delhi, November 26, 2014
New Foreign Trade Policy going to focus on slowdown in exports: Commerce Secretary
 
New Delhi, November 26, 2014
I-T- Whether when Revenue has issued restraint order against goods seized u/s 132(1), HC is right in directing official to make inventory of goods and then quash search proceedings on basis of Report submitted by official - NO: SC
 
Mumbai, November 26, 2014
CENVAT - Rule 2(l) - Services namely, Brokerage for sale or purchase of shares for Trading, Custodian charges, Event management are in nature of input services having nexus to business activity of Banking - stay granted: CESTAT
 
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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.