News Update

Goyal discusses rising freight cost, shipping delays & congestion at the portsCustoms - First Schedule - Chapter 98 - Clarificatory explanation on 'laboratory chemical' insertedKentucky Sheriff accused of shooting dead District Judge inside courthouseM/s Konoike Transport approved as Strategic Buyer for disinvestment of FSNLCus - Gold seized from appellant & auctioned without considering cogent evidence furnished; seizure invalidated, auction proceeds be refunded with interest: CESTATIndia grants USD 50 mn budgetary support for one more year to MaldivesFATF smacks on India's back for measures to tackle illicit financeCX - Rule 4 of Central Excise Valuation Rules 2000 are rightly invoked where assessee suppresses material facts about clearance of finished goods to related entity: CESTATTMC disowns Minister’s statement that women were drinking during protestBRICS Summit: India showcases Legal Reforms and InitiativesST - For the amenities provided by service recipient, the cost thereof cannot be included in assessable value of service in hands of appellant being service provider, therefore, demand is not sustainable: CESTATChina, India are not rivals rather cooperators, says Chinese envoyRM exhorts Navy to be prepared for every situation in today's volatile global scenarioI-T - Revenue is not permitted to express different opinion based on very same facts disclosed during original assessment proceedings: HCIndia trashes report on Indian ammunition reaching UkraineI-T - No distinction to be made between direct and indirect expenses that are eligible for deduction under Section 35 D of the Income Tax Act: HCBiden hopeful of further cut in rates by FedI-T - Non-investment of sale consideration or portion thereof in designated capital gains would not come in way of assessee claiming exemption so long as assessee had invested said amount for construction: HCLanka to go to polls for New President tomorrowI-T - Assessee sought repeated adjournments without valid reason; costs of Rs 2000/- per appeal imposed on assessee; nevertheless, case remanded for de novo hearing, given tight scheduling of notices & interests of justice: ITATIsrael incinerates 1000 rocket launcher barrels of HezbollahI-T - Interest received by credit cooperative society from investment held, cannot be treated as it's operational income, as interest received is not from credit facilities provided to its members as envisaged u/s 80P(2)(a)(i): ITATSEBI hammer falls on Axis Capital; Ban imposed from acting as investment banker in debt marketI-T - Where DVO has power to estimate value independently & fails to do so, then PCIT's action to seek fresh report & revise the assessment, is outside scope of Section 263: ITATCJI asks lawyers to use SC Platform for recorded ordersNPS Vatsalya - FM launches pension scheme for minorsIP Saarthi - Govt launches AI/ML-based search engine for TrademarksNACIN hosts 3-day roundtable on IPR; Govt envisages greater role of Customs in IPR protectionUS Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Fed lives up to global expectations; cuts interest rate by 0.5% - first cut in last 4 yearsMandaviya chairs meeting to provide Social Security to Gig and Platform WorkersCAQM announces revised GRAP schedule for Delhi-NCR
 
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Bangalore, November 26, 2014
CX - Clandestine Removal - pan masala and gutkha - What is required to be proved by Department is preponderance of probability - Matter remanded with pre-deposit: CESTAT
 
Mumbai, November 25, 2014
ST - Appellant promoting products of foreign counterpart by way of advertising, marketing and consequently procuring orders for foreign supplier who delivers goods in India - service qualifies as export - Refund admissible: CESTAT
 
New Delhi, November 25, 2014
Income tax - Whether when assessee has received certain services and also accepted claims for same, such expenditure is not allowable u/s 37(1) merely because provisions were made close to AY and bills were not received - NO: HC
 
Mumbai, November 25, 2014
CENVAT - When there is no dispute regarding receipt of inputs, therefore, whatever tax has been paid by appellant on Inward Transportation Service is entitled for input service credit - Appeal allowed: CESTAT
 
Mumbai, November 25, 2014
Cus - Notf. 77/2008 is effective from 00 hours of 13/06/2008 - Since 'Let Export Order' has been given on 13/06/2008, rate of duty relevant for assessment would be rate prevalent on 13/06/2008 - Benefit available: CESTAT
 
Nainital, November 24, 2014
ST - unless there is control, which is passed to hirer under rent-a-cab scheme, there cannot be taxable transaction - Ratio of Punjab & Haryana High Court order differed with: HC
 
Mumbai, November 24, 2014
Cus - It is most unfortunate that Customs have not even cared to reply to any letter of appellant seeking refund consequent to Tribunal order - contempt proceedings to be initiated if amount not refunded: CESTAT
 
New Delhi, November 24, 2014
Cus - Notfn. 158/95 - re-import - just because Commissioner has chosen to sit over appellant's request for extension and not take any decision, benefit of exemption cannot be denied - Appeal allowed: CESTAT
 
Bangalore, November 24, 2014
Income tax - Whether when goods are loaded on ship and title with risk is passed on to assessee as per contract, assessee can claim deduction for loss if goods are not received - YES: HC
 
Mumbai, November 24, 2014
CX - Penalty - If both lower authorities had applied their mind, matter would not have travelled so far - as duty & interest was paid before issue of SCN, penalty u/s 11AC is only 25% of duty: CESTAT
 
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