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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New York, November 15, 2014
World Diabetes Day - 35 Cr people living with diabetes; much greater threat to human health than Ebola: UN Chief
 
Mumbai, November 15, 2014
CENVAT - Rule 2(l) - Input services should be used by manufacturer in relation to manufacture of his own final products - services availed at end of bottlers who manufacture beverages out of supplied concentrates is prima facie not CENVATable - Pre-deposit ordered: CESTAT
 
Mumbai, November 14, 2014
Cus - Revocation of CHA licence - Commissioner is best placed to understand importance of CHA in Customs area and trust reposed in him by department - appeal dismissed: CESTAT
 
Mumbai, November 14, 2014
Cus - Royalty paid by appellant for technical-know-how received has nothing to do with imports of raw materials & consequently, same is not includable in AV of imported goods: CESTAT
 
Chennai, November 14, 2014
Income tax - Whether if loan is taken from friend and repayment of same is made in cash within same FY, it can be assumed that such loan is for business exigency and not of undisclosed income - YES: HC
 
Mumbai, November 14, 2014
ST - Remuneration received towards sale of JP Miles to business partners to promote business is not BAS - Pre-deposit waived: CESTAT
 
Mumbai, November 13, 2014
ST - Commissioner gaining time by citing one reason or other & not sanctioning refund - authorities to take expeditious steps to sanction refund keeping in mind that interest is to be paid from kitty of general public - Order marked to FM: CESTAT
 
New Delhi, November 13, 2014
Cus - CESTAT can entertain appeals filed against orders of Commissioner passed under Regulation 23 of CBLR, 2013 - view by Tribunal in S.N.M Agency is clearly erroneous - Petition dismissed: High Court
 
New Delhi, November 13, 2014
Income tax - Whether assets or cash seized u/s 132 is adjustable against any existing liability, including advance tax payable - NO: ITAT
 
Mumbai, November 13, 2014
ST - Appellant appointed by foreign clients to provide repair & maintenance service during warranty period on their behalf to buyers in India - service qualifies as Export - Appeal allowed with consequential relief: CESTAT
 
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