News Update

Right to Sleep - A Legal lullabyUS warns Pak of punitive sanctions against trade deal with IranI-T- Income surrendered before approaching Settlement Commission not covered u/s 115BBE, where this provision did not exist during relevant AYs: HCChinese companies decry anti-subsidy probe by EUI-T- Entire interest expenditure is allowable as deduction if loan funds is not diverted for non-income earning activities/personal purposes : ITATUK’s key water supplier, Thames Water, slips into financial quagmireI-T- Sale consideration cannot be considered as unexplained cash credit if sale takes place in online platform and sale consideration is received through stock broker in banking channels : ITATUK to send military aid package worth USD 619 mn to UkraineI-T- Section 69C includes expenditures reflected in account books, as well as those discovered during Search & Seizure for which no valid explanation is forthcoming from assessee: ITATUS regulator bans non-compete agreements by employeesI-T- Penalty imposed u/s 273B upheld where assessee unable to provide just cause for failure to file audit report within prescribed due date as per Section 44AB: ITATPalestinian PM unveils new reform packageI-T- Assessee cannot contest validity of penalty notice on grounds of irrelevant provision not being struck off, by highlighting such defect for the first time before ITAT itself: ITATAir India, Nippon Airways join hands for travel between India and JapanGovt receives 7 bids for giga-scale Advanced Chemistry Cell under PLI10 killed as two Malaysian Military copters crashI-T- Lower authorities erred in disallowing long term capital loss : ITATSC grills Baba Ramdev & Balkrishna in misleading ad case1351 candidates to contest in phase 3 of LS ElectionsI-T- Revisionary order u/s 263 invalidated where passed in ignorance of repeated factual submissions to prove that original assessment order is not erroneous or prejudicial to revenue's interests: ITATIndian Coast Guard, Oman Coast Guard to jointly combat transnational illegal activities at seaST - Department cannot retain any amount which is otherwise not payable by the Assessee; nothing acts as embargo on assessee's right to demand refund of tax paid under misaken notion: CESTATAFMS, ICMR join hands to undertake biomedical research for Armed ForcesCus - If noticee seeks Cross Examination of such persons, same should be granted, appellant will produce all documentary evidence before Adjudicating Authority in support of their claim that seized gold is part of their normally procured gold in course of their commercial transactions: CESTAT
 
Page 520
Ahmedabad, November 07, 2014
I-T - Whether when assessee is under investigation, Revenue is legally right in collecting cheque payments towards future tax demand in order to protect its own interest - NO: HC
 
Ahmedabad, November 07, 2014
CX - Appeals filed by Revenue on basis of an invalid Review authorization deserve to be dismissed as not maintainable: CESTAT
 
Mumbai, November 06, 2014
Graph of Cheque-related frauds on the rise; RBI directs banks to take additional preventive measures
 
New York, November 06, 2014
Asia's landlocked countries need stable policy framework; UN adopts 10-year Action Plan for 32 landlocked developing economies
 
Mumbai, November 05, 2014
ST - Receipt of data and edit fees - Service rendered is to collect and transmit data to foreign sister concern & consideration is paid on cost plus basis - such services do not seem to be of nature of any 'management or repair services': CESTAT
 
Mumbai, November 05, 2014
ST - Contract for collection of proceeds from foreign buyer is between appellant and its Indian branch - Thus, both are situated in India and, therefore, there is no import of service involved - Stay granted: CESTAT
 
Chennai, November 05, 2014
Income tax - Sec 54EC - Whether even if investment falls under two financial years, benefit claimed by assessee cannot be denied, although it crosses limit of Rs 50 lakhs - YES: HC
 
Allahabad, November 05, 2014
Import of pax car radial tyres requiring BIS Certification - Revenue's appeal against allowing clearance of goods on payment of redemption fine instead of re-export - Matter remanded: High Court
 
New Delhi, November 04, 2014
Income tax - Whether when company has been dissolved and amalgamated with different company, it can be said to be incumbent upon Revenue to substitute name of successor company in place of old one in assessment order - YES: HC
 
New Delhi, November 04, 2014
CX - As brand name owner is eligible for benefit of SSI exemption in terms of notf. 175/86 during relevant period, goods manufactured by respondent in brand name of 'Precitex' is also eligible for SSI exemption: CESTAT
 
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