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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Chennai, August 04, 2014
CENVAT Credit on capital goods - Credit on Captive Power Plant set up on premises leased out to adjacent unit - Tribunal by majority allows credit
 
New Delhi, August 04, 2014
Income tax - Whether when assessee does not cooperate in assessment and DVO also adopts arm-chair approach of making no independent inquiry, merely following return on capital method AO can make huge additions as unexplained investment - NO: HC
 
Mumbai, August 04, 2014
CENVAT - Rule 6(3A) - deficiency in reversal of credit is due to rounding off of percentages of credit to nearest decimal - no evidence that taking of credit was on account of any intention to evade service tax - Stay granted: CESTAT
 
New Delhi, August 03, 2014
Sales tax - Whether a transaction is to be treated as export of goods where sale or purchase either occasions such export or when transfer of documents of title of goods takes place after they have crossed Customs frontiers - YES: HC
 
Bangalore, August 03, 2014
CBI books Syndicate Bank CMD and 11 others in Rs 50 lakh illegal gratification case
 
New Delhi, August 02, 2014
Govt clears more than 300 Capital Investment Subsidy cases by March 31, 2014
 
Mumbai, August 02, 2014
ST - Import of drawings & designs - entire transaction was treated as supply of goods - if that be so, we do not understand how very same transaction can be treated as service & levy of ST can be made on entire value of transaction once again: CESTAT
 
New Delhi, August 01, 2014
PM 'gazettes' grassroot-level relief for common man; directs Govt agencies to accept self-certified documents in place of affidavit
 
Mumbai, August 01, 2014
ST - Appellant importing Liquid Helium in vacuum insulated tanks from foreign supplier - after use, tanks are re-exported - as exporter of helium has no control over tanks, he cannot be held to be storage and warehouse keeper - no ST payable under Reverse charge: CESTAT
 
Mumbai, August 01, 2014
CENVATTED Moulds & dies sent to vendor for production of final products - such clearances permitted only after amendment of rule 4(5)(b) - if appellant also utilizing these Moulds, infraction is only procedural warranting penalty rather than denial of credit: CESTAT
 
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