News Update

CBIC revises tariff value of edible oils, gold & silverFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCentre receives Rs 18.5 lakh crore tax revenue upto Feb monthUN says Households waste across world is now at least one billion meals a dayExpert Committee on developing GIFT IFSC as 'Global Finance and Accounting Hub' submits report to IFSCAIndia, China hold fresh dialogue for complete disengagement on Western borders: MEADefence Production issues notification for re-organisation of DGQAThakur 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 LebanonMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilThailand’s Lower House okays Bill to legitimise same-sex marriageYellen warns China against clean energy dumpingMilky 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 billionJustice Ritu Raj Awasthi joins as Judicial member of Lokpal
 
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Chennai, July 23, 2014
ST - Tribunal had shown sufficient indulgence to appellant by granting time to deposit a part of tax demanded and had also granted an extension of time for compliance - Tribunal had, therefore, rightly dismissed appeal for non-compliance: High Court
 
Chennai, July 23, 2014
I-T - Whether in case of sale and lease-back deal where sales tax was paid, depreciation can be disallowed merely because Central Excise papers treat machinery as 'not for sale' - NO: HC
 
Mumbai, July 23, 2014
CX - Re-quantification of demand - When first & last page of SCN indicates that notice was issued on 09/07/1998 it is very strange as to how Revenue has come to conclusion that SCN has been issued on 19/06/1998 - ground to file appeal is frivolous: CESTAT
 
Ahmedabad, July 22, 2014
CENVAT - For claiming rebate from department, Service provider charging documentation processing charges - such services are availed in relation to 'financing' and hence treatable as 'Input Services' : CESTAT
 
Mumbai, July 22, 2014
CX - Despite receipt of directions from Revenue, appellant failed to discharge excise duty liability - they also did not submit details sought by department and continued to drag issue by prolonged correspondence - suppression of information on part of the appellant is clearly established: CESTAT
 
Chennai, July 22, 2014
I-T- Whether when MAT liability of assessee is found out only because of alertness of AO, levy of penalty u/s 271(1)(c) is legitimately warranted - YES: HC
 
Mumbai, July 22, 2014
ST - Appellant, country liquor manufacturer, enters into selling agency agreement with HUF allowing them to use brand name 'Pahili Dhar' - No Service Tax is payable under IPR - Appeal allowed: CESTAT
 
New Delhi, July 21, 2014
FM asks CCITs to unearth black money stashed abroad; Also encourages them to not only realise revenue target but also to surpass it
 
Hyderabad, July 21, 2014
Demand of duty on clandestine clearances - findings of Tribunal on suppression of manufacture and removal of dutiable product cannot be faulted - However, MODVAT credit extended on raw materials: HC
 
Mumbai, July 21, 2014
Income tax - Whether disallowance u/s 14A can exceed total administrative expenditure debited by assessee in Profit & Loss account - NO: ITAT
 
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