News Update

EV 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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Hyderabad, July 08, 2014
Conditional Exemption - Violation of conditions - Show Cause Notice is required to be issued even in cases where bond is executed: High Court
 
Ahmedabad, July 08, 2014
I-T - Whether if an expenditure is held to be capital in nature, it automatically invites application of provisions of Sec 35AB in such a case - YES: HC
 
New Delhi, July 08, 2014
CX - CENVAT Credit on inputs alleged to be not received - In view of clear evidence in respect of non-crossing of Sale Tax check post barrier, clear conclusion emerges of non-receipt of goods - demand upheld: CESTAT
 
Mumbai, July 07, 2014
ST - Appellant providing rooms to service receiver who booked Conference Hall - details about number of rooms provided, whether on complimentary basis is not forthcoming - addition of room rent in value of service provided as Mandap Keeper is proper: CESTAT
 
Mumbai, July 07, 2014
Income tax - Whether mere disallowance of legal claim can be made the basis for levy of penalty u/s 271(1)(c) - NO: ITAT
 
Mumbai, July 07, 2014
CX - Dept. seeking reversal of CENVAT credit contained in finished goods destroyed in fire and appellant paying same with interest - denial of benefit of remission on ground that godown not registered is contrary to facts obtaining on records - appeal allowed : CESTAT
 
Paris, July 06, 2014
ICC Survey identifies several factors slowing down global trade; G20 countries following trade-restrictive measures
 
Mumbai, July 06, 2014
ST-Services Received By Jet Airways From Non-resident Service Providers Of Computer Reservation System - Whether Liable To ST Under Online Database Access - Bombay HC Modifies Pre-deposit Order
 
Allahabad, July 05, 2014
ST - Tour Operator - amendment in definition with effect from 10.9.2004 by FA, 2004 enlarging definition is only clarificatory and does not mean that supplementary services connected with tours were not included in business of operating tour prior to 10.9.2004: HC
 
New Delhi, July 05, 2014
Global food prices declining but it's rising in India; FM for system to anticipate price rise
 
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