News Update

Unveil One Nation; One Debt Code; One Compliance Rule for Centre & StatesChina moves WTO against US tax subsidies for EVs & renewable energyMore on non-doms - The UK Spring Budget 2024 (See TII Edit)Notorious history-sheeter Mukhtar Ansari succumbs to cardiac arrest in UP jailTraining Program for Cambodian civil servants commences at MussoorieNY imposes USD 15 congestion taxCBIC revises tariff value of edible oils, gold & silver45 killed as bus races into ravine in South AfricaCBIC directs all Customs offices to remain open on Saturday & SundayBankman-Fried jailed for 25 yrs in FTX scamI-T- Once the citizen deposits the tax upon coming to know of his liability, it cannot be said that he has deliberately or willfully evaded the depositing of tax and interest in terms of Section 234A can be waived: HCHouthis attack continues in Red Sea; US military shoots down 4 dronesI-T- Secured creditor has priority charge over secured asset, over claims of I-T Department & other Departments; any excess amount recovered by Secured Creditor from auction of secured asset, over & above the dues payable to it, are to be remitted to the Departments: HCFederal Govt hands out USD 60 mn to rebuild collapsed bridge in BaltimoreI-T - Receipts of sale of scrap being part & parcel of activity and being proximate thereto would also be within ambit of gains derived from industrial undertaking for purpose of computing deduction u/s 80-IB: HCCanadian School Boards sue social media titans for 4 bn Canadian dollar in damagesI-T - Once assssee on year of reversal has paid taxes on excess provision and similar feature appeared in earlier years and assesee had payments for liquidated damages on delay of deliverables, no adverse inference can be drawn: HCFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerST - Software development service & IT-enabled service provided by assessee was exempt from tax during relevant period, by virtue of CBEC's Notification & Circular; demands raised for such period not sustainable: CESTATUN says Households waste across world is now at least one billion meals a dayCus - Order rejecting exporter's request for conversion of Shipping Bills on grounds that the same has been made by exporter beyond period of three months from date of Let Export Order in terms of CBEC Circular No. 36/2010-Cus : CESTATIndia, China hold fresh dialogue for complete disengagement on Western borders: MEACus - No Cess is payable when Basic Customs Duty is found to be Nil: CESTATThakur says India is prepared for 2036 OlympicsCX - As per settled law, a right acquired as result of a statutory provision, cannot be taken away retrospectively unless said statutory provision so provides or by necessary implication has such effect: CESTAT
 
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Bangalore, June 30, 2014
Cus - Bituminous Coal or Steam Coal - Tribunal confirms demand by classifying Coal imported as 'Bituminous Coal'- Grants relief on extended period & penalties
 
Hyderabad, June 30, 2014
Income tax - Whether when original assessment was completed after scrutiny, AO has powers to resort to re-assessment on basis of Lokayukta's and Newspaper Reports on alleged suppression of sales - YES: ITAT
 
Mumbai, June 30, 2014
CX - Commissioner (A) allowing appeals on merits & on ground of time bar - Revenue challenges o-in-a only on merits - since there is no challenge with respect to dropping of duty demands on account of time bar, Revenue's appeals are dismissed: CESTAT
 
Nairobi, June 29, 2014
'A Life of Dignity for All': UN Chief adopts Lion Cub; terms wildlife crime as major security issue
 
Mumbai, June 28, 2014
ST - Security Services provided by Police for IPL matches hosted by Cricket Association- during material period, ST liability arose on actual receipt of remuneration - since Association has not paid dues, appellant has made out a case for waiver of pre-deposit: CESTAT
 
New Delhi, June 28, 2014
Japan, Singapore keen to work closely with India in many sectors: MPs Delegation
 
Chennai, June 27, 2014
ST - appeal - CoD of 213 days - A person suffering from cardiac disease cannot function as normal person - Tribunal order disbelieving applicant's plea by stating that there is no advise for bed rest cannot be sustained: HC
 
Ahmedabad, June 27, 2014
Income tax - Whether when assessee fails to declare salary income on which TDS was deducted, same is to be treated as 'undisclosed income' - YES: HC
 
Kolkata, June 27, 2014
Cus - Review Committee has initially accepted DC order & subsequent decision to review order was only at instance of Audit - There is no provision u/s 129A & 129D to reopen or review Review Committee's order - Committee has become functus officio : CESTAT
 
Kolkata, June 27, 2014
CX - Eveready Rechargeable - packing rechargeable battery with chargers in blister packs - applicant claims that no 'manufacture' occurs due to packing & branding exercise & that they are paying ST & have also filed application under VCES - pre-deposit waived: CESTAT
 
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