News Update

Goyal discusses rising freight cost, shipping delays & congestion at the portsCustoms - First Schedule - Chapter 98 - Clarificatory explanation on 'laboratory chemical' insertedKentucky Sheriff accused of shooting dead District Judge inside courthouseM/s Konoike Transport approved as Strategic Buyer for disinvestment of FSNLCus - Gold seized from appellant & auctioned without considering cogent evidence furnished; seizure invalidated, auction proceeds be refunded with interest: CESTATIndia grants USD 50 mn budgetary support for one more year to MaldivesFATF smacks on India's back for measures to tackle illicit financeCX - Rule 4 of Central Excise Valuation Rules 2000 are rightly invoked where assessee suppresses material facts about clearance of finished goods to related entity: CESTATTMC disowns Minister’s statement that women were drinking during protestBRICS Summit: India showcases Legal Reforms and InitiativesST - For the amenities provided by service recipient, the cost thereof cannot be included in assessable value of service in hands of appellant being service provider, therefore, demand is not sustainable: CESTATChina, India are not rivals rather cooperators, says Chinese envoyRM exhorts Navy to be prepared for every situation in today's volatile global scenarioI-T - Revenue is not permitted to express different opinion based on very same facts disclosed during original assessment proceedings: HCIndia trashes report on Indian ammunition reaching UkraineI-T - No distinction to be made between direct and indirect expenses that are eligible for deduction under Section 35 D of the Income Tax Act: HCBiden hopeful of further cut in rates by FedI-T - Non-investment of sale consideration or portion thereof in designated capital gains would not come in way of assessee claiming exemption so long as assessee had invested said amount for construction: HCLanka to go to polls for New President tomorrowI-T - Assessee sought repeated adjournments without valid reason; costs of Rs 2000/- per appeal imposed on assessee; nevertheless, case remanded for de novo hearing, given tight scheduling of notices & interests of justice: ITATIsrael incinerates 1000 rocket launcher barrels of HezbollahI-T - Interest received by credit cooperative society from investment held, cannot be treated as it's operational income, as interest received is not from credit facilities provided to its members as envisaged u/s 80P(2)(a)(i): ITATSEBI hammer falls on Axis Capital; Ban imposed from acting as investment banker in debt marketI-T - Where DVO has power to estimate value independently & fails to do so, then PCIT's action to seek fresh report & revise the assessment, is outside scope of Section 263: ITATCJI asks lawyers to use SC Platform for recorded ordersNPS Vatsalya - FM launches pension scheme for minorsIP Saarthi - Govt launches AI/ML-based search engine for TrademarksNACIN hosts 3-day roundtable on IPR; Govt envisages greater role of Customs in IPR protectionUS Presidential Poll: Tall promises by Hopefuls elbow economy closer to tax-doom-loop!Fed lives up to global expectations; cuts interest rate by 0.5% - first cut in last 4 yearsMandaviya chairs meeting to provide Social Security to Gig and Platform WorkersCAQM announces revised GRAP schedule for Delhi-NCR
 
Page 610
Ahmedabad, February 26, 2014
CENVAT - Sales Commission are not Input Services - If there is any conflict between jurisdictional HC and Circular, decision of HC is binding on Revenue rather than Circular - Credit rightly denied by CESTAT - Appeal dismissed: HC
 
Mumbai, February 26, 2014
Cus - Boric Acid imported for non-insecticidal purpose - in view of Sect 38 of Insecticides Act appellants are not required to obtain any permission from Govt - they are entitled for benefit of DFIA Scheme: CESTAT
 
New Delhi, February 25, 2014
FTP - Refund of Terminal Excise Duty - Clearance to EOU - Deemed export entitled for refund of TED: High Court
 
New Delhi, February 25, 2014
Income tax - Whether mere filing of application for settlement adversely affects powers of Assessing Officer in any manner - NO: HC
 
Mumbai, February 25, 2014
CENVAT - Transfer of credit on sale of factory - Condition of transfer of liability is applicable when there is a change in site of factory - in present case, factory has not been shifted - only ownership changed - Matter remanded: CESTAT
 
Ahmedabad, February 24, 2014
FTP - DGFT has no power to legislate - power to frame Duty Drawback Rules can be legislated by Central Government only and same cannot be delegated to DGFT: High Court
 
Mumbai, February 24, 2014
Income tax - Whether if no materials are found during Search, AO is duty bound to go by original assessment and cannot made any additions u/s 153A - YES: ITAT
 
Mumbai, February 24, 2014
CX - It is most important that litigant must have confidence in process of litigation and that this confidence would be shaken if there is excessive delay between conclusion of hearing & delivery of judgment: HC
 
Mumbai, February 24, 2014
ST - Merely because service recipient did not pay tax initially, that would not take away service provider's liability - If this plea is accepted, it would make taxable event as receipt of tax which is not law: CESTAT
 
Mumbai, February 24, 2014
Cus - Export of rice - DRI alleging that what is sought to be exported is non-basmati - goods confiscated - as per DGFT, samples for testing to ascertain variety are to be sent to Agmark Centre - in present case samples sent to other agencies, so cannot be relied upon: CESTAT
 
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