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Right to Sleep - A Legal lullaby US warns Pak of punitive sanctions against trade deal with Iran I-T- Income surrendered before approaching Settlement Commission not covered u/s 115BBE, where this provision did not exist during relevant AYs: HC Chinese companies decry anti-subsidy probe by EU I-T- Entire interest expenditure is allowable as deduction if loan funds is not diverted for non-income earning activities/personal purposes : ITAT UK’s key water supplier, Thames Water, slips into financial quagmire I-T- Sale consideration cannot be considered as unexplained cash credit if sale takes place in online platform and sale consideration is received through stock broker in banking channels : ITAT UK to send military aid package worth USD 619 mn to Ukraine I-T- Section 69C includes expenditures reflected in account books, as well as those discovered during Search & Seizure for which no valid explanation is forthcoming from assessee: ITAT US regulator bans non-compete agreements by employees I-T- Penalty imposed u/s 273B upheld where assessee unable to provide just cause for failure to file audit report within prescribed due date as per Section 44AB: ITAT Palestinian PM unveils new reform package I-T- Assessee cannot contest validity of penalty notice on grounds of irrelevant provision not being struck off, by highlighting such defect for the first time before ITAT itself: ITAT Air India, Nippon Airways join hands for travel between India and Japan Govt receives 7 bids for giga-scale Advanced Chemistry Cell under PLI 10 killed as two Malaysian Military copters crash I-T- Lower authorities erred in disallowing long term capital loss : ITAT SC grills Baba Ramdev & Balkrishna in misleading ad case 1351 candidates to contest in phase 3 of LS Elections I-T- Revisionary order u/s 263 invalidated where passed in ignorance of repeated factual submissions to prove that original assessment order is not erroneous or prejudicial to revenue's interests: ITAT Indian Coast Guard, Oman Coast Guard to jointly combat transnational illegal activities at sea ST - Department cannot retain any amount which is otherwise not payable by the Assessee; nothing acts as embargo on assessee's right to demand refund of tax paid under misaken notion: CESTAT AFMS, ICMR join hands to undertake biomedical research for Armed Forces Cus - If noticee seeks Cross Examination of such persons, same should be granted, appellant will produce all documentary evidence before Adjudicating Authority in support of their claim that seized gold is part of their normally procured gold in course of their commercial transactions: CESTAT


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New Delhi, December 30, 2013 VCES - CBEC mops up Rs 5500 Cr so far; Counters to remain open till midnight tomorrow: Revenue Secretary

Bangalore, December 30, 2013 Income tax - Whether to be eligible for Sec 72A(4) benefits, the undertaking being demerged ought to be a 'going concern' at time of demerger - NO: ITAT

Mumbai, December 30, 2013 ST - JNPT had given land on lease in year 1993 to Ganesh Benzoplast and lease agreement was renewed in year 2004 - ST demanded - Prior to 01.07.2010, renting of vacant land is not covered under scope of Service Tax - stay granted: CESTAT

Mumbai, December 30, 2013 CENVAT - Manufacture of dutiable & exempted goods and taxable and exempt services - non-maintenance of separate a/c - if they have opted to pay 5% of value of exempt goods, they cannot take option for exempt services as per Rule 6(3A) - Pre-deposit ordered: CESTAT

New Delhi, December 29, 2013 2013 witnessed several initiatives to boost contribution of Micro Small & Medium Enterprises

New Delhi, December 29, 2013 Food Processing Exports rising by 14% in dollar terms; National Mission to spur growth

New Delhi, December 28, 2013 For Ministry of Home Affairs, 2013 was full of challenges

New Delhi, December 28, 2013 With Parliament passing Lokpal Bill, 2013 was eventful for DoP&T

Mumbai, December 27, 2013 ST - Club Service is not utilized by poor but by people who are financially well off - promoting particular sport is not public service - Appellant liable to pay ST: CESTAT by Majority

NewDelhi, December 27, 2013 Income tax - Whether when nothing is found during a Search & Seizure operation, even then an exhaustive panchnama is required to be made - YES: Delhi HC

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TP - Arm's length computation of corporate guarantees issued by assessee in favour of its AEs abroad taken at 1% which has been approved for earlier A.Ys, cannot be disturbed in absence of contrary: ITAT

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