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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New Delhi, December 04, 2013
Whether in case of refund of excess amount provisions of Sec 132(4)(b) have any application to decide interest liability for pre-assessment period - YES: SC
 
Allahabad, December 04, 2013
CENVAT - Inputs stored outside factory without permission - instead of recording finding that Inputs were used in manufacture and credit was availed on inputs, Commr(A) while allowing credit made observation for which there is no reference to any material - CESTAT order upheld: HC
 
New Delhi, December 03, 2013
I-T - Whether recovery proceedings can be initiated without passing an order under Sec 170(3) - NO: Delhi HC
 
Mumbai, December 03, 2013
CX - Racks & Trolleys manufactured with aid of fabricators - since appellant supplied materials, fabricators are only hired labour - demand correctly raised - however, since Racks & Trolleys (Ch. 93) were used for goods falling under Chs 51 & 58, appellant would be eligible for benefit of exemption notification 67/95: CESTAT
 
Mumbai, December 03, 2013
Cus - MCCBs imported are not commodities in packaged form and packing is meant only for ease of transportation - Plugs & sockets are also packed in carton for exclusive use and not for retail sale - assessment u/s 4A for CVD is not sustainable: CESTAT
 
Chennai, December 02, 2013
CX - Valuation - Section 4 - Liquidated damages not to form part of transaction value: CESTAT Larger Bench
 
New Delhi, December 02, 2013
I-T - Whether expressions 'renovation' or 'extension' are covered by term 'construction' for purpose of giving Sec 54F benefits - question of law left open but benefit allowed: HC
 
Mumbai, December 02, 2013
ST - Drilling and blasting of Mithi River site - 'Dredging service' includes removal of material - As drilling and blasting essentially result in removal of material, therefore, applicants have prima facie not made out case for total waiver of dues - Pre-deposit ordered: CESTAT
 
New Delhi, December 01, 2013
Bank credits, cargo handling pick up by 15.4% & 5.9% respectively in Q2: CSO
 
Mumbai, December 01, 2013
Penalty - Customs official in his statement admitting that he had accepted gratification and granted LET order in respect of consignments which were overvalued to claim undue DEPB benefits - Pre-deposit ordered: CESTAT
 
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