News Update

Cabinet okays National Centre of Excellence for Animation, Visual Effects & GamingCabinet accepts recommendations of High-Level Committee on Simultaneous ElectionsCabinet gave approval for CHANDRAYAAN-4 MissionIncome tax collections till Sept 15 up by 16%After Moon and Mars, India sights science goals on VenusCabinet approves Pradhan Mantri Janjatiya Unnat Gram AbhiyanISRO to develop launch reusable vehicle with high payloadJapan, France to ink military pact by year-endFM holds 2nd review meeting on Capex for Ministry of RailwaysCyber fraud - posing as CBI officer - Railway staffer loses Rs 9 lakhGlobal Renewable Energy Meet: Investment commitments of Rs 32.45 lakh Cr poured: JoshiTupperware finally files for bankruptcyMinistry of Ports appoints Olympian Manu Bhaker as New Brand AmbassadorCoast Guard nabs 3 Lankan boats with 3 crew membersProvisional Attachment - Precaution, Persecution, Penury?Haryana election: Drugs, liquor worth about Rs 27 Crore seizedDak Ghar Niryat Kendra expands export services with automated IGST Refund facilityTrump says he will meet PM Modi next weekCentre asks Edible Oil Associations to maintain MRP of stocks imported at 0% & 12.5% BCDChina says tariff on EVs to damage GermanyVAT - If application for certified copy is made, then Authority receiving has duty to endorse such application, and inform applicant in writing of date when such certified copy would be ready for collection: HCIndia's World Heritage tally grows to 43 with addition of Moidams from AssamBlackRock, Microsoft to float USD 30 bn fund for AI InfrastructureCX - The refund cannot be rejected even if higher duty has been paid than what was payable because the refund is eligible for amount of duty paid by appellant: CESTATChief of Integrated Defence Staff to attend Indo-Pacific conference in HawaiiCus - If a speaking order was not passed within 15 days, the assessing officer cannot now be granted any extension to pass a speaking order: CESTATUN body says ozone layer is healing nowI-T - Information received from Investigating Unit of Revenue cannot be sole basis for forming belief that income of assessee has escaped assessment: HCScourge of wildfires engulf Portugal; 3 fire-fighters dieI-T - Revenue must condone delay in filing the Form 10B i.e. Audit Report so as to enable assessee trust to get exemption u/s 11, in case of genuine hardship in delay in submitting Form 10B: HC9 killed & 2800 injured as electronic pagers made in Taiwan, used by Hezbollah, simultaneously explode in Lebanon; Israeli hand suspectedIndia’s exports down by 9% to USD 34.7 bn in AugustElection credibility in worst decline in years: Institute for Democracy StudyNo demolition without SC permission, rules SCCleanliness has now become a people's movement: Piyush GoyalAdvancing Rulings - Buyer Beware!The Delay DynamicsGST needs Poland's 'split payment' regime
 
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Chennai, September 04, 2013
I-T - Whether depreciation is allowable even if machinery is not put to use due to paucity of raw materials - YES: HC
 
Chennai, September 04, 2013
Service Tax - GTA Service - CENVAT Credit can be used to pay Service Tax by recipient of service: Madras HC
 
New Delhi, September 04, 2013
CENVAT - A buyer can take steps which are in their control and he cannot be expected to verify records of dealer to check whether supplier has paid duty on goods supplied by him or not - as long as bonafide nature of consignee transaction is not doubted, credit should not be denied: CESTAT
 
Jaipur, September 03, 2013
I-T - Whether when assessee agrees to pay service tax separately, over and above technical or professional fees, service tax paid to service provider is not to be included in total sum for purpose of TDS u/s 194J - YES: HC
 
Chennai, September 03, 2013
ST- Declaration of assessee as sick company by BIFR is sufficient cause under section 80 for wavier of penalties -Tribunal Order upheld : High Court
 
Mumbai, September 03, 2013
CENVAT - terms of agreement between applicant and dealer shows that sale and service is at cost of dealer - taxable service provided by dealer after sale of vehicles manufactured by applicant prima facie cannot be considered as input service: CESTAT
 
Bangalore, September 02, 2013
I-T - Whether when banks have seized assets of assessee and auctioned the same to highest bidders, assessee can still claim notional depreciation - NO: ITAT
 
New Delhi, September 02, 2013
CENVAT Credit - Inputs received from 100% EOUs - Restriction under Rule 3(7)(a) of CCRs is not applicable to clearances made by EOU under Sl No 1 of Notification No 23/2003 - CESTAT
 
Mumbai, September 02, 2013
ST - From budget-speech and Circulars issued by Board, what emerges so far as Life Insurance is concerned is that prior to 1.5.2011 ST was leviable on risk premium and nothing else - order set aside and matter remanded: CESTAT
 
New Delhi, September 01, 2013
India needs Dollar but Govt keeps no centrally maintained data on dollar transferred by Foreign Cos abroad
 
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TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

AR not Afar by SK Rahman



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.