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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Mumbai, August 26, 2013
CX - Clearance of capital goods after use - Appellant calculating duty based on number of quarters whereas Revenue calculating on actual number of days - appellant pays duty allegedly short paid with interest - it cannot be said that appellant had any intention to evade duty: CESTAT
 
New Delhi, August 25, 2013
Expert Panel finds share of short term cooperative credit structure in providing agri credit has fallen to mere 17%
 
Paris, August 25, 2013
The West can reignite growth & tax revenue with energy-centric renovation of buildings: IEA-UNDP Report
 
New Delhi, August 24, 2013
Coalgate - Missing files - Only 7 files left to be handed over; 497 files already transferred; Search is on: Coal Minister
 
Mumbai, August 24, 2013
ST - Retreading of Tyres - Value of deemed sale involved in transaction cannot be considered for purpose of notification No.12/03
 
Ahmedabad, August 23, 2013
I-T - Whether when TDS credit is reflected in 26AS, AO is expected to give credit even without waiting for application u/s 154 - YES: HC
 
Mumbai, August 23, 2013
ST - key pre-requisite to qualify as taxable service is that franchisee should have been granted representational right to manufacture goods or to provide service - order not sustainable - Appeals allowed: CESTAT
 
New Delhi, August 23, 2013
SSI Exemption - Whether goods manufactured under loan licence by other manufacturers are to be clubbed with goods manufactured in factory of loan licencee - Matter referred to Third Member for deciding stay
 
Mumbai, August 22, 2013
I-T - Whether special audit is warranted u/s 12A(b) when assessee has failed to report related party transactions in audit report and assessee is involved in relatively large number of transactions - YES: HC
 
Mumbai, August 22, 2013
CX - Credit taken of ST paid on commissioning sought to be denied on ground that Oxygen Plant is immovable property - CESTAT not discussing this issue at all but ordering pre-deposit of 25% - order set aside - CESTAT to hear Stay application expeditiously: HC
 
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