News Update

CBIC amends tariff value of silver; No change for other commoditiesHigh Level Official Delegation from Mauritius visits National Centre for Good GovernanceGovt hikes Minimum Wages vide enhanced VDA for unorganised workersTRAI mandates whitelisted URLs, APKS, or OTT links for SMS TrafficGST - Rule 86A is not a machinery provision for recovery of tax - Order can be passed only if ITC is available in the taxpayer's ECL - No negative blocking: HCFrance backs India’s membership to Security CouncilGST - No opportunity of personal hearing as was requested while replying to SCN was given - Order set aside: HCJaishankar calls for reforms of WTO, G20 & UNGST - Goods were purchased from SAIL by a third party who sold to petitioner and who subsequently re-sold to consignee - No justification for detention on ground that correct documents were not travelling with truck: HCFamily of 5 found dead in car in TN; Suicide suspectedAlternative Global Value Chain - Is India going to be 'Next China'!IMF okays USD 7 bn loan to support Pak’s sinking economyCus - Unreasoned order - Order spoke for itself - Revenue counsel tries his best to justify order but in the end had to throw in the towel: HCBombay HC quashes govt clearance given after construction in Coastal areaPrevent misuse of s.114AA of Customs ActBrazil keen to ink trade deal with EUGST - Existence or otherwise of principal place of business - A taxpayer's registration cannot be cancelled solely on the basis of some general queries/enquiries from random persons, of which there is no record: HCHarris promises tax credit and investments to US manufacturersCBIC notifies HAG benefits to 22 IRS officersNukes may deflect asteroid threatening earth: ScientistsAfter Iranian death threat, Trump says Iran should be torn into piecesIndia, Australia working to strengthen ECTA through CECA: GoyalUS Intel suggests Russia has secret war drones factory in ChinaSurvey reveals 31% Indians now use e-com platforms for ordering groceryIndia's coal imports see marginal increase amid surge in Power Generation
 
Page 675
Bangalore, July 18, 2013
I-T - Whether when assessee issues shares to employees without the premium price under ESOP, the same is to be construed as short capital receipt - NO: ITAT Special Bench
 
Chennai, July 18, 2013
CX - Goods supplied under Notifi No 108/95 - Benefit of exemption is admissible to goods cleared to contractors executing projects financed by UN or international organizations: Madras HC
 
Chennai, July 18, 2013
I-T- Whether once Commissioner while excersing his revisional powers has stated that non-initiation of penalty proceedings by AO does not warrant any interference, hands of AO are tied on invoking penalty on remand - NO:HC
 
Mumbai, July 18, 2013
ST - Nobody can provide service to himself - buffer stock subsidy is not for services rendered to GOI - Just because storage of free sale sugar had to be extended at behest of GOI, neither sugar mill becomes 'storage and warehouse keeper' nor GOI becomes client: CESTAT
 
Allahabad, July 17, 2013
CX - Board Circular dated 28.10.2009 on Bagasse is all GAS - Allahabad High Court quashes Circular
 
Mumbai, July 17, 2013
I-T - Whether when assessee is restrained from sale of factory land till labour case is settled, any advance taken from developer can be subjected to capital gains even before land user change nod is granted - NO: HC
 
Chennai, July 17, 2013
Customs - Seizure of gold imported under Indo- Thailand Free trade Agreement - Show Cause Notice cannot be interfered with in writ: HC
 
Mumbai, July 17, 2013
ST - COD - Vacancy in Govt departments cannot be reason for non-filing of appeals - reason stated is merely of bureaucratic red tape - appeal rejected: CESTAT
 
Chennai, July 16, 2013
I-T - Capital gains - Whether for purpose of computing relief, assessee is required to first take recourse to Sec 70(3) and then only look at Sec 54EC - NO:HC
 
Bangalore, July 16, 2013
Cus - Finalisation of Provisional Assessment - Bank guarantee encashed even before order of finalisation despatched to importer - Department directed to remit amounts to importer's bank accounts within seven days: High Court
 
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Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.