News Update

CBIC revises tariff value of edible oils, gold & silverFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCentre receives Rs 18.5 lakh crore tax revenue upto Feb monthUN says Households waste across world is now at least one billion meals a dayExpert Committee on developing GIFT IFSC as 'Global Finance and Accounting Hub' submits report to IFSCAIndia, China hold fresh dialogue for complete disengagement on Western borders: MEADefence Production issues notification for re-organisation of DGQAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilThailand’s Lower House okays Bill to legitimise same-sex marriageYellen warns China against clean energy dumpingMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionJustice Ritu Raj Awasthi joins as Judicial member of Lokpal
 
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New York, June 22, 2013
More than a Third of all women affected by physical or sexual violence: UN Report
 
Chennai, June 21, 2013
I-T - Whether it is sine qua non for assessee to produce substantial materials before Court or any other authority to show that borrowed funds were not diverted for any purpose other than business - YES: Madras HC
 
Mumbai, June 21, 2013
Rebate - Applicant clearing goods manufactured in J & K to Mumbai unit, availing CENVAT and then affixing labels and treating same as manufacture u/s 2(f) and clearing goods for export and claiming rebate of duty - notification 19/2004-CE(NT) - rebate not admissible - Difference of opinion - Matter referred to Third Member: CESTAT
 
Mumbai, June 21, 2013
ST - appellant providing vessels to ONGC on charter hire basis - primary object is transportation of crude from place of production i.e. in High Sea to refineries and not for storage and warehousing - such services are classifiable under supply of tangible goods for use - stay granted: CESTAT
 
Chennai, June 20, 2013
I-T - Whether assessee-EoU is entitled to Sec 10B benefits on receipts from training activities when it has not received any foreign exchange in this repsect - NO: Madras HC
 
Bangalore, June 20, 2013
CENVAT Credit - Interest on irregular credit - Karnataka High Court Judgement per incuriam - SC Judgement in Ind-Swift applicable: CESTAT
 
Mumbai, June 20, 2013
ST - Refund - - IT-enabled services i.e. software consultancy service exported during impugned period was classifiable as exempted service under Rule 2(e) of CCR, 2004 and even if an exempted service is exported benefit of CENVAT Credit and Rules thereof shall be allowed to exporter - Appeal allowed: CESTAT
 
Bangalore, June 19, 2013
I-T - Sec 10AA - Whether a roadmap to guillotine tax exemption is not a condition precedent for Parliament to introduce sunset clause - NO: Karnataka HC
 
Bangalore, June 19, 2013
CX - Inputs used in process not considered as manufacture by Department - Duty paid - Credit cannot be denied and duty cannot be again demanded under Section 11D: CESTAT
 
Mumbai, June 19, 2013
ST - Market fee collected from licencees by APMC is classifiable under BAS and same is exempted under notification 14/2004 - however, ST payable on renting of shops - since appellant has paid ST with interest, no penalty imposable: CESTAT
 
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