News Update

I-T - Bonafide claim of deduction by assessee which was accepted in first round of proceedings does not tantamount to furnishing of inaccurate particulars, simply because it was disallowed later: ITATIndia-bound oil tanker struck by Houthi’s missiles in Red SeaSCO Defence Ministers' Meeting endorses 'One Earth, One Family, One Future'RBI issues draft rules on digital lendingI-T - In order to invoke revisionary jurisdiction u/s 263, twin conditions of error in order and also prejudice to interest of Revenue must be established independently: ITATCRPF senior official served notice of dismissal on charges of sexual harassmentIndian Air Force ushers in Digital Transformation with DigiLocker IntegrationColumbia faculty blames leadership for police action against protestersCX - When process undertaken by assessee does not amount to manufacture, even then CENVAT credit is admissible if such inputs are cleared on payment of duty which would amount to reversal of credit availed: CESTATGoogle to inject USD 3 bn investment in data centre in IndianaCus - The equipments are teaching accessories which enable students in a class to respond to queries and these equipments are used along with ADP machine, same merits classification under CTH 8471 60 29: CESTATUN says clearing Gaza mounds of rubble to take 14 yrsST - When issue is of interpretation, appellant should not be fastened with demand for extended period, the demand confirmed for extended period is set aside: CESTATBlinken says China trying to interfere US Presidential pollsWorld Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions
 
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Chennai, December 04, 2012
I-T - Whether when assessee hives off part of business to own sister concern for a consideration, including non-compete fee, it can be said that when Management of both units are common, payment of non-compete fee is a colourable device - YES: ITAT
 
Ahmedabad, December 04, 2012
Refund of SAD - When process undertaken on imported goods does not amount to manufacture, refund of SAD cannot be denied: CESTAT
 
New Delhi, December 03, 2012
Yet another LADDU for Revenue - Softserve of McDonalds is Ice-cream, not dairy product - A person who walks into McDonalds to enjoy softserve will not be aware of intricate details such as percentage of milk fat content or manufacturing process, much less its technical distinction from ice-cream: SC
 
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Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.


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