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ST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HC ST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HC CX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HC Cus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HC Cus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HC Cus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HC Cus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HC I-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HC China asks Blinken to select between cooperation or confrontation I-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITAT Honda to set up USD 11 bn EV plant in Canada I-T - Re-assessment is invalid where based only on a suspicion that income escaped assessment & where not based on concrete reasons to believe for commencing such proceedings : ITAT Imran Khan banned from flaying State Institutions I-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITAT Pro-Palestine demonstration spreads across US universities; 100 arrested I-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITAT NATO asks China to stop backing Russia if keen to forge close ties with West Cus - When Department has not complied with time limit, the order issued for revocation of licence or order issued for continuation of suspension licence cannot sustain: CESTAT NY top court quashes conviction of Harvey Weinstein in rape case Weather prediction normal for phase 2 poll day IndiGo orders 30 Airbus A350s for long hauls ST - Appellant is an 'authorised medical practitioner' providing 'healthcare services' - services exempted in terms of clause 2(i) of notification 25/2012-ST: Commr(A)RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimes REC avails SACE-Covered Green Loan for 60.5 Billion Japanese Yen Study finds Coca-Cola accounts for 11% of branded plastic pollution worldwide Cus - 'Small Form-factor Pluggable Optical Transceivers' are classifiable under CTH 8517 7090 and not under CTH 8517 62 90 - entitled for benefit of duty concession under 57/2017-Cus: CESTAT DoNER discusses Development of Tourism in North East CX - Appellant is eligible for exemption under Notfn 12/2012-CE upon fulfilling all conditions stipulated therein, thus sufficiently establishing that goods dealt with by Appellants qualify for exemption: CESTAT


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Kolkata, June 02, 2018 I-T- When statute contains express prohibition on availing Sec 80IB benefits in case of failure to file return u/s 139(1) within prescribed period, assessee cannot avail benefits during extended period as per Sec 139(4): HC

New Delhi, June 01, 2018 I-T - Mere declaration of undisclosed income without specifying its source is no ground to claim benefits u/s 271AAA(2): ITAT

Ahmedabad, June 01, 2018 I-T - Additional sale consideration discovered during search, if invested in residential property within limitation period, does not take away eligibility to benefit u/s 54: ITAT

Kolkata, June 01, 2018 I-T - Captive consumption of infrastructure developed by assessee is not an impediment for manufacturers in seeking beneficial deduction u/s 80IA: ITAT

Mumbai, June 01, 2018 CX - Goods actually manufactured were not declared which amounts to willful suppression of material facts with intention of evading duty - Extended period of limitation rightly invoked: HC

Mumbai, June 01, 2018 Cus - Custodianship carries with it responsibility that is acknowledged in contract law - liability to duty on pilfered goods arises from this responsibility and not by any express provision in CA, 1962: CESTAT

Bangalore, May 31, 2018 I -T - Commissioner is not allowed to re-examine assessee's claim by invoking powers u/s 263 when such claim was already discussed by both AO and Appellate Commissioner: HC

New Delhi, May 31, 2018 I-T - When merchant banker did nothing to test veracity of financial data furnished by assessee, no fault is to be found with AO if DCF method adopted to compute FMV was rejected: ITAT

New Delhi, May 31, 2018 I-T - When limited company transfers shares to group company as Gift but fails to prove that it was a part of family settlement, then it cannot escape from claws of capital gains: ITAT

Chennai, May 31, 2018 I- T - When assesee is not an owner of power generating plant & merely takes care of maintenance work on behalf of owner for certain consideration, it is not eligible for Sec 80IA benefits: HC

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