News Update

World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsST - 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: HCXI tells Blinken - China, US ought to be partners, not rivalsST - 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: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - 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: HCCus - 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: HCCus - 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: HCCus - 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: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaImran Khan banned from flaying State InstitutionsI-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: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-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): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestNY top court quashes conviction of Harvey Weinstein in rape case
 
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Mumbai, May 01, 2018
ST - Construction of building for use as hospital by charitable organization is not taxable being non-commercial venture: CESTAT
 
Mumbai, May 01, 2018
I-T - Acquiring technical knowhow on license basis is not tantamount to acquiring ownership over it, for purpose of claiming deduction u/s 35AB: HC
 
Mumbai, May 01, 2018
CX - Contention of Revenue that Inputs should first come to factory is baseless - as final product is manufactured at site, obviously input has to go to site: CESTAT
 
Mumbai, May 01, 2018
ST - Service per se is not exempted, but only part of taxable value is exempted by notification 29/2004-ST - Rule 6(3)(i) of CCR, 2004 does not apply: CESTAT
 
Mumbai, April 30, 2018
ST - Sale of SIM card is an independent activity without any relation to any other service hence same cannot be made liable to service tax: CESTAT
 
New Delhi, April 30, 2018
I-T - Whether, for purpose of Sec 80HHC benefits, supporting manufacturer is to be put at par with direct exporter - Issue referred to Larger Bench: SC
 
New Delhi, April 30, 2018
ST - S.35 and 35F of CEA, 1944 are independent and have got no overriding effect on other - Non-payment of pre-deposit is a curable defect: CESTAT
 
New Delhi, April 28, 2018
I-T - It is incumbent on cellular companies to withhold TDS, while discharging payments to their prepaid distributors of sim cards: ITAT
 
Chennai, April 27, 2018
PMLA - No relief for Nalini Chidambaram - Petitioner being female, cannot seek exemption u/s 160 of Cr PC from personal appearance in ongoing investigation merely on ground of alleged mala fide intention: HC
 
Mumbai, April 27, 2018
I-T - If counsel for Revenue continues to argue on certain issues without taking proper Instructions from AO who has already closed the case, amounts to harassment of taxpayer: HC
 
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