News Update

Income tax refund surpasses Rs 1.7 lakh crore in current fiscalGST - An agenda for reforms - Part - 71- Drafting sustainable provisions in GST lawST - Supply of packaged software to end user & charging license fee, results in transfer of right to use software - Such transaction is deemed sale as per Article 366(29A) & will not attract service tax: CESTATCus - In the proceedings under Customs Act, 1962, CHA has been cleared of all allegations - foundation of allegation having failed, forfeiture of security deposit cannot sustain: CESTATCX - Claim for Cenvat credit is not absolute - Assessee must prove receipt, storage & use of inputs/capital goods to manufacture final products or intermediate items used in final products, to justify claim: CESTATCus - Adjudication process cannot be interfered with as it is left on discretion of authorities concerned & with expectation that applicable rules & laws would be followed: HCRe-opening of assessment is invalid if based on change of opinion & where no clarifications are sought from assessee within 4-year limitation period: HCIf AO deals with assessee's objections to re-assessment point by point, it does not entail that presumption of validity of reasons to believe, have been rebutted by assessee: HCExpenditure incurred on daily basis, on account of legal assistance sought, is to be treated as revenue in nature: HCAdditions framed u/s 68 are not tenable if based solely on statements not corroborated by further evidence & without permitting cross examination of the deponents: HCIf scheme of merger is approved & assets of amalgamating company are transferred, then amalgamated company is eligible for depreciation on goodwill under Explanation 3(b) to Sec 32(1): ITATAP Assembly votes for abolition of Legislative CouncilWest Bengal Assembly joins list of States to pass resolution against CAACBIC can help perk up India's EoDB ranking: MoSAdvance Estimates of 2019-20 pegs Horticulture Crops at 313 MTForeign bodies have no locus standi to interfere in India's internal affairs: NaiduIndia-Brazil set target of USD 15 billion trade by 2022: GoyalCBDT extends ad hoc appointment of 176 ACITsFortified rice kernels are correctly classifiable under HSN 1904 9090 [GST @18%] as Prepared foods and not under HSN 1006 1090 as Rice-Others: AARBank Unions resolve to go on strike from Jan 31Ancillary services like Elephant Ride, Guide charges, Boat ride provided to Tour operators are Support Services classifiable under SAC 9985 and attract GST @18%: AARReady to eat 'Fried Fryums' is not 'Papad' but classifiable under heading 2106 and attracts GST @18%: AARMandi Board is not a government authority - Parking lot services provided by applicant to Market Committee at Jalandhar is not exempted; attracts GST @18%: AARGovt decides to offload 100 % equity in Air IndiaGadkari says three expressways costing Rs 3 lakh crore to be ready in 3 yearsNagging issues under SVLDRSST - On death of sole proprietor, appeals and demand and recovery proceedings against appellant abate: CESTATConundrum of reimbursement of expenditure under GST laws!GST on waste disposal: Take care of 'health care'Kolkata DRI seizes 10 kg smuggled gold + 429 kg silver + Rs 20 lakh IC; arrests two personsTIOL wishes All Netizens a very Happy Republic Day & also International Customs Day!Padma Awards - Mary Kom, Manohar Parrikar, Ekta Kapoor & Kangana Ranaut figure in Lists28 CBIC officers & other personnel receive Presidential Award
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