News Update

CX - Cenvat credit is available in respect of inputs cleared without payment of duty to 100% EOU: CESTATPM approves reconstitution of NITI AayogST - Benefit u/s 80 of Finance Act 1994 must be allowed where assessee remits service tax immediately upon being prompted by auditor - Penalties u/s 76 & 78 of Finance Act merit being dropped: CESTATCharanjit Singh Channi to be next Punjab CMEye on nutrition & sustainable agriculture, India to share best practices with other nationsI-T - For purposes of claiming deduction u/s 80IB, assessee is entitled to claim proportionate relief in respect of units that satisfy prescribed condition : ITATI-T - Penalty for concealment of particulars of income cannot be levied for non-disclosure of income under bona fide belief that it is not assessee's income at all : ITATDPIIT to launch Industrial Park rating systemI-T - Once assessee is held eligible for claiming exemption, assessee is not estopped to make correct claim by way of revised computation : ITATI-T - Payment of interest shall be mandatory and the period shall run from the date on which tax u/s 201(1) was payable to the date of furnishing of return of income by the payee : ITATI-T- Method of accounting adopted by assessee consistently and regularly cannot be discarded : ITATE-Shram portal registers over 1 crore workers in unorganised sectorI-T - Disallowance can't be made under Rule 8D without being dissatisfied with correctness of claim of assessee : ITATI-T - PCIT cannot pass order u/s 263 on the ground that thorough enquiry should have been made by AO : ITATI-T - Revisionary proceedings u/s 263 initiated pursuant to assessment order that has been quashed are invalid : ITATI-T - Penalty imposed u/s 271(1)(c) can be sustained where the additions based on which penalty was imposed, are themselves set aside : ITATI-T - Sec 14A will not apply if no exempt income is received or receivable: ITAT
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