News Update

CX - SVLDRS - Although a liberal approach has to be adopted to confer benefits, however, term 'quantification' has to be given a definite meaning - since tax dues quantified in August 2019, declarations rightly rejected: HCST - SVLDRS - Since Audit report is dated 04.06.2019, in view of s.125(1)(e), petitioner's case prima facie falls within the requirement of quantification before 30.06.2019: HCCBDT issues clarification regarding expenses incurred by cooperative society engaged in manufacturing sugarCX - Fixing of prescription lenses in spectacle frames is not ‘manufacture' under the CEA, 1944 - Titan Eye+, Lawrence & Mayo not liable to remit excise duty: HCCus - When ores are only subjected to processes like crushing, sizing, screening and washing, the resultant product cannot be considered as 'concentrate', the imported goods are 'ore' and not 'concentrate' : CESTATFinance Minister Nirmala Sitharaman holds review meeting on CAPEX for Civil Aviation and TelecommunicationsST - When no dispute was made by adjudicating authority with regard to the photocopies of documents, the objection raised by Commissioner (Appeals) is not justified when receipt of Banking service is not in dispute: CESTAT18th ASEAN-India Summit - post COVID economic recovery on agendaI-T - Search assessment order merits being quashed where it is not based on any incriminating evidence found in course of search operations : ITATI-T - Assessee is not entitled to exemption u/s 10(13A) if residential accommodation occupied by assessee is owned by him or assessee has not actually incurred expenditure for payment of rent : ITATI-T- Since no margin is charged by assessee in respect of goods lifted, thus, in absence of any adverse evidence, addition can't be made on account of 10% of GP rate on total turnover : ITATI-T - Penalty notice issued u/s 271(1)(c) r/w Section 274 is sustainable where the relevant charge against assessee between concealment of income & furnishing inaccurate particulars, is not specified: ITATI-T - For purposes of sec. 249(4)(b), where defect in appeal, being non-payment of tax, is removed, earlier defective appeal will become valid :ITATI-T - In respect of payment received by an assessee acting as agent representing Development Authority or Special Planning Authority on behalf of Govt, any TDS payable on such amount can be recovered from agent: ITATI-T- Order of PCIT u/s 263 is proper since order passed by AO is not in accordance with law and it is prejudicial to Revenue :ITAT