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I-T- Demand notice issued mechanically merits being quashed, where passed in ignorance of assessment order giving clean chit to assessee: HCIndia discovers Lithium Resources in Mandya and Yadgiri districts of KarnatakaI-T- No disallowance under section 36(1)(iii) can be made if funds are available with the assessee, which are sufficient to meet the investment: ITATIndia's installed Nuclear Power Capacity to triple by 2031-32: MoSI-T- Penalty rightly quashed where assessment order proposing penalty is itself quashed: ITATGoyal sets USD 50 bn target for footwear industry to achieve by 2030I-T- Where public trust claims deduction under Chapter VIA & due to absence of separate provision in ITR for Section 80GGA at time of filing it, then claim being clubbed u/s 80G is valid: ITATIndian-origin German citizen nabbed with 6 kg of cocaine at IGI AirportIndia to remain steadfast in commitment to nurturing adolescents' talents: Health SecyAI-based SearchGPT to compete with Google: OpenAII-T- Assessee's acceptance of the cash in the form of SBNs, assessee being an Urban Cooperative Bank, which is not being covered by the RBI Circular, cannot be considered as unexplained for addition U/s. 68 of the Act: ITATDelhi liquor scam: United Spirits CEO summonedVAT - burden of proof lies with Department to verify & approve refunds to ultimate taxpayers: HCBiden to attend QUAD meeting to be held in New Delhi this yearST - Appellant is entitled to avail CENVAT Credit on re-insurance of motor vehicles and credit availed by it during relevant period from April, 2011 to March, 2012 on this score were all admissible credit: CESTATChinese youth furious over appeal to raise retirement ageST - As there is no positive act established against appellant with regard to suppression of facts, the period being transitional period, invocation of extended period was set aside: CESTATUS & allies allege North Korean hackers of stealing military secretsCus - Assessee-company is not liable to pay interest on deferential Customs duty arising out of the final assessment of bills of entry: CESTATMexican drug lords arrested in USCX - Cenvat credit of input services as per Rule 6(5) of CCR 2004, is allowed, even if such services are partly used for exempted businesses: CESTATNew Income tax Code to be developed internally by CBDT, says Revenue SecretaryCus - Department has not established any positive act on the part of appellant in regard to suppression of facts with intent to evade Customs duty, no grounds found for invocation of extended period, demand of CVD along with interest and imposition of penalties cannot sustain: CESTATKejriwal to remain in judicial custody till Aug 8CX - Refund of pre-deposit is governed by Section 35FF of Central Excise Act, 1944 and rate of interest is governed by statutory provisions and notifications issued in this regard, appellants are entitled for payment of interest as per provisions of Section 35FF and at the rate prescribed therein: CESTAT

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ST - Calcutta High Court Restraints Department From Casual Visits to Assessees' Premises


How to Get Good Lawyers for Tax Departments

Todays DDT carry very important reports like digital signature on invoices Good lawyers for dept etc As regards good lawyers it is suggested that the large number of retired persons from dept in recent past few years many are now practising as lawyers Undoubtedly the dept can tap their expertise in dept to defend the dept Surely their services will be of immense help and all these retd persons irrespective of Ranks also will get a chance to serve the dept in a different role in the Courts
Another aspect is on the digitally signed invoices Recently it was noticed that the Kerala VAT dept has developed a wonderful and user friendly software to get all invoices uploaded with the TIN nos of both sellers and buyers and the system will verify against all credit taken instantly The discripancy will be noted by the system and dept can take action against wrong credit taken Perhaps this may be the unique software of the type in the entire states in India
It is high time that CBEC also will follow such a software for CENVAT verification considering the increased frauds with Cenvat credit Presently there is no cenvat credit verification with reference to invoices either in system or physical verification since the details of invoices are not uploaded in the ACES Hope the CBEC will look into both above points

Unnikrishnan V 20/07/2016

 

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