News Update

Violence in Delhi - HM asks all parties to rise above party linesEESL completes a decade of helping India become energy efficientCBIC hikes tariff value for Gold5 SC judges catch H1N1 flu; Govt scrambles to take preventive stepsGST - Anti-Profiteering - Sanitary Napkins - Order of NAA stayed: HCCX - assessee is eligible to avail Cenvat Credit on group medical insurance policy taken for employees: CESTATCus - Where limitation period for converting drawback shipping bills into DFIA bills is not provided in Customs Act, same cannot be fixed through a Circular - time limit fixed by Circular is only procedural & lacks authority of statutory provision: CESTATST - Consideration is essential pre-requisite for rendering any service - no tax leviable if such element is missing & if business is conducted on principal-to-principal basis: CESTATCharges of concealment of particulars of income or furnishing inaccurate particulars thereof, are not sustainable, if additional income declared by assessee in returns is accepted by AO: ITATDisallowance made u/s 14A r/w Rule 8D is not tenable if quantum of interest-free funds exceed that of investments made: ITATNo enduring benefit arises from raising finances to fund a specialised job - cost incurred thereto is not capital expenditure: ITATACC issues appointment order of 17 Joint Secretaries, including an IRS officerCBDT lists 20 most contended issues - Govt to move SC to club all pending cases and dispose them, says Revenue SecretaryComputing profits from life insurance business, when computed u/s 44 r/w I-T Rules, do not entail an embargo on conducting scrutiny assessment: HCST - RTO charges and extra charges related thereto does not fall under BSS: CESTATChange in accounting method, resulting in disallowance of indirect expenses incurred, is not tantamount to concealing particulars of income - no penalty imposable: HCCX - Statutory return not designed to capture the particular grade/specification of material required for manufacture - For manufacture of automobile axle, 6 mm size of H.R. coil required, however, credit taken on other than 6mm and is rightly denied: CESTATUn-utilised amount received as grant from Government, cannot ipso facto be treated as income of the recipient of such amount: HCCX - Data retrieved from computer hard drive cannot be relied upon as evidence where computer was used by multiple persons & if no certificate u/s 36B of CEA is furnished in its support: CESTATRe-opening of assessment is invalidated if based on material already on record during original assessment proceedings & is tantamount to change of opinion: ITATST - Circular dated 18.05.2017 clarifies that turnover/transaction charges are to be included in gross value when computing service tax liability - penalties imposed are upheld if assessee collects an amount representing service tax, but does not deposit same: CESTATOyo, MakeMyTrip invite CCI eyeballs; Probe orderedFATF puts Mauritius on Grey List, triggers panic among FDI carriersPradhan invites investments, Technology Transfer into Indian Steel SectorShooters can now keep more firearms and ammunitionGST - Anti-Profiteering - Petitions challenging constitutional validity of s.171 of the CGST Act r/w rule 126 of CGST Rules and pending before Bombay HC, P&H HC transferred to Delhi HC (where 20 petitions are pending on subject matter) in the interest of uniform and consistent view on law: SCVseV Scheme - CBDT fixes 100% of disputed tax demand cases as target for officersACC appoints Rohit Yadav, JS, Ministry of Steel, as new JS in PMOTrump praises people of India for upholding democratic values; 1.25 lakh people welcome him at Ahmedabad stadiumCoronaVirus - Death toll soars to about 2600 in China; No of infected cases goes up to 77KGST - An agenda for reforms - Part - 74 -Anti-profiteering - Complaint sans statutory basis