Service Tax : Tribunal, being last Court of Appeal on facts, is duty bound to mention facts and law in detail in its order, it is not for High Court to find out factual controversy and then mention it; hence, Tribunal order passed without even narrating facts was set aside and matter remanded back
Monday 11 August 2014
Salary income declared after search proceedings would be undisclosed even if tax was deducted theref
IT : Tax to be deducted at source being also computed on estimated income of an assessee for relevant financial year, such deduction can not result in disclosure of total income for relevant assessment year
Registration to a trust couldn’t be denied in absence of any adverse finding about its objectives
IT : Where assessee trust had duly furnished complete details and documents and further, there were no adverse findings on fundamental issue regarding objectives of trust, assessee's application for registration could not be rejected
Amount paid under Rule 6(3) of CCR after recovering it from customers couldn’t be demanded again by
Excise & Customs : Where, in respect of exempted goods/services, assessee has paid 6% amount under rule 6(3) of CENVAT Credit Rules and recovered same from buyers, since said amounts stand already paid to revenue, same cannot be demanded again under section 11D of Excise Act or section 73A of Finance Act
SEBI amends KYC norms; allows sharing of KYC information in the financial sector
SEBI/INDIAN ACTS & RULES : SEBI {KYC (Know Your Client) Registration Agency} (Second Amendment) Regulations, 2014 – Insertion of Regulation 16A
Hydrogen gas cylinders eligible for credit as capital goods even if they were moved from factory for
Cenvat Credit : Hydrogen gas cylinders used for bringing hydrogen gas for use in manufacture of final product are eligible for credit as 'capital goods' even if they are moved out temporarily from factory for purpose of refilling of hydrogen gas
CLB appointed administrator to oversee affairs Co. as its promoters were denied access into its affa
CL: Where petitioners, promoters of company, were totally sidelined and not provided with information relating to affairs of company which had resulted into a deadlock situation in running of day to day affairs of company and profitability of company had declined, administrator had to be appointed to oversee affairs of company
Sum received by assessee towards sharing of global telecommunication facility with NR agents wasn’t
IT/ILT : Amount received by assessee towards shared IT Global Portfolio Tracking system from its agents could not be added as fee for technical service to assessee's income
Writ petition maintainable against pre-deposit order even when alternate remedy of filing appeal was
Excise & Customs : Writ jurisdiction against pre-deposit order of Tribunal is not completely taken away because of existence of an alternative remedy by way of appeal under section 35G of Central Excise Act, 1944
Revenue must prove what has been erected/commissioned/installed to demand ST under respective catego
Service Tax : For charge under Erection, Commissioning and Installation Services, department must first show that activity resulted in emergence of an erected, installed and commissioned plant, machinery, equipment or structure or in installation of an electrical or electronic device
Japan's June Polished Imports +7%
Japan’s polished diamond imports grew 7 percent year on year to $79.6 million in June 2014, Momozawa reported based on Japanese Finance Ministry data. However, by volume, polished imports declined 37 percent to 152,581 carats, while the average price of imported diamonds rose 71 percent to $522 per carat.
Polished diamond imports from India grew 8 percent to $36.2 million, while imports from Belgium fell 4 percent to $17.8 million and imports from Israel increased 86 percent to $7.4 million. Polished imports from Hong Kong declined 7 percent to $6.5 million while imports from Thailand fell 3 percent to $4.2 million. Imports from the United States more than doubled to $3 million – the largest percentage gain among the supplier countries.
During the first six months of the year, Japan's polished imports grew 8 percent to $444.9 million, while the volume of imports fell 14 percent to 1.006 million carats.
The largest gains by Japan's diamond trading partners during the first half of 2014 were registered by Thailand, from which imports by value rose 26 percent to $24.7 million. Polished imports from India increased 20 percent to $36.2 million during the half year.
Source:- diamonds.net
Tribunal can’t condone delay in passing of review order by Committee of Commissioners
Excise & Customs : Committee of Commissioners must pass review order directing filing of appeal against order of Commissioner (Appeals) within 3 months from receipt of order of Commissioner (Appeals); any delay in passing of review order cannot be condoned by Tribunal
Buyers commission paid for procuring export order is an allowable deduction under section 37(1)
IT: Where assessee-exporter paid buyer's commission for procuring export orders and genuineness of payment was established, commission was deductible as business expenditure
SEBI approves norms of 'Real Estate Investment Trust' and 'Infrastructure Investment Trusts'
SEBI : SEBI BOARD MEETING - Decisions Taken on SEBI (Real Estate Investment Trusts) Regulations, 2014; SEBI (Infrastructure Investment Trusts) Regulations, 2014 and Granting Single Registration to Stock Brokers/Clearing Members
Sec. 54F benefit is available on purchase of multiple units if it constitutes one residential house
IT : Claim under section 54/54F may be allowable in case of purchase of more than one new flat when said flats constitute one residential house
Revenue couldn’t plead for condoning delay in filing appeal before HC merely on ground of red tape
CST & VAT : Where against order of Tribunal, revenue filed appeal before High Court late by 1360 days and sought condonation of delay contending that due to Government administrative mechanism, within statutory time period, appeal could not be filed, in absence of any satisfactory explanation, application for condonation of delay was dismissed
Compliance with all the conditions of section 220(2A) is a must to claim waiver of interest, rules H
IT : While passing order under section 220(2A), Settlement Commission has to exercise its discretion judicially and satisfy that three conditions laid down under clauses (i), (ii) and (iii) of sub-section (2A) of section 220 have been fulfilled, before passing an order waiving interest
Unloading of goods at notified customs airport is valid even if it isn’t notified by Commissioner as
Excise & Customs : Unloading of goods at notified customs airport at Nagpur was valid, even if no notification approving landing place under section 8(a) of Customs Act was issued by Commissioner; department cannot allege violation of section 33, as section 33 can apply when there exists an approved place for unloading in customs airport
Enforcement of duty of co. to file returns to Registrar can’t be invoked without duly servicing of n
CL: Without service of notices jurisdiction under section 614 cannot be invoked; further notification can invoke section 614
[Indian Customs Non-Tariff Notification] : Appointment of Common Adjudicating Authority
[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii)]
Government of India
Ministry of Finance
(Department of Revenue)
Notification No.58/2014-Customs (N.T.)
New Delhi, 8 th August, 2014
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and subsection
(1) of section 5 of the Customs Act, 1962 (52 of 1962), the Board of Excise and
Customs hereby appoints the Additional Commissioner or Joint Commissioner of Customs,
Mundra Port and Special Economic Zone, Custom House, Port User Building, Mundra to act as
a common adjudicating authority to exercise the powers and discharge the duties conferred or
imposed on-
(i) the Additional Commissioner of Joint Commissioner of Customs, Mundra Port and
Special Economic Zone Custom House, Port User Building, Mundra;
(ii) the Additional Commissioner or Joint Commissioner of Customs, Custom House,
Near All India Radio Navrangpura, Ahmedabad-380009;
for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s
Kiran Global Chem Limited, New No: 42, New Avadi Road, Kilpauk, Chennai and others vide
show cause notice F.No. DRI/AZU/ INV-15/2013 dated the 23 rd January, 2014 by the
Additional Director, Directorate of Revenue Intelligence, Ahmadabad Zonal Unit, Ahmedabad-
380007.
[F. No. 437/22/2014-Cus IV]
(R.P.Singh)
Director (Customs)
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