CBEC and CBDT Service News

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SC UPDATES - Depreciation was allowable on the cost of the membership card under Section 32(1)(ii) of the 1961 Act. | SC UPDATES - If the dichotomy between â€œeligibilityâ€ of profit and â€œdeductibilityâ€ of profit is not kept in mind then Section 115JB will cease to be a self-contained code | SC UPDATES - TDS u/s 195(1) arises only if the payment is chargeable to tax in the hands of non-resident recipient | SERVICE TAX NOTIFICATION NO -48 - CBEC redefines amount of service tax or CENVAT credit specified in a notice for the purpose of adjudication under Section 83A | CBEC DRAFT CIRCULAR - Scheme of Post Clearance Audit (PCA) in Customs (To elicit response / Comments only) F.No.450/1/2010-Dir. (Cus) | HIGH COURT UPDATES - Chargeability and enforceability are distinct legal conceptions. A mere difficulty in compliance or in enforcement is not a ground to avoid observance.In the present case, the transaction in question had a significant nexus with India. | BREAKING NEWS - MAT companies are not subject to the limitations of s. 80HHC (1B) -SC | CLEAN ENERGY CESS CIRCULAR - Levy of Clean Energy Cess – The reduced accounting code to be quoted for depositing “Clean Energy Cess” is 00380086 (U.E.D) | Clean Energy Cess Notification - Clean Energy Cess (Amendment) Rules, 2010- Monthly return prescribed | 2010-ITS-3322-CESTAT - As per settled law in the issue, for holding the other imports as contemporaneous imports, the quantity in both the imports should match and should be on the same commercial level. | 2010-ITS-3316-CESTAT - Date of filing claim is the date when the claim is filed initially and the subsequent date of filing in the proper form and with the asked for documents cannot be considered as the actual date of filing of refund claim. | 2010-ITS-3315-CESTAT - Reversal of credit before utilization will not call for any interest or penalty | DGFT POLICY CIRCULAR NO -01 - Reintroduction of the system of export release orders w.e.f. 1.1.2009 for export under OGL/Advance Authorisation on ‘ton-to-ton’ basis | CUSTOM NOTIFICATION NO -91 - Amendment in duty rates for electricity cleared to DTA from SEZ | CENTRAL EXCISE NOTIFICATION NO -28NT - Non-reversal allowed only for the CENVAT credit taken upto the 8 th of July, 2004. on wires drawn from wire rods notwithstanding that the process of drawing of wires from wire rods was held as not amounting to manufacture by the Supreme Court |

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CBEC and CBDT Service News

CBEC and CBDT Service News