CBEC to Redistribute Cases in Jurisdictions to Reduce Pendency of Cases With Commissioners (Appeal)
Read more at: http://www.taxscan.in/cbec-redistribute-cases-jurisdictions-reduce-pendency-cases-commissioners-appeal/12248/
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*Service tax:*
1. *Limitation* u/s 11B of Central Excise Act, 1944 is not applicable to refund claim of service tax paid under a mistake of law.
*2017-TIOL-2170-HC-MUM-ST*
2. *Wrong classification of service-* Merely because appellant classified service under 'Renting of Immovable Property Service' and department has not objected, it cannot become law. The appellant neither declared their service nor filed any ST-3 returns for 'Business Support Service', therefore, it is a clear suppression of facts and penalties imposed are also legal and correct.
*2017-TIOL-3713-CESTAT-MUM*
3. *Refund* - Disallowance of Input credit is bad and without jurisdiction in absence of notice u/r 14 of CENVAT Credit Rules, 2004.
*2017-TIOL-3708-CESTAT-MUM*
*Central Excise:*
3. *Valuation-* Promotional pack of Maggi Noodles supplied free of cost - Valuation u/s 4 of Central Excise Act, 1944 is proper.
*2017-TIOL-3718-CESTAT-MUM*
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20.10.17 (Friday) is Last Date to deposit GST & file GSTR-3B for Sep 2017 by ALL Regular & Casual Assessees. Late fee @ 200 per day wef 21.10.17.
RCM in respect of supplies received from Unregistered Dealer u/s 9(4) only is exempted and not u/s 9(3) which is compulsory RCM is exempted by notification No.38 (CGST Rate) dated 13.10.2017.
MCA has issued a circular w.r.t transfer of shares to Investor Education and Protection Fund Authority as per the amended rules notified recently.
SEBI in order to effectively discharge their hedging function, commodity derivative contracts must be anchored to their respective underlying physical markets, has issued circular on Criteria for Settlement Mode of Commodity Derivative Contracts.
RBI governor calls for better access to currency swap lines. He said Some of us would go as far as describing this situation as virtual apartheid, in which systemic central banks protect themselves and their self interest.
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📺 *Updates*
➡1. Running micro-finance business on commercial lines isn't charitable in nature: ITAT
Sreema Mahila Samity v. Deputy Commissioner of Income-tax, Circle-Nadia
➡2. Insolvency resolution process was to be admitted on failure to make payment towards supplies made by creditor
Singhania International Ltd.v. Aseem Ispat (P.) Ltd.
➡3. Financial creditor is restrained from proceeding against personal guarantors till period of moratorium is over: NCLT V. Ramakrishnan v. Veesons Energy Systems (P.) Ltd.
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