UPDATES FROM TAX GURU

Poor drafting of Cenvat credit Rules leading to litigations and conflicting decisions by various benches: SC

The Supreme Court has said the CENVAT Credit Rules were not properly drafted causing huge rise in litigation's and conflicting decisions by various benches of Custom Excise & Service Tax Appellate Tribunal (CESTAT). The apex court said that...

The contentious issue of foreign ownership in local banks is set to be resolved. The Reserve Bank of India (RBI) has suggested to the finance ministry that foreign investment in local banks in the form of American depository receipts (ADRs), global...

Use of green-technology to be mandatory in Special Economic Zones (SEZs)

Use of green-technology will become mandatory in Special Economic Zones (SEZs)—the tax and duty free industrial enclaves—with the commerce ministry drawing up guidelines for use of equipment using renewable energy sources like solar power in the...

No HRA for government employees staying with spouse in government allotted flat

A government employee is not entitled to get House Rent Allowance(HRA) if he or she is residing with the spouse who has been alloted a government accommodation, the Delhi High Court said on Tuesday. The Court's decision came on a petition...

Use of other banks ATM for more then 5 times a month will cost from October

Barely five months after the service charge on using automated teller machines (ATMs) of other banks was scrapped, it will be re-introduced if someone uses this facility more than five times a month, a high-ranking banking sector official said here...

Punjab State Excise and Taxation department unearthed bogus sale of 656 crore

In the biggest tax evasion fraud of this financial year, the State Excise and Taxation department has unearthed a bogus billing scam to the tune of Rs 656.71 crore by three renowned Ludhiana firms — Singhania International, Shree Vallabh Exports and...

Companies can use right Issue proceeds only after the basis of `allotment of rights share' is finalised

Capital market regulator Sebi has amended the `rights issue' norms that would now allow an issuer company to utilise the issue proceeds only after the basis of `allotment of rights share' is finalised. Earlier, the issuer company was...

Government proposed excise waiver and income-tax holiday benefit to power projects based on supercritical technology

The government has proposed to extend the excise waiver and income-tax holiday benefit to power projects based on supercritical technology, including large-sized energy-efficient power equipment. The proposal is part of the new mega power policy...

Senior vice president or vice president post in ITAT not to be filled by promotion : CAT

The Central Administrative Tribunal (CAT) has favoured direct recruitment to the post of senior vice president or vice president in the Income Tax Appellate Tribunal (ITAT) and not through promotion. " When the government wants to appoint....