TP - Mere dissatisfaction with factual findings of ITAT regarding selection of comparables after application of quantitative/qualitative filters cannot be contested u/s 260A: HC (See 'TOG Latest')I-T - Assessee is eligible to claim exemption u/s 54 where possession of flat held by him since date of allotment is handed over & capital gain is paid on transfer of property 'held': ITAT (See 'TOG Latest')Customs - Classification of imported goods cannot be decided based on internet search results when Department could have obtained expert opinion or technical write-up: CESTAT (See 'TOG Latest')Central Excise - Demands cannot be raised under rent-a-cab service where Department is unable to prove that vehicle was capital goods of assessee & was registered in its name: CESTAT (See 'TOG Latest')ISA - India to host first general conclave (See 'TOG News')New convention & expo centre to reflect economic progress: Modi (See 'TOG News')TP - When agreement between two resident companies does not provide for any markup on total cost then no addition is permitted by applying margin of international transactions: ITAT (See 'TOG Latest')I-T - If interest income does has no direct link with eligible business or business activity then it can be considered for deduction claimed u/s 80IB & 80IC: ITAT (See 'TOG Latest')Central Excise - Cenvat credit be availed on supplementary invoices rasing demand for 'royalty charges' & 'stowing excise duty', 'paryavaran upkar', 'vikas upkar', 'forest fee' & 'Entry tax': CESTAT (See 'TOG Latest')Service Tax - Extended period of limitation cannot be invoked where issue of taxability of commission received from banks was contested during period of dispute: CESTAT (See 'TOG Latest')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Govt launches Swachhata Hi Seva campaign to promote cleanliness (See 'TOG News')Delhi Govt inks pact with Seoul for better infrastructure & public health (See 'TOG News')Govt launches star rating based on efficient energy use (See 'TOG News')DTAA - Tax Residency Certificate constitutes sufficient evidence for accepting status of residence as well as beneficial ownership for seeking treaty benefits: ITAT (See 'TOG Latest')I-T - Pre-deposit of duty demanded from cooperative institution can be waived off considering that its members come from marginal sections of society: ITAT (See 'TOG Latest')Customs - Duty exemption under Notfn No 46/2006-Cus can be denied where entire quantity of imported goods were not used to manufacture final product: CESTAT (See 'TOG Latest')Central Excise - Cenvat credit cannot be allowed on Outdoor Catering service which is utilized for personal use by employees & has no nexus with manufacture of final product: CESTAT (See 'TOG Latest')
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TOG NEWS

Govt pushes through Budget despite rebellious Opposition
By TOG News Service
Mar 14, 2018

TOG News Service, NEW DELHI, MAR 14, 2018: IN a major relief to the Government, it succeeded in passing the Budget for the fiscal year beginning from April 1, 2018 in the Lok Sabha today. However, such feat was achieved without discussion and by applying the guillotine process, since the Opposition stymied the proceedings of the House for eight days in a row. The Union Minister for Finance, Mr Arun Jaitley, moved the Finance Bill 2018 containing taxation proposals of his fifth and final budget, as well as the appropriation bill that detailed spendings in various departments. Despite the din created by the slogan-shouting opposition, the bills were passed by voice vote.

The appropriation bill was approved after a guillotine was applied, which essentially means that all outstanding demands for grants from various departments are put to vote at once, regardless of whether they are discussed or not. Thereby, with the passage of the Finance Bill and the Appropriation Bill, the budget exercise is complete in the lower house. Now, although the two bills also have to pass through the Rajya Sabha, considering their nature as money bills, they would be deemedd to be approved if the Rajya Sabha does not return them within 14 days. It may be noted that while the Government enjoys a majority in the Lower House of Parliament, it is the Opposition which dominates the Upper House.

The functioning of both houses had been stalled ever since the second half of the Budget session began on March 5, with the opposition parties raising issues ranging from India's biggest bank fraud to division of Cauvery river water and special package to Andhra Pradesh. Consequently, neither House was able to get any substantial work done in the preceding eight days. Earlier this week, the BJP had issued a three-day whip to its members to be present in the House. Meanwhile, the Opposition parties protested against passing of the Budget without a debate, as the session is to continue till April 6, 2018.