News Update

CBIC revises tariff value of edible oils, gold & silverFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCentre receives Rs 18.5 lakh crore tax revenue upto Feb monthUN says Households waste across world is now at least one billion meals a dayExpert Committee on developing GIFT IFSC as 'Global Finance and Accounting Hub' submits report to IFSCAIndia, China hold fresh dialogue for complete disengagement on Western borders: MEADefence Production issues notification for re-organisation of DGQAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilThailand’s Lower House okays Bill to legitimise same-sex marriageYellen warns China against clean energy dumpingMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionJustice Ritu Raj Awasthi joins as Judicial member of Lokpal
 
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Mumbai, December 07, 2017
Cus - SCN pending adjudication - 14 years since importer paid duty under protest and they are running from pillar to post for refund - contempt proceedings against Commr: CESTAT
 
Indore, December 06, 2017
MPVAT - 'Brake fluid' cannot be classified as ‘Lubricant’ - chargeable under residuary entry of Commercial Tax Act: HC
 
Allahabad, December 06, 2017
CX - Only when inputs are used in manufacture of final products and some of those inputs become waste during course of manufacture of final product, credit already taken in respect of such inputs wasted is not to be denied: HC
 
Jaipur, December 06, 2017
I-T - Relinquishment of right to sue is 'capital asset' and hence, not taxable: HC
 
Mumbai, December 06, 2017
ST - When CBEC itself was not sure about tax liability on said services, extended period of limitation cannot be invoked: CESTAT
 
Mumbai, December 06, 2017
CX – Sec 11A(7) is only to be understood in context of further litigations raised by way of issuance of SCN - it is open for assessee to litigate matter but it is not open for department to issue SCN: CESTAT
 
New Delhi, December 05, 2017
I-T - If assessee was initially entitled to Sec 80IB benefits as elegible undertaking for 10 years, it would not continue to be eligible for such benefits if it no longer satisfies eligibility conditions by virtue of expansion: SC Larger Bench
 
New Delhi, December 05, 2017
PIL - Irony of fate - so-called PIL has caused more injury to cause of public than subserving it - Exemplary cost of Rs.25 lacs imposed: SC
 
Mumbai, December 05, 2017
I-T - Benefit of section 10(4)(ii) would not be restricted to residential status 'Non-Resident' but would extend to all other residential statuses as well: ITAT
 
Allahabad, December 05, 2017
ST - Activities undertaken are supplementary to activity of commission agency as they only seek to ensure prompt placement of orders; supply of goods and payment - not ‘C & F' service: HC
 
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