News Update

India, China hold fresh dialogue for complete disengagement on Western borders: MEAThakur 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 LebanonI-T - Income so surrendered on account of investment in excess stock during course of survey cannot be brought to tax under deeming provisions of section 69B: ITATMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilI-T-Power of revision need not be exercised where facts do not reveal any lack of enquiry by AO into relevant issue & when twin requirements of order being erroneous as well as prejudicial to Revenue's interests, are not satisfied: ITATThailand’s Lower House okays Bill to legitimise same-sex marriageI-T -Penalty u/s 271(1)(c) cannot be imposed where an assessee claims deduction u/s 80P while being ineligible therefor, but being under the bona fide impression of being eligible for such benefit : ITATYellen warns China against clean energy dumpingCus - Enhancement of declared value of imported goods is not tenable, where Department adduces no material to show how the enhanced value was computed & where no cogent rationale is made out for rejecting declared value: CESTATMilky 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 billionST - When the facts are in the knowledge of department subsequent SCN alleging suppression cannot be issued and entire demand was found beyond normal period of limitation: CESTATFM Nirmala Sitharaman declines to contest LS elections as she has no fundsST - Tripura State Rifles not required to pay Service Tax under heading of Security Services, as it is is not engaged in business of providing security services: CESTATJustice Ritu Raj Awasthi joins as Judicial member of LokpalCX - Clandestine removal alleged based on consumption of raw inputs and heightened electricity usage - Tax demands based on third party statements but without permitting cross examination of deponents; case remanded to allow this exercise: CESTAT
 
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Hyderabad, May 01, 2019
Cus - Gold bangles brought into country without declaring them cannot be called bona fide personal baggage but only smuggled goods - rightly ordered for confiscation: CESTAT
 
Mumbai, May 01, 2019
I-T - CIT is not permitted to exercise revisional powers u/s 263 in matters of debatable nature: HC
 
Mumbai, April 30, 2019
I-T - Section 115JB(2) as it stood prior to its amendment by virtue of Finance Act 2012, would not be applicable to banking company: HC
 
Jaipur, April 30, 2019
I-T - Share of profit from JV is to be excluded for purpose of computation of book profit U/s 115JB: ITAT
 
New Delhi, April 29, 2019
Cus - Trial Court cannot invoke provisions of Sec 451 of CrPC to release confiscated vehicles even if provisions of Customs Act do not specifically bar jurisdiction of courts to release seized goods pending investigation by Customs: HC
 
New Delhi, April 29, 2019
I-T - Sec 54 benefits cannot be denied if assessee fails to get possession and also fails to execute sale deed within period of three years due to reasons beyond control: ITAT
 
Mumbai, April 26, 2019
I-T - Charges paid by Airlines to agencies for offering lounge facility to its premier customers are not 'rent' and hence do not attract TDS provisions: HC
 
Mumbai, April 26, 2019
I-T - Attachment order passed u/s 281B, two days before assessment order and that too without mentioning any reason for such apprehension is not sustainable: HC
 
Jaipur, April 26, 2019
I-T - AO can assume jurisdiction to levy late fee u/s 234E but only upon processing of return and issuance of intimation u/s 200A: ITAT
 
Cuttack, April 25, 2019
Sales Tax - Accepting declaration forms under one Act & rejecting the same under another Act is gross illegality: Tribunal's Larger Bench
 
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