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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New Delhi, September 22, 2016
CX - It would be farfetched to assume that only on basis of use of consumables, which is refractory material and prone to breakages/defects, clandestine production and clearance of MS Ingots can be alleged: CESTAT
 
New Delhi, September 21, 2016
Union Budget 2017 to be presented on Feb 1; History of Rail Budget comes to an end; Plan & Non-Plan classification also gone
 
Chennai, September 21, 2016
Arrears of Central Excise duty under compounded levy scheme cannot be paid from CENVAT Credit - No error in the order of Tribunal: High Court
 
Chennai, September 21, 2016
I-T - Whether when issue has been remanded for limited purpose, Settlement Commission has jurisdiction to shift terminal date for calculation of interest u/s 234B - NO: HC
 
Mumbai, September 21, 2016
Cus - Interest u/s 27A - Refunding Authority is not powerless - If refund application filed by party is incomplete, Refunding Authority can always return back same - CBEC to take action: High Court
 
Allahabad, September 21, 2016
CX - Contention of Revenue is inputs were not received but fact is appellants manufactured final product; paid duty and filed statutory returns- presumptive case not tenable: CESTAT
 
Mumbai, September 20, 2016
I-T - Whether sum spent to keep doctors in good humour so that they recommend assessee's pharma products to patients amounts to illegal gratification and same is not allowable expenditure - YES: ITAT
 
Mumbai, September 20, 2016
CX - Action of appellant in withdrawal of an appeal after disposal of stay petition would amount to seeking remedies elsewhere - since jurisdiction of another fora invoked, no case made out for condonation of delay: CESTAT
 
Bangalore, September 20, 2016
I-T - Whether unless there is some evidence to indicate that extra consideration had flowed in purchase of property, DVO Report cannot form a basis for any addition - YES: HC
 
New Delhi, September 20, 2016
CX - Applying 'user test', structural items used in fabrication of support structures would fall within ambit of 'Capital Goods' as contemplated u/r 2(a) of CCR, hence will be entitled to Cenvat Credit: CESTAT
 
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