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
 
Page 300
New Delhi, August 04, 2016
Income Tax - Whether when assessee accepts finality of order in context of quantum proceedings, it is not open to assessee to agitate same issue in Sec 271C proceedings - YES: HC
 
Mumbai, August 04, 2016
ST - Authorized Service Station - Servicing delegated to another dealer - costs met by appellant are expenditure towards service procured to provide an output service - credit admissible: CESTAT
 
Ahmedabad, August 04, 2016
DGFT is an independent authority and is not governed by directions of DRI or Customs - Directed to consider applications for EODC independently: HC
 
Ahmedabad, August 04, 2016
I-T - Whether reassessment order is to be set aside on ground that before passing such an order AO had not disposed of objections raised by assessee - NO: HC
 
Mumbai, August 03, 2016
Cus - Bringing out of goods from a SEZ fails to meet definition of 'import' under CA, 1962 - Jurisdiction is not merely territorial but also has to be in context of scope of statute which is sought to be invoked: CESTAT
 
New Delhi, August 03, 2016
ST - When letters of Department failed to specify specific information that was to be provided, there could be no failure by Respondent to provide information: HC
 
New Delhi, August 03, 2016
I-T - Whether rental income received from business assets is business income and not income from house property - YES: ITAT
 
Mumbai, August 03, 2016
Cus - Benefit of Notfn. 39/90 in r/o Ethyl Glycol [SH 2909.49] - fact that heading 29.05 in notification was substituted by Ch. 29 by an amending notification points to fact that there was an error which was corrected at later date: CESTAT
 
Chandigarh, August 02, 2016
Corrigendum issued to ADD Notification No 27/2014 – ADD dated 13.06.2014 – Effective from date of Notification – Demand of ADD quashed: High Court
 
Chandigarh, August 02, 2016
CX - Issue involved is regarding valuation of goods as evident from order of Tribunal which considered issue in light of s.4 of CEA, 1944 - Revenue Appeal dismissed: High Court
 
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