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 5
Mumbai, April 10, 2019
DGFT - Fixation of DEPB rates is a policy matter - Court cannot interfere: HC
 
New Delhi, April 10, 2019
I-T - 'Commencement of business' is not mandatory initial step for claiming deduction on account of CSR expenditure: ITAT
 
New Delhi, April 09, 2019
I-T - Whether if search warrant is against partners of assessee firm & searches are conducted at business & residential premises of partners, assessee can question jurisdiction if Sec 153B order is passed - NO: ITAT
 
Hyderabad, April 08, 2019
CX - Rule 5 of CCR - Transfer of CENVAT credit - Tribunal has no role in interpreting or applying provisions of s.140 of CGST Act, 2017: CESTAT
 
Mumbai, April 08, 2019
ST - Reversal from the inadmissible credit cannot be considered as sufficient compliance to the provisions of Section 35F: CESTAT
 
Chennai, April 08, 2019
Mistake committed by the importer can be corrected u/s 154 of Customs Act by the assessing officer and not by the refund authority: HC
 
Mumbai, April 08, 2019
I-T - Broadcast company cannot be held liable to TDS on channel placement fees on basis of subsequent amendment in definition of royalty: ITAT
 
Chennai, April 05, 2019
I-T - Once tariff authority settles dispute of storage charges, assessee cannot take shelter of pendency of dispute to forego liability to pay tax upon cessation of trading liability u/s 41(1): HC
 
Allahabad, April 05, 2019
CX - Mere fact that assessee had not stated in ER-1 returns as regards payment of duty through DEPB cannot be adopted a valid ground to justifiably invoke extended period of limitation: CESTAT
 
Mumbai, April 04, 2019
I-T - No profit taxable u/s 45(4) arises in hands of partnership firm upon retirement of partners, in absence of distribution of capital assets in favour of retiring partners: HC
 
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