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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Hyderabad, September 01, 2018
CX - Welding Electrodes, steel plates & angles used exclusively for maintenance of plant which are used in manufacturing are eligible inputs for credit: CESTAT
 
New Delhi, September 01, 2018
CX - Compounded levy - In view of fact that Department had after surrender of registration on 29.05.2015, sealed machinery & allowed re-registration w.e.f. 01.06.2015 without any murmur, duty is to be paid on pro rata basis only: CESTAT
 
Ahmedabad, August 31, 2018
GST - Petitioners, tax practitioners, are not espousing cause of a weaker section of the society who are unable to knock door of justice - PIL jurisdiction cannot be exercised: High Court
 
Ahmedabad, August 31, 2018
I-T - Unpaid tax dues of private company should not be recovered from its directors, without establishing that non-recovery is on account of misfeasance on part of directors in relation to affairs of company: HC
 
New Delhi, August 31, 2018
Cus - Without specific demand in SCN issued u/s 124, Revenue is not entitled to recover customs duty u/s 125 of Customs Act, 1962: HC
 
Mumbai, August 31, 2018
ST - If an activity has been clarified to be not taxable, based on which demand was dropped, then revenue cannot take a stand that Commissioner(A) had traveled beyond SCN which disputed classification: CESTAT
 
Ahmedabad, August 31, 2018
I-T - Sundry creditors are not equivalent to own funds of assessee and can't be used for giving interest-free advance to others : ITAT
 
New Delhi, August 30, 2018
Cus - DRI direction to Union Bank of India to freeze current account of petitioner is without authority of law - UBI told to ignore same: HC
 
New Delhi, August 30, 2018
I-T - Revenue's cavalier approach in stating that similar matter is pending disposal whereas such matter was actually settled years back is tantamount to mis-statement - Cost of Rs.10 lakhs imposed and petition dismissed: SC
 
Ahmedabad, August 30, 2018
I-T - Benefit of exemption claimed u/s 54EC(1)(b) cannot be allowed in absence of properly-registered documentary evidences proving ownership over plot of land: ITAT
 
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