News Update

India-bound oil tanker struck by Houthi’s missiles in Red SeaRBI issues draft rules on digital lendingCRPF senior official served notice of dismissal on charges of sexual harassmentColumbia faculty blames leadership for police action against protestersGoogle to inject USD 3 bn investment in data centre in IndianaUN says clearing Gaza mounds of rubble to take 14 yrsBlinken says China trying to interfere US Presidential pollsWorld Energy Congress 2024: IREDA CMD highlights need for Innovative Financing SolutionsVoter turnout surpasses 50% by 4 PM in Phase 2 pollsXI tells Blinken - China, US ought to be partners, not rivalsST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITAT
 
Page 560
Ahmedabad, July 15, 2014
I-T - Whether when assessee fails to produce any proof towards claim that goods inventorized at time of Survey also included goods received from customers, such claim is to be construed as afterthought - YES: ITAT
 
Jaipur, July 15, 2014
Delay in filing supplementary drawback claims - No sufficient grounds to condone delay - Order of Revisional authority upheld: High Court
 
New Delhi, July 13, 2014
Tobacco kills about 8 to 9 lakhs Indians annually
 
New York, July 13, 2014
Half of world's population living in cities; another 2.5 bn expected by 2050
 
New Delhi, July 09, 2014
Survey pins hope on food market reforms, fewer exemptions in income tax & single rate GST
 
New Delhi, July 09, 2014
India has second fastest growing Services Sector at 9%
 
Bangalore, July 09, 2014
ST - legal consultancy service for obtaining patent rights abroad - better classified and more specifically covered by Legal Consultancy Service: CESTAT
 
Allahabad, July 09, 2014
Income tax - Whether when assessee files estimate of income showing NIL advance tax liability on basis of loss returns of previous years it attracts penal provisions of Sec 273(2)(c) - NO: HC
 
Mumbai, July 09, 2014
CENVAT - Credit availed without receiving capital goods - Assets register seems to be cooked up one and cannot be accepted as reliable piece of evidence to substantiate appellant's claim that they had received capital goods but had removed the same later - Pre-deposit ordered: CESTAT
 
Ahmedabad, July 08, 2014
CX - If contention of Revenue that since applicant has admitted duty liability before Settlement Commission duty had to be upheld straightaway is accepted, in that case, there is no question of further adjudication by CE Officer : HC
 
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