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India-bound oil tanker struck by Houthi’s missiles in Red Sea RBI issues draft rules on digital lending CRPF senior official served notice of dismissal on charges of sexual harassment Columbia faculty blames leadership for police action against protesters Google to inject USD 3 bn investment in data centre in Indiana UN says clearing Gaza mounds of rubble to take 14 yrs Blinken says China trying to interfere US Presidential polls World Energy Congress 2024: IREDA CMD highlights need for Innovative Financing Solutions Voter turnout surpasses 50% by 4 PM in Phase 2 polls XI tells Blinken - China, US ought to be partners, not rivals ST - 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: HC Cus - 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: HC Cus - 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: HC Cus - 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: HC I-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HC China asks Blinken to select between cooperation or confrontation I-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITAT


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Mumbai, June 24, 2014 Income tax - Whether provisions of Sec 153C allow the AO to invoke it casually and need not record any satisfaction - NO: Bombay HC

Mumbai, June 24, 2014 CENVAT - Penalty u/r 26(2) on first stage dealer for purported issue of fraudulent invoices - Penalty is imposed on basis of assumption and presumption which have no legs to stand - without a categorical finding, no penalty can be imposed: CESTAT

Mumbai, June 23, 2014 CX - Fly Ash whether dutiable from 01.03.2011 - Apex Court in Ahmedabad Electricity Co. had held that �fly ash' is non-excisable and which decision was relied by Commr(A) - no case made by Revenue for stay of order: CESTAT

Ahmedabad, June 23, 2014 Cus � Revenue cannot agitate an issue before CESTAT which issue was not in SCN or taken before Commr(A) - Revenue appeal rejected: CESTAT

Ahmedabad, June 23, 2014 Income tax - Whether trading addition on account of low Gross Profit is justifiable where assessee is engaged in jobwork and GP rate depended on nature of jobwork assigned only by the Principal - NO: ITAT

New Delhi, June 22, 2014 Tourism Sector picks up; 4.21 lakh tourists arrive in May; India earns forex worth Rs 7400 Crore

New Delhi, June 22, 2014 Govt accepts Dr Mayaram Report on definiton of FDI & FII; Foreign Investment of 10% or more to be construed as FDI

Paris, June 21, 2014 WCO hopeful of implementation of WTO Agreement on Trade Facilitation; ICC Report says it would boost global economy by USD one trillion

Mumbai, June 21, 2014 COD of 76 days in filing appeal - Tribunal has taken hyper technical view of matter - Once explanation given is found to be genuine, terming same as casual was not proper: High Court

New Delhi, June 20, 2014 Railways decides to implement 14.2% hike in pax fare & 6.5% hike in freight as proposed in Interim Budget

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I-T - Assessee cannot be prevented from claiming that receipts from sale of software were wrongly offered as royalty, merely because such income was wrongly offered in ROI and which was not revised: ITAT

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