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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Mumbai, August 04, 2018
I-T - When valuation of property by stamp authority is higher than actual sale price, then before calculation of capital gain on such higher value, AO should refer capital asset to DVO for valuation even if not prayed for: ITAT
 
Kolkata, August 03, 2018
I-T - Since AO plays dual role of investigator as well as adjudicator, failure to examine nature of subsidy makes assessment order prima facie prejudicial to interest of Revenue : ITAT
 
New Delhi, August 03, 2018
CX - Presuming that since o-in-o despatched by Division Office was received by Range Office/HQ and Review branch within 10-15 days, assessee too should have received same since located in same city is without any basis: CESTAT
 
Bangalore, August 02, 2018
CX - A manufacturer, who exports final products which are exempt from duty, under bond and LUT, in terms of rule 19 of CER, 2002, can claim refund of CENVAT in terms of rule 5 of CCR, 2004: HC
 
Mumbai, August 02, 2018
Cus - Court cannot be left to guess as to whether authority concluded that either fraud is proved or that parties like petitioner is guilty of suppression of facts or misrepresentation: HC
 
Allahabad, August 02, 2018
I-T - As per amended Sec. 145A, computation of valuation of closing stock of finished goods will include any excise duty & cess which was payable or incurred by assessee towards such goods: HC
 
Chennai, August 02, 2018
ST - When basic allegation is that assessee is NBFC, Commr. has traversed beyond scope of SCN to confirm demand by concluding that appellant is covered under category of 'any other person' : CESTAT
 
New Delhi, August 01, 2018
I-T - Revenue cannot initiate re-assessment repeatedly on basis of same Tax Evasion Petition which has failed in the past: HC
 
Mumbai, August 01, 2018
CX - Branded goods manufactured in Goa unit situated in 'rural area' and exemption availed - no cause for clubbing clearance value of Goa unit with that of Mumbai unit where SSI exemption availed: CESTAT
 
Ernakulam, August 01, 2018
I-T - Application filed by charitable trust u/s 12A merits deemed registration, once Revenue Authority has not acted upon such application within six months of its receipt: HC
 
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