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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Ahmedabad , June 29, 2018
I-T - Private Ltd company alloting shares to unknown shell company is equivalent to offering shares to general public & hence illegal: ITAT
 
Ernakulam, June 29, 2018
Kerala VAT - Prohibition on revision of returns where penalty proceeds were initiated, will not apply to cases seeking revision to correct bona fide errors: HC
 
Ernakulam, June 29, 2018
VAT - Bank acting as financier & selling hypothecated goods classifies as 'dealer' under Kerala VAT Act 2003: HC
 
Mumbai, June 29, 2018
CX – GTA service used for transporting old/used battery from collection center to recycler for obtaining lead and which in turn is used to manufacture fresh battery is an Input service: CESTAT
 
New Delhi, June 29, 2018
I-T - TDS need not be deducted u/s 194H where transactions are entered into on principal-to-principal basis: ITAT
 
New Delhi, June 28, 2018
I-T - Taxpayers need not be penalized for their voluntary confessions recorded during search, if due taxes along with interest on surrendered income is paid before completion of assessment: ITAT
 
Mumbai, June 28, 2018
ST - Tax paid on reverse charge basis under mistaken belief that same was payable and credit availed thereof would not cause any loss of Revenue: CESTAT
 
Mumbai, June 28, 2018
FEMA - Enforcement Directorate cannot attempt to sway exercise of RBI's discretionary power to compound offences: HC
 
Bangalore, June 27, 2018
CX - Computing quantum of evaded duty on basis of production capacity and unaccounted purchases of packing material is a mode of best judgment assessment: High Court
 
Hyderabad, June 27, 2018
I-T - Unit specific R & D expenditure can be excluded for apportionment of expenses against units enjoying benefit u/s 80IB & 80IC: ITAT
 
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