News Update

CBIC notifies withdrawal of 'Stop OOC' procedure for claim of exemption under FTAsCBIC notifies Customs Exchange ratesIndia-UAE trade pact - Last date for application of TRQ extended till May 31Ethanol production capacities up from 421 cr ltrs to 867 cr ltrsI-T - Addition made by AO in absence of any incriminating material, merely on basis of suo-motu disclosure made before ITSC, is not sustainable: ITATUS Senate passes USD 40 bn air package for UkrainePort Blair Airport to get new terminal building by October, 2022I-T - Assessment order, made on basis of statements recorded from third parties that are neither provided nor cross-examination is given to assessee, is bad in law : ITATMonkeypox cases travel from UK, EU to US & Canada nowOmicron BA.4 - First case detected in HyderabadCentre decides to lift Price Capping of Raw JuteI-T- Ad hoc disallowance of telecom expenses can't be made by merely stating that assessee could not justify business expediency : ITATFresh CBI cases against Lalu Yadav & his daughter; Raids roll outI-T - Delay in filing TDS quarterly statements is per se insufficient grounds to impose penalty, more so where reasonable explanation is given to explain such delay : ITATIndonesia decides to revoke embargo on exports of palm oil from next weekDelhi AIIMS says all tests costing under Rs 300 to be provided free from nowFM chairs Annual Meeting of Board of Governors of New Development BankG7 pledges USD 18 bn aid package for UkraineI-T- Reassessment proceedings are invalid as AO fails to indicate how and why assessee has failed to make full and true disclosure of all material facts necessary for assessment : ITATCanada notifies ban on China’s Huawei Technologies & ZTE Corp from 5G NetworksJaishankar says BRICS needs to honour territorial integrity of membersBiden to visit Samsung’s chip plant in Korea - reprieve for Samsung leader Jay Lee from court trialI-T - Additions u/s 153C invalid where no material incriminating the assessee is found in course of search proceedings : ITATOmicron dancing with tall numbers in N Korea - 2.64 lakhs in 24 hours + Daily cases soar to 8000 in New ZealandNational Geographic team sets up weather station on Mt EverestKey rates of China banks go south to buoy up roiled economyCanadian PM says China playing Western nations against each otherI-T- Addition for bogus purchases should be restricted to gross profit involved in such purchases : ITATPM going to Japan to attend Quad; to have bilateral talks with BidenCX - The power exercised by authority by issuing Demand-cum SCN is a statutory power conferred upon respondent authorities under Section 73 of FA, 1994 and as such issuance of SCN cannot be said to be without jurisdiction: HCInflation - Not 'wet-bulb conditions' thus far!Cus - As importer of goods will sell the goods after import, importer cannot file application to decide that such goods are being purchased as waste & scrap: HCDebroy releases State of Inequality in India ReportCX - Only arrears of land related revenue were to be borne by Purchaser and therefore outstanding amount of the previous owner cannot be realised from assessee: CESTATCustoms Duty on the mysterious washed ashore chariotCus - The review order passed by department is beyond the time-limit prescribed under section 129D (3) of Customs Act, 1962 and therefore appeals filed before Commissioner (A) are time-barred: CESTATCERT-In releases FAQs to address queries on Cyber Security DirectionsST - Since the amount deposited by appellant during audit is lying with Department as revenue deposit and for such amount there is no question of any limitation as provided under Section 11B, appellant is entitled to refund of said amount: CESTAT400 GIS-based maps ready under PM GatiShakti: GoyalCus - Procedure for export starts with filing of checklists on ICEGATE portal, if same is not backed by proper shipping bill within 15 days, checklist gets purged - It is not understood how the issuance of checklist by Customs Broker was a fraud under Customs Act: CESTAT
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