News Update

PM announces Rs 1000 Cr Startup India seed fundAmerica imposes fresh sanctions on companies from China & UAE for doing business with IranFacebook, Instagram uncork Trump’s blocked accountsMeerut CGST detects Rs 25 Cr ITC fraud through a funnel of non-existent firmsIncome tax - CBDT directed to pass reasoned order on why due dates cannot be extended: HCGST - Petitioner liable to pay penalty u/s Section 122(xiv) within a period of one month: HCCST - Case to be remanded if demand is raised sans looking into reasons for not furnishing C Forms: HCOutgoing Trump Administration issues order to slash procurement from China to cut risk of espionage'Let's defeat COVID-19': PM Modi launches India's vaccination driveGST - Chocolate Milk Powder made by blending white milk powder with cocoa, is classified under Tariff heading 1806: AARGST - Sale of developed plots of land is covered under scope of Construction Services & will attract levy of GST: AARGST - When computing total rental income, notional interest earned on security deposit is not to be taken into consideration: AAARIndia's first indigenously designed driverless metro car unveiledWhither CESTAT?An amount which has already been adjusted with dividend amount distributed by company as per Section 2(22)(3), must be excluded from deemed dividend u/s 2(22)(e): ITATDisallowance framed by the AO are not sustainable where no reasons are assigned for the same & where such disallowances are based on surmises alone: ITATAdditions on account of accrued interest are not tenable when no money is received by way of interest or dividend nor the investment amount was returned: ITATSearch assessment cannot be resorted to where no material incriminating the assessee has been seized in course of Search operations: ITATGST - Bulk drugs & intermediate are classifiable under HSN 2919 and attract duty @ 18%: AARGST - Applicant, manufacturer of specialized pneumatic tires, availing exemption under Notfn 79/2017 but paying IGST on imports under Advance Authorisation - Not entitled to refund under Rule 96(10): AARST - Refund admissible after Tribunal tosses out demand based on extended period: CESTATCX - Assessee avails benefits of exemption Notfn 01/10-CE - extended period - Denial of credit barred by limitation: CESTATMega relief for Spice Jet Ltd - CESTAT rules assessee exempted from IGST duty on re-import of repaired aircraftAPEDA holds buyer-seller meet to increase Basmati rice export to AzerbaijanSteel sector will become more globally competitive, export-centric: Dharmendra PradhanIndia's trade deficit widens 23.66% to USD 15.44 bn in December monthGST - ITC fraud - Delhi man arrestedCOVID-19 global death toll - 4.02 lakh in US + 2.08 lakh in Brazil + 1.53 lakh in India + 1.38 lakh in Mexico + 87K in UK + 81K in ItalyDelhi HC to hear petition against WhatsApp’s new data privacy policy on MondayDutch PM resigns over frauds by tax authorities on basis of ethnic profilingCBIC reduces tariff value of gold but hikes same for edible oilsTax sleuths detect concealed income of Rs 450Cr during Kolkata raidsNDPS - UoI's SLP dismissed on limitation for being filed after inordinate delay & in disregard to Law of Limitation - Costs of Rs 25000/- imposed: SC LBSCN to Advocate for recovery of Service Tax - As an interim measure, demand notice stayed until further orders: HC
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