News Update

Power of revision u/s 263 cannot be exercised solely because in original assessment order, AO relied upon precedent judgment which was subsequently reversed: HCDisallowance of R&D expenses claimed u/s 35(2AB) is untenable, where no reasons are recorded in respect of such claims: HCFailure to comply with directions in notice issued u/s 142(1) is a technical default at best & for which penalty u/s 271(1)(b) cannot be imposed: ITATRegistration u/s 12AA cannot be denied to Trust where its objectives are undisputedly charitable in nature & if all records of corpus donation received & assets purchased, are submitted: ITATOver 100 farm workers massacred by armed militia in NigeriaIncome tax raids IT SEZ developer; seaches 16 premises in Chennai, Mumbai & Hyderabad Chennai Airport Customs seizes gold worth Rs 1.57 Cr from pax coming from Dubai30 Afghan security personnel killed in car bombingHigh-Voltage Panel discusses inputs for STPI 2020 policyLustrous FDI inflows in Q2 - Gujarat bags maxLife certificate by pensioners - EPFO extends time limit till Feb-endCOVID-19 Vaccine - PM visits manufacturing plants; praise scientists for exemplary workJammu & Kashmir DDC elections - Over 52% turnout recorded in Phase-IModi visits Serum Institute in PuneModi congratulates Bharat Biotech for progress in Covaxin trialsEPFO extends deadline to submit life certificate by pensioners till Feb 28GST Compensation - Punjab also opts for Option-1; to get Rs 8359 CroreDGGI arrests Haryana-based illegal manufacturer of cigarettes for evading taxes worth Rs 129 CrorePM talks about COVID vaccine development with UK PMPM Modi reviews vaccine development at Zydus Cadila facilityMinistry proposes nomination facility at the time of vehicle registration900 compressed biogas plants to be set up in IndiaCalicut Airport Customs seizes gold worth Rs 77 lakh, concealed inside battery case of a Geepas Bluetooth speakerIndia plunges into technical recession with Q2 GDP at -7.5%Re-assessment proceedings are vitiated where assessee is not provided with reasons for initiating the same: ITATCX - Application seeking review of Tribunal's order, under guise of rectification of mistake, is not sustainable: CESTAT


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