News Update

Storing finished goods in outside godowns - In current era of liberalisation and simplification of law and procedures, recovery of MOT is no longer warranted - refund ordered with interest: HCIncome tax raids IT SEZ developer; seaches 16 premises in Chennai, Mumbai & HyderabadCommon businessman is admittedly having difficulty to understand GST Act and the procedures they have introduced - Interpretation should be done in a way to facilitate business and not in a perverse manner: HCGovt grants Rs 900cr to accelerate COVID-19 vaccine developmentCus - Rectification of mistake - Tribunal inadvertently set aside issue of duty, fine & penalty collected in respect of undeclared goods - Order modified to such extent: CESTATARTPARK in Bengaluru to promote technology innovationsST - Aggrieved party can seek rectification of mistake beyond 6 month limitation period - reasons for delay must be shown & injustice caused by error must be established: CESTATCX - Sale of aerated water bottle crates attracts VAT/Sales Tax - such transaction is deemed sale involving transfer of right to use with effective control & possession of crates - No service tax leviable in such case: CESTATModi's Mann ki Baat: Agricultural reforms opened new doors for farmersPower 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-I


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