News Update

Inflation: Is it really 'Taxation without Legislation'!Refund of unutilised ITC in case of exports on CIF basis- A deep diveI-T - Lack of enquiry by AO during course of assessment proceeding, renders such assessment order erroneous & prejudicial to interest of Revenue, warranting revisionary interference: ITATInformation related to Pax Name Record to help Customs preventive activitiesI-T - Accounting standard followed by assessee for apportionment of expenses between 10A units and non-10A units cannot be faulted, without bringing on record any adverse material: ITATIREDA plans Alternate Investment Fund to tap large institutional investorsI-T - Once insolvency proceedings commence, all litigation is to be pursued by Resolution Professional appointed by Committee of Creditors & not by insolvent company : ITATGovt stitches Action Plan for introduction of CheetahI-T - In absence of contrary proved by Revenue and following order passed by Tribunal in previous year in assessee's own case, administrative service charges can be allowed :ITATECI organizes knowledge transfer conference of Chief Electoral OfficersI-T - Actual sale deed merits to be considered for purpose of ascertaining capital gain u/s 50C: ITATA fresh vortex of heatwaves roil BritainI-T - No tax is required to be withheld in respect of any payment which is reimbursement of expenditure: ITATWorld foxed by spread of monkeypox in 80 countries - 9500 cases in US + 5100 in Spain + 3000 in UKI-T - Payment made for subscription services and use of software can be allowed as Revenue Expenditure : ITATLangya Virus found in over 35 patients in Eastern China; Scientists keeping close watchI-T - If no incriminating material was unearthed during search, no additions can be made to income already assessed: ITATISRO successfully test-fires Low Altitude Escape Motor of crew escape system for Gaganyaan + China launches 16 satellites into orbitCX - Steam is generated in course of manufacture and a bye product emerging in course of manufacture cannot be treated as a manufactured product for purpose of Rule 6 of Cenvat Credit Rules: CESTATGujarat Govt unveils Drone Policy to create jobsST - Service tax would not be leviable on late payment surcharge, meter rent charge and supervision charges: CESTATInflation fear contained; US to stop talking about trimming tariff on Chinese goodsCus - When there is nothing against appellant save and except that he has introduced importer and IEC holder, none of condition as stipulated in Section 112(b) of Customs Act is attracted for imposing penalty: CESTATCOVID - Daily death toll - 284 in US; 250 in Japan; 145 in Italy & 133 in AustraliaUS, India seek UNSC sanctions on Pak terror group JeM; China invokes ‘holds’ provisionCopter of Panama Presidential candidate crashes in jungle; help sought through social mediaNY mulling huge congestion tax from next yearNo takers for Pakistani bonds - debt default lurkingCoal India declares Rs 8800 Cr jump in Q1 net profitIndia hopes to export ethanol-blended petrol from April 2023Digital loans - RBI lays down stiff guidelinesSec 10(23C) read with Sec 12A - CBDT prescribes documents to be maintainedImport of non-ferrous metal - Monitoring system - Advance registration abolishedJustice Uday Umesh Lalit appointed as 49th CJIIncome Tax raids business group operating from MP & MumbaiMoF releases two instalments of tax devolution to States amounting to Rs 1.2 lakh CrCabinet okays Addl protocol to Constitution of Universal Postal UnionGST vision for New India - through CAG's eyesCBIC v CAGUse DIN to Reform GST Administration
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