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Sale of building constructed on leasehold land - GST implicationI-T - If assessee is not charging VAT paid on purchase of goods & services to its P&L account i.e., not claiming it as expenditure, there is no requirement to treat refund of such VAT as income: ITATBengal Governor restricts entry of State FM and local police into Raj BhawanI-T - Interest received u/s 28 of Land Acquisition Act 1894 awarded by Court is capital receipt being integral part of enhanced compensation and is exempt u/s 10(37): ITATCops flatten camps of protesting students at Columbia UnivI-T - No additions are permitted on account of bogus purchases, if evidence submitted on purchase going into export and further details provided of sellers remaining uncontroverted: ITATTurkey stops all trades with Israel over GazaI-T- Provisions of Section 56(2)(vii)(a) cannot be invoked, where a necessary condition of the money received without consideration by assessee, has not been fulfilled: ITATGirl students advised by Pak college to keep away from political eventsI-T- As per settled position in law, cooperative housing society can claim deduction u/s 80P, if interest is earned on deposit of own funds in nationalised banks: ITATApple reports lower revenue despite good start of the yearI-T- Since difference in valuation is minor, considering specific exclusion provision benefit is granted to assessee : ITATHome-grown tech of thermal camera transferred to IndustryI-T - Presumption u/s 292C would apply only to person proceeded u/s 153A and not for assessee u/s 153C: ITATECI asks parties to cease registering voters for beneficiary-oriented schemes under guise of surveysST - Since Department itself admits that service carried out by appellant is that of 'Mining Services' w.e.f. 01.06.2007, thus demand for earlier period has been made only to fasten excess Service Tax demand on appellant which cannot sustain: CESTATICG rescues fisherman with head injury onboard IFB St. Francis off the Gujarat coastCX - When physical stock verification carried out by Officers was not fool proof and there were anomalies, benefit of doubt should be extended to assessee, duty demand confirmed on alleged clandestine removal is not sustainable: CESTAT
 
Inclusive economic growth is central to Development in India: V-P

By TIOL News Service

HYDERABAD, OCT 26, 2017: THE Vice President, Mr M Venkaiah Naidu, has said that inclusive economic growth is central to development. He was addressing the inaugural session of the Entrepreneurs' Organisation Global University Conference 2017, in Hyderabad yesterday. He said that ‘Skill India’, ‘Start up India’ and ‘Make in India’ initiatives will nurture entrepreneurship in the country. There will be no red tape, only red carpet, for investors, he said in a lighter vein. He further said that both Demonetisation and implementation of Goods and Service Tax (GST) would augur well for the country in future. These revolutionary steps would bring more revenue for the government, which can be spent on welfare programmes, he added.
 
The Vice President said that LPG - 'Liberalisation, Privatisation and Globalisation' are the order of the day. He exhorted the youth to work with courage, competence, confidence and commitment.
 
The Vice President said, "The theme of this conference is ‘Jugaad’ or what we can call ‘improvisation’ and we have to create more opportunities with the scarce resources." He dwelt upon certain examples such as building of the ‘Rama Setu’ by Sri Rama to cross over to Lanka. He also mentioned the design of the Nano car, the Dabbawallahs of Mumbai who deliver 2 lakh lunch boxes daily and Mr Sonam Wangchuck’s ice stupas or artificial glaciers in Ladakh that provide water to farmers when they need it most.
 
The Vice President said that the financial sector has seen innovation event and three years ago, there were only 15 million bank accounts in a country of 1.2 billion people. The country wanted a change and today more than 50 million people are now connected and part of the modern financial system. How did it happen? It was again a ‘Jugaad,’ backed by a very small and noble thought that if people won’t come to banks then let banks go to the people, he added.
 


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