News Update

Tax rate reduced w.e.f January 2019 - Respondent reducing cinema ticket prices from 11.03.2019 and later increasing same from May 2019 which increase cannot be correlated to s.171 - Profiteering only during the period up to 10.03.2019: NAASales figures of BOGO Offer rolled out on World Sandwich Day excluded while arriving at the profiteered amount - in similar cases, DGAP had included the same, therefore, the present computation is an aberration and unacceptable - reinvestigation ordered: NAACus - Alleged non-submission of Bank Realization Certificate after receipt of remittance on successful completion of an export cannot be construed to be a government due: HCCus - When Respondents had already issued licence and granted partial benefit under Target Plus Scheme, there cannot be any valid and justifiable reason for non-release of balance amount of benefit which has now become due: HCIBC - In order to avoid any confusion and divergence of opinions expressed by different HC it is better that interpretation of provisions of IBC is taken up by SC: SC (See 'http://tiolcorplaws.com/')Cus - Article 226 is not meant to short-circuit or circumvent statutory procedures - no acceptable explanation for not having resorted to alternative remedy provided in statute - Petition dismissed: HCGST - Whole objective of digitization is to convenience taxpayers and not to harass them - merely because there were no technical glitches on GSTN side, transitioning of credit could not have been rejected by IT-GRC: HCMethodology adopted is not in line with that adopted by the DGAP himself in similar cases of profiteering wherein average pre-rate reduction base prices have been compared with actual post rate reduction prices to compute profiteered amount - re-investigation ordered: NAASteps being taken to moderate prices of pulses, onions & potato: GoyalCOVID-19 - Belgium goes for 6-week lockdown of non-essential activitiesMassive undersea quake of 7-magnitude kills many in Turkey & GreeceKVIC launches Muslin fabric masks for DiwaliSCN u/s 143(2) issued at the old address of taxpayer is void ab initio, if it was issued at the old address even though the AO was made aware of the new address: ITATIncome tax raids contractors in Bihar; seizes cash & FDsWhere expenses are incurred in respect of a capital asset, such expenses do not mechanically become capital in nature: ITATAtmanirbhar Bharat is about relying on private sector: CEACX - As the order was passed by the authorities below before issuance of s.11C notification, matter is remanded to determine applicability of the exemption notification: CESTATCus - 228-day delay in filing appeal is condoned where assessee's employee who was handling the matter, indulged in theft & left the assessee's employment without informing anybody, leading to disruption of normal functioning of the office - Cost of Rs 1 lakh imposed on assessee: CESTATFinance Commission concludes deliberationsGovt working on production-linked sops for more sectorsOfficers who are invested with powers u/s 53 of the NDPS Act are 'police officers' within the meaning of s.25 of the Evidence Act: SC by MajorityCus - 200% Customs duty on imports from Pakistan not applicable as goods entered territory of India prior to the issuance/uploading of the notification 5/2019-Cus dt. 16.02.2019 at 8.45 pm: HCIDS - Input Services & capital goods - Awaiting their fateCus - Kerala gold smuggling case - Power of Customs Department to question applicant u/s 108 cannot be curtailed by granting anticipatory bail: HCStatement recorded u/s 67 cannot be used as a confessional statement in the trial of an offence under the NDPS Act: SC by MajorityCOVID-19 - Second wave is back with vengeance - Over 5 lakh daily global caseload is backFinance Commission to submit its report to President of India on Nov 9ITR filing - CBDT extends due date including that of Audit reportCOVID Effect - Devolution of taxes - States get Rs 51K Crore less so farPakistan wittingly admits a hand in Pulwama terror attackCX - Once the proportionate reversal of CENVAT credit takes place, it tantamounts to non-availing of credit: CESTATCus - Ignorance of law and cooperation in investigation are mitigating factors & per se cannot take away the guilt of attempting to bring goods into India without payment of duty: CESTAT'Filthy Air' Saga - Is it not a case of Pot calling Kettle black!GST - DGGI nabs man accused of Rs 392 Cr ITC fraud
 
'Lost Decade' if austerity dominates winning policy space: UNCTAD

By TIOL News Service

GENEVA, SEPT 23, 2020: THE UNCTAD's Trade and Development Report 2020, launched yesterday, has stressed that in the face of a deep global recession amid a still unchecked pandemic, the world needs a global recovery plan that can return even the most vulnerable countries to a stronger position than they were in before COVID-19.

According to the report, key to success will be tackling a series of pre-existing conditions that were threatening the health of the global economy even before the pandemic hit.

They include hyper-inequality, unsustainable levels of debt, weak investment, wage stagnation in the developed world and insufficient formal sector jobs in the developing world.

UNCTAD Secretary-General Mukhisa Kituyi said: "Building a better world require smart actions now. The lives of future generations, indeed of the planet itself, will depend on the choices we all take over the coming months."

Drawing lessons from the global financial crisis, the report argues that recovery and reform, at both the national and international levels, must go hand in hand if building back better is to move beyond sloganeering and become the lodestar of a more resilient future.

It shows that a big public investment push with effective international support and coordination could all but double the global growth rate over the next decade along with improved debt sustainability and a fairer distribution of income.


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