News Update

CBIC notifies Customs exchange rates w.e.f March 05, 2021India sees COVID-19 cases spike, records over 17,000 daily infectionsBengaluru, Shimla top list of cities in Ease of Living Index 2020ST - What is of essence under the SVLDRS is an admission of tax dues by the declarant before the cut-off date which need not be of the exact same figure upon determination by authorities post 30.06.2019: HCCus - Issues raised are not purely questions of law, but mixed questions of fact, which would require a process of adjudication - appellant should avail alternate remedy available: HCCus - It is not in all cases where there is an alternate remedy, it can automatically be held that a writ is not maintainable: HCGST - Alcohol-based hand sanitizers do not qualify as medicaments & are classifiable classifiable under Heading 3808 under Customs Tariff Act - 9% CGST + 9% SGST payable thereon: AARGST - 5% tax payable for supplying food inside restaurant situated in zoological garden, if separate registration is taken for such restaurant - ITC to be reversed u/s 17 of CGST Act if common account maintained for all premises: AARGST - Attachment of Bank accounts - 15000 employees awaiting their salary - what is critical is whether the properties offered as security are unencumbered and whether company is in possession of the original title deeds: HCGST - Jt. Commr . of Commercial Taxes (A), without application of mind, has proceeded to reject the appeal which is arbitrary and in contravention of principles of natural justice - Order set aside: HCEnsure India's global recognition as a quality conscious nation: Piyush GoyalDigital India will unite urban India with rural Bharat: Sanjay DhotreBharat Biotech announces Covaxin Phase 3 results, says interim vaccine efficacy of 81 per centCBIC promotes 3 officers as Pr Chief Commissioner on in-Situ basisGST - Goliath 'retired' from Revenue Lexicon without retyring 'Due Date'!I-T - Statement recorded u/s 132(4) can't alone constitute incriminating material for carrying out assessment u/s 153(A): HCI-T - Disallowance u/s 14A r/w 8D(2)(iii) should be restricted only to percent of average investment income which is exempt, irrespective of whether such exempt income is received during relevant AY: HCI-T - When assessee claims to be involved in a manufacturing business, inspection of assessee's facility is a pre-requisite to understand nature of activity and only then proceed with assessment: HCTNVAT - Denial of ITC in respect of sales made to an EoU, is unsustainable, where relevant provision in TNVAT Act provides two options to either claim ITC or have it adjusted: HCGST Linked Incentive to J&K - A few questions - GST - An agenda for reforms - Part - 99ITC fraud - Gandhinagar CGST finds 68 fake units linked to Mumbai-based corporateAnti-dumping duty on phenol extended till June for imports from certain countriesDouble taxation - CBDT lays down procedure to deal with taxpayers' painWTO's Okonjo-Iweala 'ready to go' as she pushes for fisheries dealExpenses incurred in relation to earning of taxable income cannot be disallowed as direct expenses relating to earning of exempt income: ITATPenalty imposed is unsustainable where SCN omits to mention the specific provisions of Sec 271(1)(c) which had been contravened: ITATInsurance premium paid by employer for employees' family members, is allowable as business expenses, more so where the same was allowed in earlier AYs: ITATVAT - Transactions entered into by assessee were baldly held as taxable at higher rate, without examining relevant documents furnished by assessee - case remanded for reconsideration: HCUS House approves police reform bill - bans chokeholds & no-knock warrantsDouble taxation - CBDT lays down procedure to deal with taxpayers' pain   
Cabinet approves Rs 5,281Cr investment in Ratle Hydropower Project in J&K

By TIOL News Service

NEW DELHI, JAN 20, 2021: THE Cabinet today has given its approval for the investment of Rs.5281.94 crore in the 850 MW Ratle Hydro Electric Project located on the Chenab river in the Kishtwar district of Jammu and Kashmir, despite threats from Pakistan.

The Cabinet chaired by Prime Minister Mr Narendra Modi has sanctioned the project despite Pakistan's objections that it would take the issue to the International Court and the World Bank, arguing that it violated the Indus Water Treaty.

A new Joint Venture Company (JVC) will be incorporated between the National Hydroelectric Power Corporation (NHPC) and the Jammu and Kashmir State Power Development Corporation Limited (JKSPDC) with equity contribution of 51 per cent and 49 per cent, respectively, said the Cabinet.

"Government of India is also supporting the union territory of Jammu and Kashmir by providing grant of Rs. 776.44 crore for equity contribution of JKSPDC in the JVC to be set up for construction of Ratle. NHPC shall invest its equity Rs.808.14 crore from its internal resources," said an official statement.

In a press conference in Jammu, Lieutenant Governor Mr Manoj Sinha said the project will be commissioned within five years and will create 4,000 jobs directly and indirectly, contributing to the overall socio-economic development of the territory.

The power generated from the project will help in providing balancing of grid and will improve the power supply position, said the Cabinet.

"Jammu and Kashmir will be benefitted by getting free power worth Rs. 5,289 crore and through levy of water usage charges worth Rs.9,581 crore from Ratle Hydro Electric Project, during the project life cycle of 40 years," it stated.

Then-Prime Minister Mr Manmohan Singh had laid the foundation stone of the Ratle project in 2013 with the project set to be completed by 2018, but it was stalled due to Pakistan's action. Once the project construction restarted in 2019, it once again ground to a halt due to the unilateral withdrawal by the developer.