News Update

Govt hosts International Sugar Organisation meet; balancing consumers' & farmers' interests on agendaWikiLeaks founder Julian Assange pleads guilty in plea bargain deal with US; secures freedom after years of hidingHub & spoke model in textiles industry could enhance manufacture: Giriraj SinghLok Sabha Speaker’s election to be held today; Om Birla, K Suresh in frayGovt inaugurates Quantum Security Lab for enhanced R&D in cyber security, cryptology, quantum & network securityIsraeli Supreme Court overturns exemption from military service for ultra-orthodox Jewish seminary studentsCouncil for Ayurvedic Sciences inks MoU with WHO on research in traditional medicineProtests in Kenya over tax rate hike turns violent; 5 killed as protestors breach parliamentPoland launches ‘Holiday with Army’ recruitment drive; eye on RussiaThanneer ThanneerShinde directs Pune cops to demolish all illegal pubsI-T - Assessee's additional income is taxable as 'Business Income and no addition is needed u/s 69: ITATTax protests intensify in Nairobi - 5 killed & 30 wounded in police crackdownI-T- Assessee is entitled to claim of deduction u/s 80P(2)(d) towards interest earned on deposits with cooperative banks : ITATChennai Airport Customs arrests 10 pax for smuggling gold worth Rs 8 CrI-T- Section 69A is not applicable to transactions which are recorded in books of accounts maintained by assessee : ITATManhattan Judge eases gag order against Trump in hush-money caseI-T- Order rejecting approval u/s 80G is valid where the same is cryptic in nature & where it omits to make any reference to Section 80G or rules thereunder : ITATBrazil court rules possession of marijuana for personal consumption not a crimeI-T- The benefit of indexed cost of acquisition is applicable to an assessee while computing capital gain for the purpose of computation of book profit u/s 115JB of the Act: ITATTrudeau’s party loses by-polls in strongholdsI-T- Since assessee has filed audit report much after assessee had e-filed Form 10CCB, therefore, claim of deduction ought to have been granted : ITATPhilippines warns of region-wide conflict over South China SeaI-T- Once the timeline prescribed for filing in Form No.10AB for recognition u/s.12A of the Act, has been extended, same need to be treated as extended for forms viz., Form No.10AB for renewal of approval/recognition/registration under Clause (iii) of first proviso to sub- sec.(5) of Sec.80G of Act: ITATRussia, Ukraine exchange 90 prisoners of warCus - The refund was granted within 3 months as prescribed under Section 18 (4) of the Act, appellant is not entitled to any interest in view of statutory provisions: CESTAT50 drugs including paracetamol fail quality standardsCX - Appellant is eligible for Cenvat Credit of input and input services which are used in export of goods and are exempted from payment of Central Excise Duty: CESTAT
 
Wheat procurement in 2024 exceeds past year figures; foodgrain requirement & use in welfare schemes met comfortably

By TIOL News Service

NEW DELHI, MAY 24, 2024: PROCUREMENT of Wheat during RMS 2024-25 is going on smoothly in the major  procuring States across the country. 262.48 LMT of wheat has already been procured so far this year in Central Pool surpassing last year's total procurement of 262.02 LMT.

A total of 22.31 lakh farmers have been benefitted during RMS 2024-25 with  total MSP outflow to the tune of Rs. 59,715 crores. Major contribution in the  procurement came from five procuring states Viz. Punjab, Haryana, Madhya  Pradesh, Rajasthan and Uttar Pradesh with procurement of 124.26 LMT, 71.49 LMT, 47.78 LMT, 9.66 LMT and 9.07 LMT respectively.

The rice procurement is also progressing smoothly. 728.42 LMT paddy equivalent to  489.15 LMT of rice has been so far procured directly from 98.26 Lakh farmers  during KMS 2023-24, with total MSP outflow of approx. Rs. 1,60,472 crores.

With above quantity of procurement, the combined stock of wheat and rice at present in Central Pool surpassed 600 LMT which puts the country in a comfortable position to meet out its requirements of food grains under PMGKAY and other welfare schemes and for market interventions too.


POST YOUR COMMENTS
   

TIOL Tube Latest

Shri Harivansh Narayan Singh, Deputy Chairperson of the Rajya Sabha, addressing the gathering.



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.