News Update

CBIC revises tariff value of edible oils, gold & silverFormer IPS officer Sanjiv Bhatt jailed for 20 yrs for planting drugs to frame lawyerCentre receives Rs 18.5 lakh crore tax revenue upto Feb monthUN says Households waste across world is now at least one billion meals a dayExpert Committee on developing GIFT IFSC as 'Global Finance and Accounting Hub' submits report to IFSCAIndia, China hold fresh dialogue for complete disengagement on Western borders: MEADefence Production issues notification for re-organisation of DGQAThakur says India is prepared for 2036 OlympicsCBDT substitutes Form in ITR-5EV Revolution: Lessons for India to learn from US and China!London court green-signals auction of luxury apartment of fugitive Nirav ModiGovt consults RBI; finalises borrowing plan for first half of FY 2024-25Gadkari says Farmers’ protest is politically-motivatedVP calls upon women entrepreneurs to be 'Vocal for Local'America offers USD 10 mn bounty for information on ‘Blackcat’ hackers after UnitedHealth gets hitI-T- The order of the ITSC can only be reopened in cases of fraud or misrepresentation: HC8 persons including Hezbollah militants killed in Israeli strike on LebanonMacron pillories EU-South Africa trade deal; calls it ‘really bad’ in BrazilThailand’s Lower House okays Bill to legitimise same-sex marriageYellen warns China against clean energy dumpingMilky Way’s central black hole - Twisted magnetic field observedCus - Assessee has not proved beyond reasonable doubt that goods in question imported under air way bills/bills of entry were in fact filed by him and hence the only natural corollary available to Revenue is confiscation of same: CESTATSmall investors help Trump Media’s valuation skyrocket to USD 13 billionJustice Ritu Raj Awasthi joins as Judicial member of Lokpal
 
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Mumbai, March 01, 2018
I-T - Reopening based on fresh materials found during Special Audit report is valid, even after four years of assessment: HC
 
New Delhi, March 01, 2018
ST - Cleaning Service - Train coaches are rolling stock; cannot fall under category of commercial objects - Demand unsustainable: CESTAT
 
New Delhi, March 01, 2018
ST - 'Media monitoring service' may help client formulate certain policies to help them improve their business but has no direct nexus to sales promotion -not taxable under BAS: CESTAT
 
Mumbai, March 01, 2018
I-T - Temporary withholding of business is no reason to disallow genuine expenses incurred for safegauarding corporate structure: ITAT
 
New Delhi, February 28, 2018
I-T - AO's decision to allow claims u/s 80IAB without analysing materials on record and SEZ provisions is fit case for invocation of powers u/s 263: HC
 
Ahmedabad, February 28, 2018
I-T - Revisional powers u/s 264 can be exercised even during pendency of appeal pertaining to same subject matter, if litigant has waived his right to appeal: HC
 
Mumbai, February 28, 2018
Cus - Reward for supplying tax evasion related information cannot be claimed as absolute right; it is subject to CBEC policies: HC
 
Chennai, February 27, 2018
I-T - When Revenue has shown benevolence in granting payment of tax dues in instalments, if assessee misses instalments, it is a fit case for launching prosecution: HC
 
New Delhi, February 27, 2018
ST - Refund - Notfn. 41/2007-ST - Amending notification 33/2008-ST cannot be considered as clarificatory: CESTAT
 
Mumbai, February 26, 2018
I-T - When a claim is made relying on decision of HC or Tribunal, the issue at best becomes debatable in view of contrary decision given by another HC: HC
 
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