News Update

CBIC amends tariff value of silver; No change for other commoditiesHigh Level Official Delegation from Mauritius visits National Centre for Good GovernanceGovt hikes Minimum Wages vide enhanced VDA for unorganised workersTRAI mandates whitelisted URLs, APKS, or OTT links for SMS TrafficGST - Rule 86A is not a machinery provision for recovery of tax - Order can be passed only if ITC is available in the taxpayer's ECL - No negative blocking: HCFrance backs India’s membership to Security CouncilGST - No opportunity of personal hearing as was requested while replying to SCN was given - Order set aside: HCJaishankar calls for reforms of WTO, G20 & UNGST - Goods were purchased from SAIL by a third party who sold to petitioner and who subsequently re-sold to consignee - No justification for detention on ground that correct documents were not travelling with truck: HCFamily of 5 found dead in car in TN; Suicide suspectedAlternative Global Value Chain - Is India going to be 'Next China'!IMF okays USD 7 bn loan to support Pak’s sinking economyCus - Unreasoned order - Order spoke for itself - Revenue counsel tries his best to justify order but in the end had to throw in the towel: HCBombay HC quashes govt clearance given after construction in Coastal areaPrevent misuse of s.114AA of Customs ActBrazil keen to ink trade deal with EUGST - Existence or otherwise of principal place of business - A taxpayer's registration cannot be cancelled solely on the basis of some general queries/enquiries from random persons, of which there is no record: HCHarris promises tax credit and investments to US manufacturersCBIC notifies HAG benefits to 22 IRS officersNukes may deflect asteroid threatening earth: ScientistsAfter Iranian death threat, Trump says Iran should be torn into piecesIndia, Australia working to strengthen ECTA through CECA: GoyalUS Intel suggests Russia has secret war drones factory in ChinaSurvey reveals 31% Indians now use e-com platforms for ordering groceryIndia's coal imports see marginal increase amid surge in Power Generation
 
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Ahmedabad, August 11, 2017
I-T - Payment by company in form of loan/advances to any concern whose share holder is a member having substantial interest, would be construed as 'deemed dividend': HC
 
New Delhi, August 11, 2017
I-T - 'House property under construction', would not satisfy essential criteria of 'residential accomodation', for purpose of claiming deduction u/s 54F: ITAT
 
New Delhi, August 11, 2017
ST - Inward or outward remittance is regulated by RBI - payment received in INR is deemed to be convertible forex in view of FEMA regulations : CESTAT
 
New Delhi, August 11, 2017
CX - Since goods are not consumed in production of other articles, question of ascertaining AV by referring to cost of production would not arise: CESTAT
 
New Delhi, August 10, 2017
ST - There is no service element attributable to consideration received as marketing margin: CESTAT
 
Chennai, August 10, 2017
I-T - Surplus arising upon amalgamation of subsidiary with its parent company, is non-taxable u/s 28(iv): ITAT
 
Ahmedabad, August 10, 2017
I-T - Tax Recovery Officer cannot prevent Bank as a secured creditor from realizing their unpaid dues through sale of secured assets: HC
 
Mumbai, August 10, 2017
Cus - Once LOP is obtained by EOU, no further license is required as LOP is authorization for all purposes: CESTAT
 
Mumbai, August 10, 2017
CX - EOT Cranes received in two parts under two invoices cannot be treated as two different items for denying credit: CESTAT
 
Ahmedabad, August 09, 2017
Gujarat HC Larger Bench upholds Division Bench decision in Vodafone MAT case; rules if assessee provisions amount for bad debts and reduces corresponding sum from loans in books, it amounts to write-off and it is not hit by Clause(i) to Explanation 1 to Sec 115JB
 
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TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

AR not Afar by SK Rahman



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