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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New Delhi, January 05, 2017
COFEPOSA - Detention valid even if one of many grounds is not sustainable, but other grounds are: Supreme Court
 
Mumbai, January 05, 2017
ST - In Works contract, there cannot be vivisection and calculation of tax under various categories of services - Appeal allowed with consequential relief: CESTAT
 
Bangalore, January 05, 2017
I-T - Whether each co-owner of joint property is obligated to offer capital gains tax on consideration received from sale of such property, in proportion to their shareholding - YES: ITAT
 
New Delhi, January 05, 2017
CX - Confiscation - Betel nut, being non-excisable commodity, not liable for confiscation under Rule 25 : CESTAT
 
New Delhi, January 04, 2017
Income tax - Whether provisions of deemed dividend Section 2(22)(e) get attracted even if HUF itself is not the registered shareholder - YES: SC
 
Mumbai, January 04, 2017
CX - Goods which are being cleared under Chapter X procedure have not suffered any duty payment - MODVAT Credit taken on inputs in r/o such goods is incorrect and has to be reversed: HC
 
Mumbai, January 04, 2017
CX - Clause (vi) of Notf 67/95 mandates that benefit is available if obligation prescribed in rule 6 of CCR is discharged - since appellant satisfies rule 6(1), benefit of Nil duty in r/o boxes manufactured for packing exempted toys is available: CESTAT
 
New Delhi, January 04, 2017
ST - Although non-compliance with s.78 does not per se invalidate penalty, given that option was not granted, and appellant had deposited substantial amount at adjudication stage, limited relief is justified: HC
 
Ahmedabad, January 04, 2017
I-T - Whether wrong grant of exemption by AO during assessment, can be sole basis to reopen such assessment beyond period of four years - NO: HC
 
Allahabad, January 04, 2017
ST - Refund - up-gradation activity undertaken by appellant of defence aircrafts did not amount to providing of Maintenance & Repair Services - since tax was not due to Exchequer, amount deposited as ST to be refunded: CESTAT
 
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