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, May 23, 2016
Cus - SCNs issued to Petitioners, more than 18 months after Dy DGFT exonerated them of very same allegations is nothing but harassment and an abuse of process of law: HC
 
Allahabad, May 22, 2016
States urged to exempt pulses from VAT and other local taxes; Paswan favours imposition of stock limits by all States
 
Allahabad, May 22, 2016
CX - SSI exemption - Plea that declarations which assessee claimed to have filed were actually not filed was not taken up for 7 years during process of appeal - No explanation whatsoever given as to why such a plea was not taken up at first instance: HC
 
Mumbai, May 21, 2016
Cus - Crude Palm Kernel oil which requires further refining before usage may be classified as intermediate & covered by DFRC licence - DGFT has clarified that palm oil is an input for manufacture of biscuits - benefit of 46/2002 available: CESTAT
 
Chennai, May 20, 2016
CX - Unutilised credit is admissible as refund under Rule 5 on closure of unit - State should not be enriched at cost of citizen: CESTAT
 
Mumbai, May 20, 2016
Cus - Redemption fine - In absence of any statutory provision, miscellaneous application for stay of impugned order or for waiver of pre-deposit of any amount cannot be entertained: CESTAT
 
Kolkata, May 20, 2016
I-T - Whether invocation of powers u/s 263 is justified when CIT had reasons to believe that it could be a case of money-laundering and AO failed to conduct proper investigation - YES: HC
 
Mumbai, May 20, 2016
ST - If an amount paid by appellant to Alan Van Niekerk is considered as salary by IT Dept., it cannot be held by ST Dept., another branch of MF, DR, as amount paid for consultancy charges and taxable under FA, 1994: CESTAT
 
New Delhi, May 19, 2016
Cus - Power under Article 226 is only to ensure that authorities whose action is subject matter of judicial review, have acted in accordance with law: High Court
 
New Delhi, May 19, 2016
I-T - Whether when assessee's closed unit was rehabilitated under sanctioned Scheme but assessee sold property without taking prior approval of Board, it would amount to alteration of scheme and assessee loses rights to seek extension of Scheme - YES: SC
 
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