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, November 22, 2015
CX - Removal of inputs damaged in flood as scrap - goods not cleared clandestinely - without any intention, respondent has already suffered huge loss because of natural disaster, therefore, it will be very unfair to ask for penalty - Revenue appeal dismissed: CESTAT
 
Kuala Lumpur, November 21, 2015
OECD Economic Outlook predicts robust growth in Emerging Asia
 
Mumbai, November 21, 2015
ST - Notfn. 29/2004 - Overdraft facility, cash credit facility, discounting of bills are not 'exempted service' as defined under rule 2(e) of CCR, 2004: CESTAT
 
New Delhi, November 20, 2015
Corporate Tax reduction: Incentives to be phased out or substantially reduced under Sections 10AA, 32, 35AD, 35AC, 80IA & 80IB
 
Mumbai, November 20, 2015
ST - Appellant borrowing, by way of 'syndicated loans' for acquisition & capital expansion, from overseas banks - Arrangement fee paid to banks is taxable under reverse charge under Banking & Other Financial services: CESTAT by Majority
 
Mumbai, November 20, 2015
CX - AR wants more pre-deposit, says what is already paid during investigation is not to be taken cognizance of while computing pre-deposit amount of 7.5% - Tribunal disagrees and holds that it cannot go beyond mandate of statute
 
Kolkata, November 20, 2015
I-T - Whether passing of title in goods is critical determinative factor to decide question whether franchisee was acting as agent or working on principal to principal basis - YES: ITAT
 
Chennai, November 20, 2015
Simultaneous availment of SSI exemption and MODVAT/CENVAT on inputs used in goods cleared on payment of duty is permissible: CESTAT
 
New Delhi, November 19, 2015
Pay Commission recommends salary range of Rs 18K to Rs 2.5 lakh per month; to cost Rs 1.02 lakh crore to Exchequer
 
Mumbai, November 19, 2015
ST - Sec 26 of SEZ Act conferred with primacy that cannot be denied owing to delay in devising facilitative mechanism that was agreeable to Revenue - Notf 9/2009 puts in place procedure for refund: CESTAT
 
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