News Update

Former IPS officer Sanjiv Bhatt jailed for 20 yrs for planing 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
 
Page 40
Ahmedabad, October 31, 2018
I-T - Approval from STPI without having same ratified by Board of approval is sufficient to claim deduction u/s 10B : ITAT
 
Mumbai, October 30, 2018
ST - Scientific/Technical consultancy service provided for development of drugs to overseas recipient is 'export of service' - refund admissible u/r 5 of CCR, 2004: CESTAT
 
Ahmedabad, October 30, 2018
I-T - If due to change in management part of outstanding loan is waived off, which was never claimed as deduction then provision of S 28 (iv) r.w.s. 41(i) cannot be applied to tax waived amount as revenue income : ITAT
 
Chennai, October 29, 2018
I-T - Power of revision u/s 263 is not contingent upon service of show cause notice to assessee: HC
 
Mumbai, October 29, 2018
I-T - When demand is under dispute and is subject to appellate proceedings, it cannot be enforced upon assessee: HC
 
Kolkata, October 29, 2018
I-T - Re-investment of capital gains in Commercial-cum-residential building is also eligible for deduction u/s 54F but only for residential portion: ITAT
 
Mumbai, October 29, 2018
CX - CSR activity can be considered as Input service since included within definition of 'activities relating to business': CESTAT
 
Mumbai, October 27, 2018
I-T - For computing capital gain on sale of property, period of holding is not to be taken from date of possession of flat but it starts when option is exercised for purchase of flat or from date of booking of flat : ITAT
 
Bangalore, October 26, 2018
I-T - When AO's findings clearly establish circuitous route adopted by assessee to manipulate price of penny stocks, assessee is not entitled to claim exemption u/s 10(38) for capital gains: ITAT
 
Mumbai, October 26, 2018
ST - Not much difference between pre and post-amended definition of 'exempted services' - explanation is only clarificatory: CESTAT
 
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