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, January 16, 2014
CX - Valuation - Catalogue products and promotional products not issued in same pack, hence cannot be called a combination package - Promotional products are to be valued based on rule 4 - Demand upheld along with penalty: CESTAT
 
Ernakulam, January 16, 2014
Income tax - Whether when assessee accepts loan in cash, exceeding limit u/s 269SS, and when source of funds is not withdrawal from banks, such loan may be construed as black money and same attracts penalty u/s 271D - YES: HC
 
New Delhi, January 16, 2014
Cus - import of mobile phones - No basic duty or CVD on product - SAD is refundable - even if value is enhanced higher duty is refunded - Revenue neutral - Stay granted: CESTAT by Majority
 
New Delhi, January 15, 2014
CCEA grants four-yr extension to Industrial Incentive package for HP & Uttarakhand
 
New Delhi, January 15, 2014
ST - renting of vacant land for construction or a temporary structure for use at later stage in furtherance of business is taxable service only from 1.7.2010 and not earlier to this date - Matter remanded: CESTAT
 
Hyderabad, January 15, 2014
Income tax - Whether when assessee pays excess tax, interest on refund is to be calculated from date of payment of tax till date of grant of refund - YES: HC
 
Mumbai, January 15, 2014
CENVAT - Appellant receiving base oil for storage & taking credit - without using same, later clearing it to importer upon reversal of credit - Credit not available ab initio as goods were not for use in manufacture of excisable goods: CESTAT
 
New Delhi, January 14, 2014
NHAI public issue of tax-free bonds to open on Wednesday
 
New Delhi, January 14, 2014
India, Canada sign Letter of Intent for cooperation in Iron and Steel Sector
 
New Delhi, January 14, 2014
Govt provides ECB leg-up to USD 800 mn MRO industry
 
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