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, June 27, 2018
CX - CENVAT - Dismantling of cement & brickwork, excavation for foundation, plastering is an Input service: CESTAT
 
New Delhi, June 26, 2018
I-T - Without reasonable cause, delay in filing quarterly TDS statements by Govt organisation cannot be ignored merely because it deposited TDS amount in Govt account: ITAT
 
Ahmedabad, June 26, 2018
Income Tax - Additions based on SCN issued by Excise department must be set aside where CESTAT resolves matter in favor of assessee: HC
 
NewDelhi, June 26, 2018
I-T - NOIDA is a Corporation established under State Industrial Act and therefore, interest credited by bank on fixed deposit by it is exempted from TDS u/s 194A: ITAT
 
Mumbai, June 26, 2018
Cus - A person would become 'renowned' after repeated participation in that sports discipline - ordering confiscation of freely importable air gun on the ground that importer was not a 'renowned' shooter is irregular: CESTAT
 
Mumbai, June 26, 2018
I-T - Pro-rata disallowance of 'finance charges' incurred in respect of investments is allowed if, assessee fails to furnish details in respect of investments which earned income & which did not earn dividend income: ITAT
 
Ahmedabad, June 26, 2018
CX - No justification to deny CENVAT credit on capital goods merely because they are installed in sister Unit: CESTAT
 
Kolkata, June 25, 2018
I-T - Additions can be made where CA has prepared balance sheet of taxpayer using utterly bogus figures were furnished only for purpose of availing credit facilities from bank: HC
 
Mumbai, June 25, 2018
I-T - Reassessment notice u/s 148, on ground that original assessment order was not preceded by any queries with regard to subject claim of assessee, is change of opinion: HC
 
Chennai, June 25, 2018
ST - VCES, 2013 - There is no scope for restricting sweep of s. 106(2)(b) of FA, 2013 to an audit in relation to a particular kind of service: High Court
 
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