News Update

CBIC amends tariff value of silver; No change for other commoditiesHigh Level Official Delegation from Mauritius visits National Centre for Good GovernanceGovt hikes Minimum Wages vide enhanced VDA for unorganised workersTRAI mandates whitelisted URLs, APKS, or OTT links for SMS TrafficGST - Rule 86A is not a machinery provision for recovery of tax - Order can be passed only if ITC is available in the taxpayer's ECL - No negative blocking: HCFrance backs India’s membership to Security CouncilGST - No opportunity of personal hearing as was requested while replying to SCN was given - Order set aside: HCJaishankar calls for reforms of WTO, G20 & UNGST - Goods were purchased from SAIL by a third party who sold to petitioner and who subsequently re-sold to consignee - No justification for detention on ground that correct documents were not travelling with truck: HCFamily of 5 found dead in car in TN; Suicide suspectedAlternative Global Value Chain - Is India going to be 'Next China'!IMF okays USD 7 bn loan to support Pak’s sinking economyCus - Unreasoned order - Order spoke for itself - Revenue counsel tries his best to justify order but in the end had to throw in the towel: HCBombay HC quashes govt clearance given after construction in Coastal areaPrevent misuse of s.114AA of Customs ActBrazil keen to ink trade deal with EUGST - Existence or otherwise of principal place of business - A taxpayer's registration cannot be cancelled solely on the basis of some general queries/enquiries from random persons, of which there is no record: HCHarris promises tax credit and investments to US manufacturersCBIC notifies HAG benefits to 22 IRS officersNukes may deflect asteroid threatening earth: ScientistsAfter Iranian death threat, Trump says Iran should be torn into piecesIndia, Australia working to strengthen ECTA through CECA: GoyalUS Intel suggests Russia has secret war drones factory in ChinaSurvey reveals 31% Indians now use e-com platforms for ordering groceryIndia's coal imports see marginal increase amid surge in Power Generation
 
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New Delhi, May 03, 2018
I-T - Provisioning norms issued by RBI with respect to 'income recognition' cannot be used for computation of taxable income: HC
 
Ernakulam, May 03, 2018
I-T - A company having both domestic as well as export businesses, is entitled to claim benefit u/s 80HHC: HC
 
New Delhi, May 03, 2018
I-T - Assessment can not be reopened for mere non disclosure of method used for calculation of disallowance u/s 14A : ITAT
 
New Delhi, May 02, 2018
I-T - Loan waiver granted by overseas supplier of capital assets is not akin to waiver of trading liability and it does not fall within purview of Sec 41(1): Supreme Court
 
New Delhi, May 02, 2018
I-T - Legislative intent behind provisions of Sec 40(a)(ia) is to ensure tax compliance and not to punish tax payer: Supreme Court
 
New Delhi, May 02, 2018
I-T - Materials collected during Survey u/s 133A, conducted at assessee's premises simultaneously with Search, can be utilised for block assessment u/s 158BB: Supreme Court
 
New Delhi, May 02, 2018
I-T - Term 'Inland Port' which has not been defined in I-T Act, cannot be disputed to exclude expression ICD: Supreme Court
 
New Delhi, May 02, 2018
When Income Tax Act has not defined term 'Total Turnover' in statute, same cannot be liberally imported from other Sections such as 80HHC & 80HHE for purpose of Sec 10A: Supreme Court
 
Chandigarh, May 02, 2018
I-T - It's true that assessee has furnished information on EDC receipts but if AO FAILS to examine same, it cannot be argued during Sec 147 proceedings that assessee has provided information not only FULLY but also TRULY: HC
 
Jaipur, May 02, 2018
I-T - Absence of agricultural occupation within two years from sale of land, makes it ineligible for Section 54B benefits: HC
 
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TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

AR not Afar by SK Rahman



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.