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, April 25, 2018
I-T - Interest income earned from deposit of share application money statutorily required to be kept in separate account is incidental in nature and assessee is entitled to set it off against expenses relating to public issue: SC
 
New Delhi, April 25, 2018
I-T - While making invocation of Sec 147 conditional, Legislature does not intend to allow Revenue to adopt liberal interpretation of expression 'reason to believe': SC
 
Kolkata, April 25, 2018
I-T - Infra companies having exposure to substantial risk connected with construction projects, are eligible for Section 80-IA benefits: ITAT
 
Mumbai, April 25, 2018
CX - Present appeal has been filed in routine manner without application of mind: CESTAT
 
New Delhi, April 24, 2018
I-T - When FMV is higher than actual consideration received towards transfer of capital asset, under-statement of such amount as 'full value of consideration' not permitted : HC
 
New Delhi, April 24, 2018
I-T - Connection between expenditure incurred & transfer of property, are allowable deduction u/s 48(i) for LTCG tax purpose: HC
 
Mumbai, April 24, 2018
CX – Tribunal is not expected to endorse legal findings by the lower authorities but apply its independent mind: High Court
 
New Delhi, April 24, 2018
GST - Outlet situated at T-3, IGI Airport is not outside India but within territory of India - applicant is not taking goods out of India, hence supply cannot be called 'export' or 'zero rated supply' : AAR
 
New Delhi, April 24, 2018
I-T - Decision of CIT(A) based on evidences produced by assessee, which was also available with AO , cannot be challenged further: ITAT
 
Mumbai, April 24, 2018
ST - SCN issued is without any foundation and, therefore, adjudication order confirming the demand on such cryptic SCN, cannot be sustained : CESTAT
 
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TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.

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