News Update

CBIC launches Compliance Information Portal for 12K Customs Tariff ItemsCabinet okays Scheme for Fast Track Courts for further 2 yearsGovt making all efforts to reduce crude oil importsIndia trying for UNSC permanent membership through G-4 and L-69 countries groupingsNo proposal to set up Integrated Check Post at Shikarpur in Nadia district in WB: MoSPHD favours early rejig of GST tax rates structureGulf countries in consultation with Indian embassies restore pre-COVID minimum referral wagesIndia repatriated 60 lakh people under Vande Bharat Mission till April 30, 2021: MEABoxer Lovlina ends up bagging Bronze Medal at OlympicsCOVID-19 - China reports 71 cases - highest since January!Etched in stone - Oldest record of revenue evasionOf Sense & ServersTo frame assessment on best judgment basis, assessee's history is only relevant when conditions in which business activity is being conducted are similar to those of earlier period: ITATCBDT notifies Ontario Inc u/s 10(23FE) for eligible investment in IndiaSteel silos on PPP mode built at 7 locations: GovtDGTR terminates anti-dumping investigation against Self-adhesive Polyvinyl Chloride Film from China but recommends existing anti-dumping duty on Ceramic Tableware & Kitchenware from China and MalaysiaFor allowing of interest on borrowed funds u/s 36(1)(iii) of the Act, what is required is only whether borrowed funds were used by assessee for purpose of business : ITATCOVID-19 global death toll - Close to 10000 in last 24 hours - 1238 in Brazil & 1598 in IndonesiaMany steps taken to ensure smooth supply of Essential Drugs: GovtSC rules Ayurvedic Doctors to retire at 65 like AllopathicOrder passed u/s 201(1) is not sustainable where passed beyond period of 2 years end of FY in which last TDS statement is filed : ITATGovt notifies Delhi CBI Court for dealing with PMLA cases relating to 2G Spectrum ScamExport of Drug Formulations and Biologics registers continuous growthCOVID-19: Global tally of cases goes beyond 20 Crore + US reports 1.5 lakh new cases with over 500 deaths + 43K cases in India with 560 deaths + 22K cases in UK with 138 deathsDeduction u/s 37(1) cannot be allowed in respect of those expenses which are not proven to have been incurred wholly & exclusively for business purposes : ITATGovt not to charge fee on renewal of registration of electric vehiclesCBDT further stretches timelines for e-filing of various Forms including equalisation levy
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