News Update

Increase in ITC availability or reduction in GST rate - Sec. 171 is of no avail - NAA orders are ultra viresInterest imbroglio u/s 50 - Board's rescue actVAT - Charges of assessee having wrongly procured Low Sulphur Heavy Stock Furnace Oil against Form C, are not tenable where such input is ultimately consumed in the assessee's declared activity of generating electricity: HCCX - Revenue's doubts on genuineness of assessee's activities are misplaced, where assessee undoubtedly manufactured finished goods & cleared them on payment of duty & if no evidence proves clandestine receipt of inputs or illicit production of goods: CESTATCus - Judicial indiscipline - Once assessment of identical products has already been decided by Commissioner(A) in favour of appellant, there is no justification in ordering importer to furnish 100% BG of differential duty: CESTATUnfair contracts now defined in Consumer Protection Act: MoSCX - MS Plates used as Steel Platform for fabrication of finished product is an Input - CENVAT Credit admissible: CESTATAmounts received by employer from employees leaving service & in violation of employment agreement, is neither includable in total turnover nor in export turnover: HCVivad Se Vishwas Scheme - 35,074 taxpayers made declarationsAssessee does not deserve extension of time for pre-depositing duty, where the Revenue's interests are grossly hampered in the process: ITATAdditions framed by revisited issues already settled, merit being quashed, where based entired on report of Investigation Wing & not involving own inquiry on part of the AO: ITATGST revenue deficit - Borrowing to compensate States: MoSOnus rests with assessee to submit evidence establishing that revenue expenses claimed were incurred wholly & exclusively for business purposes: ITATSan Francisco Court stays ban on WeChatIndia has 23.5 lakh HIV/AIDS Patients: GovtVivad Se Vishwas Scheme - 35K taxpayers declared; Rs 9538 Crore garneredGST compensation - Borrowings by States not to be treated as debt of State, says MoSMoS for Finance says 3.82 lakh shell companies struck off register in last 3 yearsParliament passes farm bills; PM says it’s historicNew Labour laws to ensure welfare even in unorganised sector: GangwarPersonal guarantors of corporate debtors: PSBs directed to initiate IBC processTask Force on air quality in NCR calls for more concerted effortsCab Secy reviews status of COVID management & Oxygen availabilityLoans worth Rs 70,000 Cr sanctioned to Discoms under liquidity package: GovtTikTok earns reprieve from Trump; Scheme to join hands with Oracle & Walmart gets initial nodTaxation & Other Laws Bill gets Lok Sabha nodSelection of New WTO DG - Panel narrows down to last 8 candidates; Second Round to limit it to 5KVIC compels Flipkart & Amazon to remove 160 fake khadi products
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