News Update

4 lakh files junked in govt offices - 1 lakh sqf space retrievedPig to human kidney transplant with gene-editing worked in US experimentGST - GSRDC is a Government Entity as well as a Government Authority - development of bridges and roads is exempted vide Sr. No. 3 of Not. 12/2017-CTR: AARVaccination - India to surpass 100 Cr mark today - Govt to release film & songContamination detected by EU - Govt says India exports strictly non-GMO riceHP authorities trying to locate 17 missing trekkers in KinnaurGST - Transfer of business by AAI to M/s. Adani Ahmedabad International Airport Limited is supply of 'Transfer of a going concern' service and exempted vide Entry No. 2 of 12/2017-CT(R): AARCOVID-19: Daily caseload rises to over 18K for India + Daily death count touches 2000 for US; over 1000 for Russia; over 400 for Brazil & Mexico & 180 for UKEthnol-blending in fuel - 10% target achieved; now moving towards 20%: PuriGovt extends insurance cover for COVID-19 health workers for six more monthsGST - Invoice raised by AAI for reimbursement of salary/staff cost on M/s. Adani Ahmedabad International Airport Limited - reimbursement of cost is exempt: AARRBI imposes fine of Rs one crore on Paytm Payments bankPM invites global CEOs to partner in exploration of oil & gas: PMHealth experts call for fresh lockdown in UK but Johnson not in favourCX - Not granting access to Relied Upon Documents contravenes principles of natural justice, which is foremost requirement to be complied with - assessment order quashed: CESTATGreen Energy - Scotland to convert whiskey into fuelGovt rescinds anti-dumping duty on phenol imported from EU, Singapore & KoreaUK seals trade deal with New ZealandCus - Refund of SAD - Original challans evidencing payment of ST/VAT need not be produced & production thereof need not be insisted upon: CESTATAustralia amends law to permit companies to switch to online AGMs permanentlyI-T - Search assessment u/s 153A cannot be resorted to where no material incriminating the assessee is found in course of search operations : ITATWHO alerts Pandemic to persist in 2022I-T- PCIT has rightly invoked power u/s 263 as activities for which claim u/s 80IA (4) is claimed and allowed by AO does not come under purview of infrastructure project : ITATUK Competition Regulator imposes USD 50 mn fine on Facebook over Giphy buyI-T - Where order is passed u/s 143(3) & not u/s 144, it implies that subsequent compliance in assessment proceedings is good compliance & default committed earlier are ignored : ITATG20 leaders to schmooze on climate change issues prior to COP26, says ItalyI-T - Re-opening of assessment merits being sustained where it is based on proper information sourced from the jurisdictional DCIT : ITATTesla’s Musk to be world’s first Trillionaire, says Morgan StanleyI-T - Re-assessment notice issued without prior approval of jurisdictional CIT contravenes mandate of Section 151(2) and hence is invalidated : ITATEU Parliament confers Sakharov Rights Award on jailed Russian opposition leader NavalnyI-T- It would be reasonable to sustain addition @ 10% of amount of bogus purchases, being profit element involved therein : ITATNhava Sheva Customs detects concealment and undervaluation in imported walnuts and dates containersI-T – Interest on funds borrowed by assessee to give interest-free loan as a measure of commercial expediency should be allowed as deduction u/s 36(1)(iii) : ITATIndia revises guidelines for international travellers w.e.f Monday - Self-declaration form to be uploaded on Air Suvidha website before travelI-T- On The basis of mere disallowance of expenditure claimed as per books of account, penalty u/s 271(1)(c) cannot be levied unless any particulars in return of income has been found to be false or incorrect: ITATHuge cache of arms and drugs seized by BSF & local police in Khemkaran Area on Indo-Pak borderI-T - Penalty notice issued u/s 271(1)(c) r/w Sec 274 cannot be sustained where relevant charge against assessee, forming basis for imposing penalty, is not specified: ITAT
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