News Update

GST - 294 fake firms - Passing fraudulent ITC of 1032 crores - Petitioner already in custody for nine months - Bench does not consider it appropriate to keep petitioner languishing in jail any further - Bail granted: SCGST - Sharing copies of note sheet would jeopardise investigation - HC order not interfered with: SCST - Income accruing on account of grant, renewal, withdrawal or denial of affiliation/recognition to institutions is not liable to tax: HCST - Renting of property for running bank, profit motive abundant - Rent liable to tax: HCST - Renting of property for providing canteen facilities - Rent exempted from tax: HCGST - Provisions of law cannot be twisted for the convenience of persons who have been found to be utilising fraudulent ITC -Costs imposed on petitioner: HCGST - There is no strict rule or regulation that the copies of the search warrant ought to be given to the persons occupying the premises: HCGST - Note sheet sought from an investigation file may contain information pertaining to a third party against whom an investigation may be ongoing or actively under consideration - Any such disclosure would jeopardise the investigation: HCIncome Tax - Withdrawal of Sec 56(2)(viib) throws too many questions on dashboard!Sheikh Hasina seeks asylum in UK; To stay in New Delhi till permission grantedI-T - Jurisdictional AO cannot issue notice u/s 148A(b) outside Faceless Assessment Scheme: HCRajasthan woman gives birth to quadrupletsGovt has taken initiatives to up participation of women in MSMEsUS Court rules Google illegally nourishes monopoly over search engineI-T- Assessment order denying registration to a commercial organisation u/s 12AA is invalid, where it is passed without giving an opportunity of hearing to assessee: HCFood poisoning in UP college - 80 students fall sickIndia has rich deposits of heavy metals but financial viability varies: MinisterKolkata-based man arrested for sending email to Bihar CM, threatening to blow up Patna officeI-T - AO is not correct in denying set off of STCL against STCG for reason that they are taxed at different rates: ITATOil prices jump by one American dollar on escalating Middle East crisisCDS says Need to embrace changes in financial processes due to rapidly changing character of warIraq-base American air base comes under rocket attack; Many injuredCX - Basic customs duty is to be ascertained taking the value into consideration where the value is determined in accordance with the provisions of Section 14 of Customs Act, 1962 : CESTATCabinet Committee on Security reviews turmoil in neighbouring Bangladesh at PM’s residenceClassification of 'electronic control units for electronic power steering' EPS ECUAir India cancels flights to Dhaka; 300 Indian trucks heading to Bangladesh strandedST - TDS deposited to Income Tax Department in relation to payment made to foreign service provider over and above the invoice value of services, is not liable to service tax : CESTATDelhi HC tosses out Kejriwal’s petition questioning arrest by CBILongest 'Glide Path' for 'Nimble' Fiscal Policy Deepens UncertaintyNadda says India’s health budget has grown by 164% since 2014ST - Credit of service tax paid on insurance policies post 01.04.2011, though restricted, would hence continue to be eligible for being taken as credit, if they are used in relation to business of manufacturing and are not for personal use or consumption of any employee: CESTAT


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