In a major incident, a diamond trader in Surat was looted of Rs 8 crore in cash by a man posing as an 'income-tax officer'. The incident took place in Katargam area. Police are investigating the matter.
On finding that transfer pricing adjustment made in the Arm s Length Price to be erroneous, the Mumbai ITAT deleted the penalty u/s 271G of Income Tax Act, 1961 for non-furnishing of requisite.
The US says an SA company previously identified as one of this government’s biggest diamond customers is implicated in a global network involving the trade of gems and artworks to benefit a terrorist organisation.