Are taxmen losing cases deliberately? Fuel prices hit record high, and more top news

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The Bombay High Court feels taxmen may be losing cases on purpose, reports Financial Express. Pulling up the IT department for being selective in picking assessees and assessment years, it said the approach was behind consistently losing cases, resulting in “revenue leakage”. Further, it directed the department to book errant officers. The IT department has a poor track record in higher courts: according to a CAG report, it won only 15% of the cases in high courts and 26% of the cases in the Supreme Court in FY16. Earlier, Economic Survey 2018 said it "unambiguously loses 65% of its cases".

Petrol and diesel scaled fresh all-time highs. While petrol prices in Delhi rose to ?79.15 a litre (?86.24 in Mumbai), diesel retailed for ?71.15 a litre (?75.54 in Mumbai). The reason? A sharp fall in the rupee making oil imports costlier, and a $7 spike in global crude rates over the last two weeks. India currently imports over 80% of its oil needs, and it spent $87.7 billion on overseas shipments in 2017-18. Meanwhile, the government is exploring alternatives such as biofuel from rotten potatoes and used cooking oil to soften the blow of rising fuel rates.

The majority of India's urban youth want to float their own business than look for a job. A YouGov-Mint survey of 5,000 respondents shows that 64% millennials and Gen Zs either already have a venture or plan to set up one in a few years. Part of the reason, however, could be their dissatisfaction with the job market: seven in 10 Gen Zs and 65% of younger millennials (aged 22-28) feel it's "extremely/fairly" difficult to find employment (see chart). Earlier, an RBI survey showed a gradual deterioration in people’s expectations and perceptions on employment.

Source: Mint

Soon, you'd be able to use a common card for all modes of public transport. NITI Aayog CEO Amitabh Kant said the government will shortly float a 'One Nation-One Card' policy aimed at seamless public transport connectivity, on the lines of global metropolises like New York and London. The share of public transport in passenger trips has fallen from 60-80% in 1994 to 25-35% in 2018, primarily due to slow growth in the addition of buses and commuters' preference towards buying cars and two-wheelers.

The law may be closing in on Mehul Choksi. Antigua and Barbuda will start vetting India’s request for his extradition this week, reports Economic Times. The Caribbean country confirmed the fugitive diamond merchant, accused in the $2 billion PNB fraud, was still there and that local law enforcement officials were “aware of his whereabouts”. India and Antigua do not have a bilateral extradition treaty, but they are both members of the Commonwealth and it’s understood that the current agreements provide scope for Choksi’s handover.

Idea of the Day: Before a job interview, why not record yourself as you practice answering questions, then watch to learn how you respond, advises Korn Ferry CEO Gary Burnison.

“You need responses that are punchy, crisp, compelling, and to the point. One-word answers are a disaster, but so is a filibuster. Keep it conversational. You can always elaborate when the interviewer asks a follow-up question.”

This article was updated. From earlier: Air pollution is dumbing us down

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— Abhigyan Chand and Mandar M Bakre/Share this using #DailyRundown