• Nov
  • 22
  • 2014

Why we should fear a failure but not to dis-respect it

Added In Finance
Shaifaly Girdharwal I know you are ambitious and you want to achieve exceptional things in life in a short time span. Ambition is desire to achieve something faster than the people of same calibre and position. These ambitions make us a believer in positive things. We love to read success stories as they motivate us. […]

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  • Nov
  • 22
  • 2014

4 signs that you will start a venture which will fail

Added In Finance
Shaifaly Girdharwal 1) You are passionate about it Never make your passion your profession.I know you are surprised but yes, if you are a hard core passionate person and you love what you do, No, doubt you are very good at it. Your Job may be a little more from the core of your profile […]

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  • Nov
  • 22
  • 2014

Installation & Commissioning Expenses not covered under definition of FTS u/s 9 of Income Tax Act, 1961

Added In Income Tax
The issue is no longer res integra as it has been held by Hon’ble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TDS) [ITA No. 7315/Mum/2008] pronounced on 12-11-2014 wherein the assesse (Times of India) has entered into an agreement with M/s FERAG AG for supply of heavy plant and machinery along […]

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  • Nov
  • 22
  • 2014

Loophole in section 139 of Companies act, 2013

Added In Income Tax
The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to […]

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  • Nov
  • 22
  • 2014

Duty Drawback cannot be denied when goods to be re-exported were brought in Customs area within stipulated time

Added In Custom Duty
Duty Drawback cannot be denied when goods to be re-exported were brought in the Customs area within stipulated time even if Let Export Order is issued later Oil And Natural Gas Corporation Ltd Vs. Commissioner Of Customs (Export Promotion), Mumbai [2014-TIOL-2235-CESTAT-MUM] Oil And Natural Gas Corporation Ltd.(the Appellant) filed shipping bills for re-export of various […]

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  • Nov
  • 22
  • 2014

SAD Refund cannot be denied on sales made to non registered buyer despite no endorsement on invoice

Added In Custom Duty
SAD Refund cannot be denied when no endorsement to the effect that ‘No Cenvat credit of SAD is admissible’ is made on an invoice issued to the non-registered buyer as no credit is available to the buyer on account of non-registration Vijay Steel Industries Vs. Commissioner of Customs (EP), Mumbai [2014-TIOL-2240-CESTAT-Mum] Vijay Steel Industries (the […]

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  • Nov
  • 21
  • 2014

External Commercial Borrowings (ECB) Policy – Parking of ECB proceeds

Added In RBI / FEMA
With a view to providing greater flexibility to the ECB borrowers in structuring draw down of ECB proceeds and utilisation of the same for permitted end uses, it has been decided to permit AD Category -I banks to allow eligible ECB borrowers to park ECB proceeds (both under the automatic and approval routes) in term deposits with AD Category- I banks in India for a maximum period of six months pending utilisation for permitted end uses.

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  • Nov
  • 21
  • 2014

Cenvat credit cannot be denied on the ground that the supplier is not a manufacturer

Added In Excise Duty
Once the recipient has received the excisable goods on payment of duty, Cenvat credit cannot be denied on the ground that the supplier is not a manufacturer Cummins Diesel Sales & Services India Limited Vs. CCE, Pune – III [2014 (11) TMI 238 – CESTAT Mumbai] Cummins Diesel Sales & Services India Limited (the Appellant) […]

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  • Nov
  • 21
  • 2014

Taxes paid on or after Match 1, 2013 would be eligible for VCES even if paid before May 10, 2013

Added In Service Tax
Taxes paid on or after Match 1, 2013 would be eligible for VCES even if paid before May 10, 2013 – Circular dated August 8, 2013, taking contrary view was held invalid Sadguru Construction Co. Vs. Union of India [(2014) 51 taxmann.com 3 (Gujarat)] Sadguru Construction Co. (the Petitioner)is a partnership firm engaged in the […]

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  • Nov
  • 21
  • 2014

Mere rectification jof defects in vehicles not taxable under Technical Inspection & Certification services

Added In Service Tax
Mere rectification job of defects in vehicles cannot be made taxable under Technical Inspection and Certification services Antony Garages Pvt. Ltd. Vs. Commissioner of Central Excise, Raigad and Commissioner of Central Excise, Raigad Vs. Antony Garages Pvt. Ltd.[2014 (11) TMI 210 – CESTAT MUMBAI] Antony Garages Pvt. Ltd. (the Assessee) was engaged in manufacturing of […]

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