"10 April 2017" Archive

Government makes compliance of Labour Laws and Rules easy

Government reduces number of forms and Reports from 36 to 12 to lessen costs and compliance burden of various establishments....

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Posted Under: Corporate Law |

Rectification of errors in bank details given by exporters for processing incentive

Public Notices No. 50/2017-JNCH (10/04/2017)

Attention of all Exporters/Customs brokers/members of Trade is invited to the fact that at times errors exist in the bank account number, IFSC etc., given by exporters, which leads to rejection of claim for payment of duty drawback by the local bank authorities. Similarly, even a single such error leads to rejection of entire scroll in th...

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Notification No. 34/2017-Customs (N.T.) dated 10/04/2017

Notification No. 34/2017-Customs (N.T.) (10/04/2017)

NOTIFICATION NO. 34/2017-Customs (N.T.), Central Board of Excise and Customs hereby appoints officers mentioned in column (6) to act as a Common Adjudicating Authority to exercise powers and discharge duties conferred or imposed on officers mentioned ...

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Anti-dumping investigation of Hot-Rolled flat products of alloy or non-alloy steel

No. 14/9/2016-DGAD (10/04/2017)

No. 14/9/2016-DGAD.—Having regard to the Customs Tariff Act, 1975 as amended in 1995 (hereinafter referred to as the Act) and the Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules,...

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DTA clearance of goods procured by EOUs/EHTP/STP units from indigenous sources – charging of Duty – reg.

Circular No. 13/2017-Customs (10/04/2017)

Vide the above circular, it was clarified that in case raw materials/ capital goods etc., procured from indigenous sources by EOUs/EPZ/SEZ/EHTP/STP units are transferred/ sold back to DTA except for the purpose of replacement, the deemed export benefits already availed of against such goods shall be required to be refunded back and that t...

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Amendment in RBI directions relating to IFSC Banking Units (IBUs)

RBI/2016-17/273 DBR.IBD.BC.59/23.13.004/2016-17 (10/04/2017)

The fixed deposits accepted from non-banks by the IBUs cannot be repaid pre-maturely within the first year. However, fixed deposits accepted as collateral from non-banks for availing credit facilities from IBUs or deposited as margin in favour of an exchange, can be adjusted prematurely in the event of default in repayment of the loan or ...

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Capital gains from penny stocks cannot be denied on presumption

Smt. Sunita Jain Vs Smt. Rachna Sachin Jain (ITAT Ahmedabad)

Bogus penny stock capital gains: Claim of the assessee cannot be denied on the basis of presumption and surmises in respect of penny stock by disregarding the direct evidences on record relating to the sale/purchase transactions in shares supported by broker’s contract notes, confirmation of receipt of sale proceeds through regular bank...

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1st proviso to Sec. 68 inserted by Finance Act, 2012 is prospective: Bombay HC

Commissioner of Income Tax­ Vs M/s. Gagandeep Infrastructure Pvt.Ltd. (Bombay High Court)

This Appeal under Section 260 ­A of the Income Tax Act, 1961 (the Act) challenges the order dated 23rd April, 2014 passed by the Income Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2008­- 09....

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Even when mortgaged property belongs to guarantor, borrower would be a person aggrieved for filing appeal U/s. 17 of SARFAESI Act, 2002

Manik Mehta Vs UCO Bank, & others (Chhattisgarh High Court)

This petition under Article 227 of the Constitution of India has been preferred for quashment of the recovery and auction proceedings initiated against the petitioner by the respondent UCO Bank (the Bank henceforth); for quashing the appellate order dated 9-11-2011 passed by the Debts Recovery Appellate Tribunal...

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Ground of lack of jurisdiction may be raised at a subsequent stage in Appeal

Teena Gupta Vs CIT (Allahabad High Court)

The present income tax appeal under Section 260 A of the Income Tax Act, 1961 (hereinafter referred to as the Act) has been filed by the assessee against the order dated 2.3.2009 of the Income Tax Appellate Tribunal, Delhi Bench, New Delhi for the assessment year 1997-98....

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