"13 May 2017" Archive

ITAT on TP adjustment on account of Compensation for deemed brand development

Hyundai Motor India Limited Vs Deputy Commissioner of Income Tax LTU- II (ITAT Chennai)

The first question that we need to decide is whether the benefit accruing to the HMC Korea, as a result of increased brand value due to sale of Hyundai cars in India by the assessee company, constitutes an international transaction....

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ICSI revises membership fee w.e.f. 1st April, 2017-Notification + FAQs

ICSI/05/May/2017 (05/05/2017)

1. The Council of the ICSI in its 236th meeting held on 29- 30th March, 2016 had revised various membership fee w.e.f. 1st April, 2017 as under-...

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Central Warehousing Corporation Employees’ PF Amendment Regulations, 2017

No. CWC/FD-EPF-Regulation/Amendment/16-17 (19/04/2017)

(1) These regulations may be called the Central Warehousing Corporation Employees’ Provident Fund Amendment Regulations, 2017. (2) They shall come into force on the date of their publication in the Official Gazette....

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Govt mandates Aadhaar for Atal Pension Yojana

S.O. 1512(E) (11/05/2017)

An individual eligible for receiving the benefits under the Scheme of Atal Pension Yojana (APY) is hereby required to furnish proof of possession of Aadhaar number or undergo Aadhaar authentication....

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Redemption fine of 10% & penalty of 5% of value of goods is sufficient punishment to importer

Sai International Vs Shri S.S Garg (CESTAT Bangalore)

Issue of imposition of redemption fine and penalty has been settled and now various Benches of the Tribunal have consistently held that the redemption fine of 10% of the value of the goods and penalty of 5% of the value of the goods is sufficient punishment to the importer. Therefore, following the ratios of various […]...

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CA guilty of Professional Misconduct for giving forged challan copies

Council of the Institute of Chartered Accountants of India Vs Shri D.K.Agrawal (Allahabad High Court)

This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountant...

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Section 11AC: No Interest / Penalty on value of goods escalated by buyer retrospectively

CCE Vs. Minda Industries Ltd. (CESTAT Mumbai)

The fact of the case is that the respondent had cleared their finished goods to their customer by valuing the goods on the basis of purchase order placed by them by their customers. However, consequent upon price escalation, their customers amended the purchase order and revised the price of the goods on the higher side with retrospective...

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Delhi HC allows IT exemption to VHP for ban period post Babri Masjid Demolition

Director of Income Tax Vs Vishwa Hindu Parishad (Delhi High Court)

The division bench of the Delhi High Court confirmed the Income Tax exemption granted to the Viswa Hindu Parishad (VHP) for the period in which they were banned by the government under UAP Act....

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GST to have far reaching implications for Indian Economy

Press Release : 2016-2017/3056 (12/05/2017)

Introduction of GST would have economy-wide ramifications in terms of growth, inflation, government finances and external competitiveness over the medium-term....

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Anti-dumping duty on imports of Aluminium Radiators

Notification No. 20/2017-Customs (ADD) (12/05/2017)

Seeks to impose definitive anti-dumping duty on imports of Aluminium Radiators, Aluminium Radiator Sub-Assemblies and Aluminium Radiator Core, originating in, or exported from, China PR ...

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