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Archive: 29 July 1997

Posts in 29 July 1997

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 1566 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

National Rayon Corporation Vs. Commissioner of Income Tax (1997) 227 ITR 764 (SC)

July 29, 1997 1507 Views 0 comment Print

SEN, J. The point that falls for determination in this case is whether a sum of Rs. 79 lakhs representing Debenture Redemption Reserve was includible in computing the capital of the assessee Company for the purpose of Companies (Profits) Surtax Act, 1964. The High Court took the view that the amount set apart to redeem the debentures has to be treated as ‘provision’ and not as ‘reserve’.

Trade Notice No. 58 CE (Service Tax)/97 Dated 29.07.1997

July 29, 1997 576 Views 0 comment Print

The Trade is hereby informed that levy of Service Tax on the services rendered by Outdoor Caterers & Pandal or Shaminan Contractors will come into force from 1.8.97 (Notification No. 28/97-Service Tax dt. 28.7.97). The rate of service tax is 5% in case of both the above services. In the case of services rendered by Outdoor Caterers the person responsible for collecting the service tax shall be caterers who raises the bill for services rendered to the client. The service tax is leviable only on 50% of the taxable service in relation to services by outdoor caterers where the caterer also supply food

DEPB – Import can be made at any of four ports even if registration is at one port under TRA system

July 29, 1997 418 Views 0 comment Print

Duty Exemption Pass-Book Scheme (DEPB) allows import and export only from the port of registration. In other words, both import and export have to be made from the same port. This is also provided in para 6 of Board’s Circular No. 10/ 97-Cus dated 17.4.1997.

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