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Archive: 06 November 2009

Posts in 06 November 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6141 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19212 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

SEBI : (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2009

November 6, 2009 232 Views 0 comment Print

Provided that in case of American Depository Receipts or Global Depository Receipts entitling the holder thereof to exercise voting rights in excess of percentage specified in regulation 10 or regulation 11, on the shares underlying such depository receipts, public announcement shall be made within four working days of acquisition of such depository receipts.

Notification No. S.O. 2851(E), dated 06/11/2009

November 6, 2009 451 Views 0 comment Print

The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii), number S.O. 1800(E) dated 21st July, 2009.

SEBI : Market Access through Authorised Persons

November 6, 2009 3187 Views 0 comment Print

While conducting the inspection of the stock broker, the stock exchange shall also conduct inspection of branches where the terminals of authorised persons are located and records of the operations carried out by them.

Scrapping the Apex Court decision on Scrap

November 6, 2009 5409 Views 0 comment Print

The Central Excise duty is leviable on the process of “manufacture”. Any process that brings a new article into existence with different name, character and use is known as manufacturing activity. For levying duty on any article it must satisfy 2 basic conditions that it must be “goods” and should have come into existence as a result of “manufacture”.

Exempts goods falling within Chapter 69 and heading numbers 94.01, 94.02 and 94.03 from 1.9.1987 to 28.2.1989

November 6, 2009 403 Views 0 comment Print

Whereas the Central Government is satisfied that according to a practice that was generally prevalent regarding levy of duty of excise (including non-levy thereof) under section 3 of the Central Excise Act, 1944 (1 of 1944), the duty of excise on goods falling under Chapter 69 and heading numbers 94.01, 94.02 and 94.03 of Schedule to the Central Excise Tariff Act, 1985

Leviability of service tax on Tour operator service in connection with Haj & Umrah pilgrimage

November 6, 2009 2524 Views 0 comment Print

The amount charged to the pilgrims in India undertaking Haj and Umrah pilgrimage, is for services provided by the Government of Saudi Arabia and the tour takes place outside India. As perRule 3 (1) (ii) of the Export of Services Rules, 2005, (Circular No. 111/05/2009 – ST dated 24.02.2009), the service in respect of tour operator is export if such service is performed outside India.

MAT applicable on capital gains included in book even if same is not liable to be taxed

November 6, 2009 35544 Views 1 comment Print

In the present case, it is not in dispute that the long term capital gain earned by the assessee is included in the net profit determined as per P&L account prepared as per Part II and Part III of Schedule VI to the Companies Act. In other words, it is not the case of die assessee that the capital gain earned by the assessee was not included in the net profit determined as per P&L account of the assessee prepared under the Companies Act.

If assessee deposited advance received as per agreement as required U/s. 54EC, he cannot be treated as a defaulter for the same

November 6, 2009 525 Views 0 comment Print

Even without going to all the strict interpretation, even otherwise on receipt of advance as per the agreement, if the assessee deposited the amount as required us 54EC. he cannot be treated as a defaulter for the same.

Allowability of exemption to partly charitable and partly religious trust

November 6, 2009 1318 Views 0 comment Print

It is clear from plethora of authorities where after considering provisions of section 1l(l)(a) that so for as aforesaid provision is concerned, no distinction is made between charitable and religious purposes. A charitable institution can have religious purposes; whereas a religious institution may be partly charitable. Most of the decisions were given under 1961 Act.

When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained

November 6, 2009 372 Views 0 comment Print

When a part of the surrender can be accepted on proper explanation the rest can also be allowed to be explained. The assessee’s claim that balance was from cash withdrawals from cash book has to be tested on the facts appearing in the case. For that test it would be necessary that cash book be examined. Both members agree to that effect – the Accountant Member stating that if cash is found withdrawn it should be excepted whereas the Judicial Member directs to verify as to how the cash was generated in the cash book. In my opinion the later course appear to be more reasonable as the cash availability is to be examined with reference to entries made therein.

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