"16 November 2009" Archive

Powers of the Tribunal

There is a widespread and long standing debate with respect to powers a tribunal can exercise. There is a controversy whether the Tribunal can award cost? Or can it award penal and exemplary cost? Can it recall its order? Can it review its order? Whether a tribunal has inherent powers of the Court? What are the incidental and ancillary po...

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Posted Under: Excise Duty |

Procurement of Cheque by Department: Is it Legal?

It is a fact of common knowledge that in pendency of the investigation proceeding, the departmental officers coerce the assessee to deposit some part of the potential demand. The coercion to deposit the amount is more, when a more premier agency is investigating the case. Such deposit of amount is boasted by the officers in their report t...

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Posted Under: Excise Duty |

Discretion: Root cause of Corruption

Corruption is part and parcel of our life. A common person is faced with this problem, almost every time he approaches Public authorities for any permission, exemption or for any other public benefit. There are numerous allegations against public authorities for corruption with respect to functions like permission for building a residenti...

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Posted Under: Excise Duty |

Custodial Violence (An enquiry into its causes)

Custodial violence is a dark reality in our democratic country governed by “Rule of Law”. There are many instances when it has been examined that how torture is inflicted or who are the guilty persons or who get what compensation in cases of custodial violence. However, very few attempts have been made as to analyse the reasons of cus...

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Posted Under: Excise Duty |

Binding Effect of Precedence & Contempt of Court

As per Article 141 of the Constitution of India, a law declared by the Supreme Court is binding on the all courts within the territory of India. Further, the principle of judicial discipline requires that orders of the higher authority be followed by the lower authorities. For the purposes of consistency and certainty in law, it is necess...

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Posted Under: Excise Duty |

Interest on irregular Cenvat taken or utilized

“Where the CENVAT credit has been taken or utilized wrongly or has been erroneously refunded, the same along with interest shall be recovered from the manufacturer or the provider of the output service and the provisions of sections 11A and 11AB of the Excise Act or sections 73 and 75 of the Finance Act, shall apply mutatis mutandis for...

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Posted Under: Excise Duty |

ICAI permitted its overseas members to Vote by Post

Queries are being received from voters entitled to vote by post, especially on behalf of overseas voters, about the procedure to be followed, the manner in which the vote is required to be recorded, the manner in which the recorded ballot papers are to be returned, the last date and time by which the ballot papers should reach the Returni...

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Posted Under: Excise Duty |

Income Tax department will send notice to companies who paid lesser advance tax

Based on the analysis, the field formations have been asked to send demand notices to companies before December 15, the deadline for the third instalment of advance tax payment. "Most companies have posted better-than- expected second quarter results. So we felt some of them may have paid lesser tax in the first two instalments, which we ...

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Posted Under: Excise Duty |

Foreign Foreign companies or individuals, including FII can enjoy lower capital gain tax

According to a recent decision of the Mumbai bench of the Income Tax Apellate Tribunal, non-resident companies and individuals are entitled to a beneficial rate of tax of 10% on long-term capital gains arising from the sale of shares of listed entities. Earlier, non-resident assessees were taxed at the rate of 20%....

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Posted Under: Excise Duty |

Federation of Gujarat Industries supported demand for rewriting the Direct Tax Code

Federation of Gujarat Industries (FGI) here has supported the demand for rewriting the Direct Tax Code (DTC) and do away with changes suggested in Minimum Alternate Tax proposals as it could spell doom for companies....

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Posted Under: Excise Duty |

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