The Tribunal, first and foremost, is duty bound by Article 141 of the Constitution of India to ensure that it follows binding precedent of the Supreme Court. The Tribunal as a judicial body must follow principles of consistency when it decides cases. The lack of consistency is clear on the face of record. Judicial orders must be passed by the Tribunal
A. P. (DIR Series) Circular No.33 As per the extant ECB procedures, any changes in the terms and conditions of the ECB after obtaining the Loan Registration Number (LRN) from the Department of Statistics and Information Management (DSIM), Reserve Bank, require the prior approval of the Reserve Bank. Accordingly, the requests of the borrowers for changes in the terms and conditions, such as, drawdown / repayment schedules, currency of borrowing and changes in designated AD bank, name of the borrowing company, etc. are referred to the Reserve Bank for necessary approval.
We have carefully perused the show cause notice which was common to all the six entities including the appellant who were alleged to have acted in concert with each other in the acquisition of the shares of the target company. Apart from making a bald assertion in para S of that notice that all the notices were acting in concert, there is nothing else in the show cause notice to suggest that the appellant was acting in concert with the other notices.
Explore the Supreme Court’s landmark decision on bad debt write-offs post-April 1, 1989. Assessing officers must consider the write-off in company accounts.
The Sales Tax Department has implemented the scheme of filing electronic return successfully. In a step further to automation, it is now decided to provide facility for electronic payment. The Government has amended the rules relating to the payment vide notification cited at Ref-3. A new rule 45A is inserted. Now, amended rule provides that a State Government may issue notification and specify the class or classes of dealers required to make mandatory payment of tax interest or penalty, if any, or any amount payable by or under the Act electronically. This rule further provides that such e-payment shall be applicable for such period as may be specified in the said notification.
Notification No. 01/2010-Central Excise, Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), other than goods specified in Annexure appended hereto, and cleared from a unit located in the state of Jammu and Kashmir
The Gems and Jewellery Federation (GJF), the national body of the jewellery trade in the country, has made a representation to the Ministry of Finance to seek modifications in the proposals in the Direct Taxes Code (DTC). The apex body is objecting to the search and seizure provisions, tax on gross assets and TDS on all payments.
The Supreme Court has decided to examine the plea of Punjab government pertaining to the provision of its VAT law which according to the government provides no exemption to the assessees from the mandatory deposit of 25% of the tax, penalty and interest for entertaining their appeal by the appellate authority.
Two weeks after it sought applications for granting the ‘Maharatna’ status along with greater autonomy for CPSUs, the Department of Public Enterprises has not received any response from the administrative ministries. “We are awaiting response from the ministries concerned.
The long-awaited reform of India’s indirect taxes system is set to get a fillip , with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be levied on all companies and traders with annual turnover of Rs 10 lakh and above, this would provide a tax base of 40-45 lakh assessees and ensure that neither the Centre nor states suffer any revenue loss.
