"09 February 2010" Archive

Hindustan Petroleum Corporation Limited Versus The UOI and Commissioner of Central Excise (Bombay High Court)

M/s. Hindustan Petroleum Corporation Limited Vs 1. The Union of India 2. The Commissioner of Central Excise [Bombay High Court]

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...

External Commercial Borrowings (ECB) Policy – Liberalisation

RBI/2009-10/311 , A. P. (DIR Series) Circular No.33 09/02/2010

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 borrow...

Close business association between two or more persons does not by itself make them person acting in concert

Triumph International Finance India Ltd. Vs SEBI (Securities Appellate Tribunal Mumbai)

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...

Section 36(1)(vii) of Income tax Act,1961 with changes wef 1.4.1989

T.R.F. Limited Vs CIT (Supreme Court)

T.R.F. Limited  Vs CIT (Supreme Court) Prior to 1st April, 1989, every assessee had to establish, as a matter of fact, that the debt advanced by the assessee had, in fact, become irrecoverable. That position got altered by deletion of the word ‘established’, which earlier existed in Section 36(1)(vii) of the Income Tax Act, 1...

Trade circular on Electronic payment under MVAT Act, 2002 and CST Act, 1956

Trade Cir. 8T of 2010 06/02/2010

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 t...

Central excise notification exempting certain specified goods

Notification No. 01/2010-Central Excise [G.S.R. 62(E).] 06/02/2010

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...

GJF opposed provisions related to stock seizure, MAT and TDS on payment for gold, diamonds, jewellery etc provided in new DTC

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....

Posted Under: Excise Duty |

SC will examine the plea of Punjab government related to mandatory deposit of 25% of the tax, penalty and interest for filing VAT appeal

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....

Posted Under: Excise Duty |

No application yet for grant of 'Maharatna' status

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....

Posted Under: Excise Duty |

GST rate may be fixed at 16%

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 woul...

Posted Under: Excise Duty |

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