What were the conditions for levy of duty on articles of jewellery? In order to attract this levy the following conditions were required to be fulfilled: a. The articles of jewellery must be of the type covered under heading 7113 of Central Excise Tariff Act and such articles must have brand name or trade name indelibly affixed or embossed on the articles of jewellery itself. b. “Brand name” or “Trade name” meant a brand name or trade name, whether registered or not, that is to say, a name or a mark, such as symbol, monogram, label, signature or invented words or any writing which is used in relation to a product, for the purpose of indicating, or so as to indicate, a connection in the course of trade between the product and some person using such name or mark with or without any indication of the identity of that person.
M/s IVL India Pvt. Ltd. Vs. Commissioner of Income Tax (High Court of Kerala at Ernakulam) – – Assessee while working out the eligible deduction did not exclude 90% of the income received by way of consultancy charges which is to be specifically excluded by virtue of mandatory provision contained in Explanation (d) of Section 80HHE of the Act. In fact, since there is an omission to apply the statutory provision in the working out of eligible deduction of profit on export of software, the assessment could even be rectified through rectification proceedings under Section 154. In any case when the mandatory provision is not followed leading to evasion of tax by way of excess relief granted to the assessee, the remedy open to the officer is to revise the assessment by invoking powers under Section 147.
M/s. Sterling Agro Industries Ltd. Vs. Union of India & Ors. (Delhi High Court – Full Bench) The three-judge Bench of the Delhi High Court in this case was considering the issue of whether it would have jurisdiction over a case whose cause of action arose from an order delivered by an appellate authority which is situated in the territorial jurisdiction of the Court. After considering several case laws on the subject, the Court came to the conclusion that the matter would have to be decided by a larger bench of the High Court
In just recent past i.e. 01.07.2010 Service tax on Health Services (Section 65(105)(zzzo) of Finance Act, 1994) was introduced and without any doubt it was caught by all uncertainty and mystery. Taxable health services meant – any service provided or to be provided by any hospital, nursing home or multi-specialty clinic,- (i) to an employee of any business entity, in relation to health check-up or preventive care, where the payment for such check-up or preventive care is made by such business entity directly to such hospital, nursing home or multi-specialty clinic; or
A gutkha pouch manufacturer, arrested for evading excise duty, has been granted bail by a Delhi court on the condition that he would deposit Rs 30 lakh as penalty with the Central Excise and Customs Department. In the facts and circumstances, I find that applicant (accused) deserves to be granted bail particularly where there is no antecedents (of wrongdoing) against him, Additional Sessions Judge J R Aryan said.
Sebi may soon frame a policy for the stock exchanges to go through a stress test to prepare them for handling ‘flash crash’-like situations, where a sharp plunge in some stocks leads to across-the-board panic sale. The market regulator is currently working out a policy on the stress test for the stock exchanges, as well as other market infrastructure institutions like clearing corporations, a senior Sebi official said.
The government is likely to make it mandatory for the investment bankers to reveal name of their existing clients while bidding for managing share sale offer of a state-run firm.The Finance Ministry is expected to come out with a notification this week making the disclosure mandatory.
The Income Tax department is probing a ‘treacherous’ and secretive channel of money transfer through ATMs along the ‘open” Indo-Nepal border which is suspected to have ‘national security’ implications. The department, which stumbled across the stealth money transfers during the recently conducted Assembly polls in five states, has sent a classified report to central security agencies for a detailed probe.
According to AS 7 Construction Contracts, contract revenues are measured at the consideration received or receivable. The standard recognizes that the measurement of contract revenue is affected by a variety of uncertainties that depend on the outcome of future events. In the case of foreign currency revenue, one of the uncertainties pertains to exchange rate that will apply at the revenue recognition date. Similarly, in the case of foreign currency contract costs, the estimate of costs to be incurred considers the future exchange rates.
