Larsen & Toubro Ltd Vs Union of India (Gujarat High Court)- The High Court examined in detail the provisions of the Maritime Zones of India Act, 1976 (MZA) and observed that Union of India had no sovereignty over the EEZ. The Union of India only had certain sovereign rights over the EEZ. The High Court […]
In the Indian context, the policy of self-sufficiency in food which led to Green Revolution had served the country well. The country currently has sufficient stocks of wheat and rice which are above buffer stock norms and food security reserve requirements. However, in the medium to long term, concern over food security is likely to become more intense. This is because land is scarce and its supply is limited. Further, sustained dependence on food imports is not an option that is viable in Indian context. Therefore, food safety net for the present and future population requires enhanced agricultural production and productivity. This is already attracting the attention of the Reserve Bank of India. Thus, this Seminar organized by CAB, Pune is very topical and the theme has great bearing on the future growth of India.
Public Notice No. 76 /(RE-2010)2009-2014 The unit of measurement of Sl No. 4 of import list of SION B-149 is at present Kft. Hereinafter unit of measurement of Sl No. 4 of import list of this SION will be corrected to read as Lbs instead of Kft.
ITO Vs M/s Mechanalysis (India) Ltd. (ITAT Mumbai)- Whether when the agency agreement between the assessee and the non-resident continues even after expiry but no royalty is paid during this period, compensation paid to the assessee after many years later for formal termination of the agreement is akin to loss of profit-making apparatus, and thus, is capital receipt?
Parle Biscuits Pvt. Ltd. Vs ACIT (ITAT Mumbai)- It is held that redemption of preference shares amounts to ‘transfer’ of a capital asset under the Income-tax Act and any loss on redemption thereon would thus be allowable as a capital loss.
As per the Notification, with effect from 1 October 2011, it is mandatory for all the taxpayer, (irrespective of their Service tax liability in the preceding year) to file the Service tax returns electronically. Accordingly, all returns filed on or after 1 October 2011 will be required to be filed electronically. These will not only cover returns due after 1 October 2011 but all returns or revised returns filed for the past periods as well.
Vide Finance Act, 2011, ‘Self-Assessment’ has been introduced under the Customs Act. Under ‘self-assessment’, responsibility of filing correct declaration lies with the importer or exporter. The declaration filed by the importer or exporter may be verified by the proper officer when so interdicted by the Risk Management systems (RMS). In rare cases, such interdiction may also be made with the approval of the Commissioner of Customs or an officer duly authorized by him, who shall not be below the rank of Additional Commissioner of Customs, and that will necessarily be done after making a record of the same in the EDI system.
ICAI- Tax Suite software contains the Income Tax, TDS, Audit Reports, Project Report/ CMA, Form Manager, AIR (Annual Information Return), Service Tax and Document Management and will help the Practitioners & CA Firms in systematic operation of correspondence and documentation through ready to use templates, retrieval of documents and multi-purpose form generation system.
Commissioner of Central Excise, Meerut- II Vs. M/s. Sundstrand Forms Pvt. Ltd. (Supreme Court of India)- We have a recent decision of this Court in the case of Medley Pharmaceuticals Ltd. Vs. The Commissioner of Central Excise and Customs, Daman, reported in (2011) 2 SCC 601. This Court in the said decision has very carefully considered almost all the previous decisions of this Court on the issue of the levy/payment of Excise Duty Valuation on articles manufactured by the assessee company therein. After referring to practically all the decisions on the issue this Court in the aforesaid case held that the consistent view of this Court is that the marketability is an essential criteria for charging duty and that the test of marketability is that the product which is made liable to duty must be marketable in the condition in which it emerges.
Air Liquid North India Pvt. Ltd Vs Commissioner Central Excise (Supreme Court of India)- Relabelling would not mean mere fixing of another label. When the appellant was selling different cylinders with different marking or different certificates to its different customers, we can say that the appellant was virtually giving different marks or different labels to different cylinders having different quality and quantity of gas. It can be very well said that the Helium purchased by the appellant was in a marketable state but it is equally true that by giving different treatment and purifying the gas, the appellant was manufacturing a commercially different type of gas or a new type of commodity which would suit a particular purpose. Thus, the treatment given by the appellant to the gas sold by it would make a different commercial product and, therefore, it can surely be said that the appellant was engaged in a manufacturing activity.
