"19 July 2012" Archive

If refrence to BIFR was rejected in previous years on merits then fresh references in subsequent years should not be mechanically entertained

Alcatel-Lucent India Ltd. Vs Usha India Ltd. (Delhi High Court)

Present case appears to be one where prima facie the provisions of Section 22 of the SICA are taken undue advantage of. Therefore, at least in those cases where the reference was rejected in previous years on merits by the BIFR, guidelines can be issued to ensure that fresh references in subsequent years should not be mechanically enterta...

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Mere pendency of writ petition should not disentitle petitioner from benefits flowing out of order under challenge

Delhi through its Secretary Vs Shakti Ram son of Shri Melar Ram, SS Gr III (ID-40881), (Himachal Pradesh High Court)

The facts, as disclosed from the record, in a nut-shell are that the original applicant was initially recruited as Supporting Staff Grade-I on 25.7.1979 by the 1st respondent and subsequently promoted as Supporting Staff Grade-II on 4.10.1996. In the meanwhile, he acquired matriculation qualification in the year 1995 while in service....

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Tea & snacks provided by canteen service provider (outdoor caterer) along with meals are prima facie eligible for abatement

Surinder Kumar Mittal Vs Commissioner of Central Excise, Chandigarh (CESTAT Delhi)

The Counsel for the appellant submits that for the purpose of calculation, Revenue is taking into account the entire receipts of the appellants whereas the taxable value should be taken after allowing abatement of 50% in terms of Notification No. 1/-90ST and once only taxable value is taken into account, the turnover is below the value as...

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ROC -Amendment in forms 8, 10 & 17 wef 22nd July 2012

Notification No. G.S.R. 577(E) (19/07/2012)

In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government's) General Rules and Forms, 1956, namely: - 1. (1) These rules may be called the Companies (Central...

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Tribunal cannot stay demand beyond maximum period of 365 days

Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited Vs CIT (Karnataka High Court)

The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)] ...

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Taxation of Services – Confusion Persists

India has migrated to new regime of Service Tax w.e.f. July 1, 2012 where in all services, except negative list of services and exempted services are liable to suffer Service Tax @ 12.36 percent. While the government expects over 125 lakh crore rupees from Service Tax in current fiscal, it appears that the task may be achieved easily but ...

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LIC’s Jeevan Vaibhav – New single premium endowment assurance plan

LIC’s Jeevan Vaibhav is a close-ended single premium endowment assurance plan which offers guaranteed benefits on death and maturity along with Loyalty Addition, if any, payable on maturity or on death in the last policy year. The plan will be open for sale for a maximum period of 120 days from the date of launch....

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Posted Under: Corporate Law |

Update to Article 26 Of OECD Model Tax Convention

1. The competent authorities of the Contracting States shall exchange such information as is foreseeably relevant for carrying out the provisions of this Convention or to the administration or enforcement of the domestic laws concerning taxes of every kind and description imposed on behalf of the Contracting States, or of their political ...

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Posted Under: Corporate Law |

Companies to file XBRL Return without additional fee/ penalty up to 15.11.2012

Additional Fee Exemption: All companies referred to in the 1st Para, will be allowed to file their financial statements in XBRL mode without any additional fee/ penalty up to 15th November, 2012 or within 30 days from the date of their AGM, whichever is later. ...

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Posted Under: Corporate Law |

CA Final, CPT & ISA Examination Result today

Results of the CA Final Examination May 2012, CPT June 2012 and ISA June, 2012 are likely to be declared by the evening of 19th July, 2012 on the following website. http://www.caresults.nic.in We at taxguru.in would like to wish all the best to the student who appeared for CA Final Examination May 2012, CPT June 2012 and ISA June, ...

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Posted Under: Corporate Law |

Policy Circular No. 2 (RE-2012)/2009-14, Dated: 19.07.2012

Policy Circular No. 2 (RE-2012)/2009-14 (19/07/2012)

Attention is invited to Policy Circular 7 dated 07.05.2008 wherein it was, inter alia, stipulated that “In all past cases where Export Obligation Discharge Certificate (EODC) has not been obtained by 30-06-2008 and where vehicles were not registered as Tourist Vehicles, EPCG authorization holders will get them registered as Tourist Veh...

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No tax avoidance in conversion of Indirect Shareholding in Direct through Merger

The Transferor Companies are in existence since 1975. It was felt that it would be in the interest of the Transferee Company to merge the five Transferor Companies with the Transferee Company, and to enable the Promoter thereof to hold shares directly in the Transferee Company rather than indirectly. The object of the Scheme is not to avo...

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Posted Under: Corporate Law |

In absence of proof that Assessee was a mutual fund distributor or agent thereof, Service tax payable on commission

Union Enterprises Vs Commissioner of Central Excise, Jamshedpur (CESTAT Kolkata)

Assessee procured mutual fund subscription for SKP Securities Ltd. and Eastern Financial Ltd. The applicants are not mutual fund distributors nor they are agents thereof. The applicants could not produce any evidence in this regard. Therefore, the case law in the case of P.N. Vijay Financial Services (P.) Ltd. (supra) us not applicable to...

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In absence of rejection of Books, addition on estimate basis cannot be made

I.T.O Vs Pranab Prakash Dutta (ITAT Kolkata)

Hon’ble Supreme Court in the case of Sargam Talkies (refer to supra) clearly shows that in absence of rejection of books of account maintained by the assessee in respect of cost of construction, no addition on estimate basis can be made. In the present case, a perusal of the assessment order clearly shows that the books of account in re...

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Merely looking at B/s and P/L A/c, one cannot infer nature of expenditure

Assistant CIT Vs M/s Sahara India Financial Corporation Ltd. (ITAT Delhi)

Hon’ble Bombay High Court in Amitabh Bachan Corporation Ltd.,(supra) held that whether an expenditure was on revenue account or capital account is required to be examined in the light of the totality of all facts for this purpose. Evidence would be required in the form of documents and accounts and that, by merely looking at the balance...

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Despite family settlement, transfer of share must be in accordance with law

Perennial Trading (P.) Ltd. Vs Pankaj Extrusions Ltd. (Company Law Board, Mumbai)

The case of the petitioner is that the respondents have removed their name without sufficient cause and without due compliance of the provisions of law and entered the name of respondent No. 3. From the pleadings it is unequivocal that there is a family settlement and the transfers have taken place pursuant to the said family settlement. ...

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Rate of exchange of conversion of each of the foreign currency WEF 20.07.2012

Notification No. 61/2012-Customs (N.T.) (19/07/2012)

NOTIFICATION NO 61/2012 - Customs, (N T) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 20 th July, 2012 be the rate mentione...

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Anti-dumping duty on imports of ‘Acetone’ extended upto 18.06.2013

Notification No. 37/2012-Customs (ADD) (19/07/2012)

Notification No. 37/2012-Customs (ADD) ,In the matter of continuation of anti-dumping duty on imports of ‘Acetone’, originating in, or exported from, European Union, South Africa, Singapore and USA imposed vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 33/2008-Customs, dated th...

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