"18 September 2012" Archive

Limited Liability Partnership (LLP) – Recent changes

The concept of Limited Liability Partnerships (LLPs) in India was introduced in the year 2009 with the enactment of the Limited Liability Partnership Act, 2008 (6 of 2009) which was notified on 31.03.2009. The first LLP was formed on the 02nd Day of April 2009 and since then almost 10,000 LLPs have been formed so far as per the records of...

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Posted Under: Corporate Law |

Retreading of tyre- Service tax Applicability, before & w.e.f 1st July 2012

Tyre retreading is a process where the TREAD (the portion of the tyre which meets the surface of road) of an old tyre is replaced/ repaired using a vulcanizing solution to give fresh lease of life to the tyre. When a tyre is manufactured it is estimated that approximately 75%-80% of the manufacturing cost is incurred in tyre body and rema...

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Posted Under: Corporate Law |

ECB Policy- Bridge Finance For Infrastructure Sector & Trade Credits For Import Into India

As per the extant guidelines, Indian companies in the infrastructure sector, where infrastructure is as defined under the extant guidelines on External Commercial Borrowings (ECB), have been allowed to import capital goods by availing of short term credit (including buyers'/suppliers' credit) in the nature of 'bridge finance', under the ...

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Posted Under: Corporate Law |

FDI in retail to boost farmers growth

India is sold in the hands of US and European economy. This is the new slogan which might be used across the nation from Monday 17th September 2012 onwards. Every political party will come up with various types of activities like Traffic Jam, and Violence Activities in order to protest against the reform which has been declared on last Fr...

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Posted Under: Corporate Law |

Low Tax Effect Circular cannot apply Ipso Facto – SC

C.I.T Vs M/s Atma Ram Properties P.L.TD (Supreme Court of India)

Liberty is given to the Department to move the High Court pointing out that the Circular dated 9th February, 2011, should not be applied ipso facto, particularly, when the matter has a cascading effect. ...

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Natural justice is no unruly horse, no lurking land mine, nor a judicial cure-all

Hindusthan Tobacco Company Vs. Commissioner of Income Tax, West Bengal - IV (Calcutta High Court)

If assessee couldn't prove his claim, consequent order couldn't be disputed on ground of natural justice - The issue which falls for decision is primarily whether the assessment proceeding in the instant case was conducted in a fair manner so much so conforming to principles of natural justice. It is settled law that principles of natural...

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Service tax in respect of same service cannot be paid for second time

Harsh Constructions Vs Commissioner of Central Excise (CESTAT Ahmedabad)

There is a fallacy in above reasoning of Commissioner (Appeals). The same service for which the contractor has procured an order, does not stand actually provided by him but is passed on to sub-contractor, who provided the actual service, it cannot be said that the contractor is liable to pay duty on the same....

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Reopening of assessment u/s 147 on the basis of ‘mesne profits’ which is likely to accrue in the future is valid?

Commissioner Of Income Tax -VI Vs M/S. Uberoi Sons (Machines) Ltd (Delhi High Court)

In view of judgment in R​.J Wood. The Court held that receipts towards mesne profits should be taxed in the year of their receipt. The revenue had not however, re-opened the assessment in respect of the year of receipt of the amounts, in this case. ...

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Interest on debenture taxable on spread-over basis – SC

Rakesh Shantilal Mardia, Ahmedabad Vs Deputy Commissioner of Income Tax (Supreme Court of India)

We find from the records that the assessee has computed his interest income arising on the difference between purchase price of the debenture and redemption price after six years and calculated the income on amortization basis....

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Revised Rates of Entry Tax w.e.f. 18.09.2012 in Punjab

Increase in rates of Entry Tax by 0.5% under the Punjab Tax on Entry of Goods into Local Areas Act, 2000 and amendment in Schedule C and E through Public Notice dated 18.09.2012. Punjab Government has increased the rate of entry tax by 0.5% w.e.f. 18.09.2012 vide public notice dated 18.09.2012 beside this the Punjab Govt. has amended Sche...

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Posted Under: Corporate Law |

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