"26 December 2012" Archive

New Company Law in the Making

Very soon, companies in India shall be governed by a new piece of legislation to be known as Companies Act, 2013 which shall replace the longest legislation of the country, the Companies Act, 1956 which is now over 56 years old. ...

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HC upheld Sacking of IPS officer for being ‘habitually in debt’

The Delhi High Court has upheld the dismissal of a 1973-batch IPS officer on the ground of misconduct and for being habitually in debt as he did not repay after taking loans from various banks....

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Posted Under: Company Law |

Due Date for Filing Cost Audit Report in XBRL mode extended to January 31, 2013

General Circular No. 43/2012 (26/12/2012)

As per General Circular number 43/2012 dated 26.12.2012, time limit to file Cost Audit Report and Compliance Report for the year 2011-12 [including the overdue reports relating to any previous year(s)] in XBRL mode, without any penalty has been extended upto January 31, 2013 or within 180 days from the close of the company´s financial ye...

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Extension of Last date for Filing of Cost Audit and Compliance Report in XBRL mode

Keeping in view of the ongoing requests from different quarters, MCA has extended the date of filing of Cost Compliance Reports and Cost Audit Reports upto 31st Jan 2013 vide General Circular No. 43/2012 dated 26 dec 2012....

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Posted Under: Company Law |

All delivery based transaction may not be treated as investment activity

Devji Nenshi Palani Vs Income Tax Officer (ITAT Mumbai)

High Court of Bombay had upheld the decision of the Tribunal in the case of Gopal Purohit (supra), on the ground that there was no substantial question of law involved. Even before Hon'ble High Court there was no question raised that all delivery based transactions have always to be treated as investment activity. Thus the decision of the...

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Relevant date for filing Excise Duty refund claim is date of judgment

Prontos Steerings Ltd. Vs Commissioner of Central Excise (CESTAT Delhi)

The limitation period prescribed under section 11B for filing the refund claim is one year from the relevant date. The term relevant date in the case where the duty becomes refundable as the consequences of judgment, decree, order or direction of the Appellate authority, appellate Tribunal or any Court has been defined in Explanation (B)(...

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Frequently Asked Income Tax Questions by Qualified Foreign Investors

Income tax press release (26/12/2012)

Are QFIs required to obtain PAN Card to comply with tax norms in India? What are the benefits to QFIs of having a PAN Card? How QFIs can apply for a PAN Card? Can QFIs make an On-line application for PAN Card? What are the attestation requirements for a QFI for obtaining PAN card? What are the tax related responsibilities of Qualified Dep...

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Encashment of bank guarantee amount to payment of duty / tax

Pace Marketing Specialities Vs Commissioner of Central Excise (Allahabad High Court)

In this case initially the bank guarantee furnished, was not a duty deposit in advance, but a security. After the duty was determined, the encashment of bank guarantee will amount to duty paid as the encashed bank guarantee lost its character of security....

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Transport / Rent-a-Cab service of employees to and from factory is input service

Commissioner of Central Excise, Bangalore-III Vs Tata Auto Comp Systems Ltd. (Karnataka High Court)

Whether the transportation service, provided in the factory of the M/s. Tata Auto Comp. Systems Ltd., to their staff for pick up and drop from their residence to the factory and vice versa, was an input service, in or in relation to manufacture, whether directly or indirectly of the final products within the meaning and comprehension of R...

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Payment for making logistic arrangements are not FTS even if the same require some managerial skill

Yash Raj Films (P.) Ltd. Vs Income-tax Officer (International Taxation) (ITAT Mumbai)

Learned DR contended that for providing the said services, managerial skill was also required and even the knowledge of local law was also used by the concerned service provider. In our opinion, merely because some managerial skill is required to render the services, it would not make the services to be managerial services as envisaged i...

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