"08 January 2013" Archive

In revenue neutral situation, department cannot enforce payment of demand

M/s. Wolfra Tech (P) Ltd. Vs CCE (CESTAT Bangalore)

It is not in dispute that every stage of conversion of thicker to thinner wire is a manufacturing activity. If that be so, all the units of the company are undertaking a manufacturing activity. Admittedly, all the units are separately registered with the Department. Therefore, all of them are registered manufacturers of Tungsten and Molyb...

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Duty on Steel items used in fabrication of storage tank eligible for input credit

LSR Speciality Oils (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

As per explanation to Rule 2(k) of the CENVAT Credit Rules, 2004, storage tanks have been specified as capital goods and, therefore, inputs which are used in the manufacture of capital goods are also eligible for CENVAT credit. It is not in dispute that the steel items such as M.S. angles, H.R. sheets have not been used in the constructio...

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SEBI : Notification under sub-regulation (2) of regulation 1 of the Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004

Notification No. LAD-NRO/GN/2012-13/28/5470 08/01/2013

In exercise of the powers conferred by sub-regulation (2) of regulation 1 of the Securities and Exchange Board of India (Self Regulatory Organizations) Regulations, 2004 (hereinafter referred to as ...

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Service tax paid on audit of assessee’s unit in compliance with environmental laws is eligible for credit

M/s. Sujal Dye Chem Industries Vs CCE (CESTAT Ahmedabad)

It has been held by the lower authorities that unless an assessee is able to show that the input service has nexus with the manufacture of final product, the inclusive part would not be of any help. In this case, I find that the services have been obtained for the purpose of conducting audit of the process and change of raw material suita...

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CBDT notifies undertaking of ‘Ganesh Housing Corporation Ltd.’ as an industrial park u/s. 80IA

Notification No. 1/2013 - Income Tax 08/01/2013

Notification No. 1/2013 - Income Tax Whereas the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) [hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of Ind...

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Commissioner cannot cancel exemption certificate granted u/s. 80G without Show Cause Notice

Commissioner of Income-tax Vs Rajasthan Jain Charitable Trust (Karnataka High Court)

A perusal of the impugned order passed by the Commissioner specifies that what was pending consideration before him was the application filed by the respondent for renewal of exemption certificate issued under section 80(G) of the Income Tax Act. The order passed by the Commissioner further specifies that a notice was issued to the respon...

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Taxation of Non Residents on ADR’S and GDR’S

ADR’S, GDR’S: These are commonly known as Depository Receipts (‘DR’), a negotiable security issued outside India by a depository bank (‘DB’), on behalf of the Indian company, which reflects the local rupee denominated equity shares of the company held as deposit by a custodian bank (‘CB’) in India. These DR’s were bought...

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One Person Company under Companies Bill, 2012 – Provisions & Relaxations

In recently passed Companies bill 2012, new concept of One Person Company has been introduced. It is considered as revolutionary step taken by government to encourage unorganized proprietorship business to enter in to organized corporate world. ...

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Summary of draft report on retrospective amendments relating to indirect transfer

The Finance Act, 2012 has inserted certain retrospective amendments in the Incomes Tax Act, 1961. One of them is insertion of explanation 4 and 5 to section 9 (1) (i) with an intent to tax transfer between nonresidents of shares of foreign company deriving value from assets located in India. ...

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Posted Under: Excise Duty |

How to make search in your mother tongue on search engines?

Suppose we want to download some material in our mother tongue from internet, then which is the best way? OK. I make the question more clear. Suppose, someone wants to search the term Balvarta (Its Gujarati Term, the meaning of which is story for children) and wants the resultant sites in Gujarati, then how to make such type of search?...

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Posted Under: Excise Duty |

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