"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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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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If show cause notice suggests that Department had already come to conclusion it is to be set aside

SBQ Steels Ltd. Vs Commissioner of Customs, Central Excise & Service Tax (Andhra Pradesh High Court)

It is settled principle of law that a quasi-judicial authority, while acting in exercise of its statutory power must act fairly and must act with an open mind while initiating the show-cause proceeding. A show-cause notice is meant to give the person proceeded against a reasonable opportunity of making his objection against the proposed c...

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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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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 |

Banks suggest reintroduction of deduction u/s. 80CCF & increase in 194A TDS limit

Interest amount for the purpose of TDS be increased from Rs. 10,000/- to Rs. 25,000/- on fixed term deposits with banks, tax exemption of Rs. 20,000/- under section 80CCF for investing in Infrastructure Tax Free Bonds be reintroduced, bringing more transparency in gold and real estate transactions at par with equity transactions, to bring...

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Posted Under: Excise Duty |