The relevant show-cause notices were issued far beyond the normal period of limitation prescribed under Section 11A(i) of the Central Excise Act, without invoking the extended period of limitation. The operative part of one of these show-cause notices has been reproduced hereinbefore. The other show-cause notice is no different.
In our considered opinion. for making any disallowance u/s. 14A is to firstly examine the assessee’s claim of having incurred some expenditure or no expenditure in relation to exempt income. If the AO gets satisfied with the same then there is no need to compute disallowance as per Rule 8D.
CBEC has issued its first Central Excise Circular No. 967/01/2013 – CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter. The said Circular has brought about a significant shift in the timing of recovery of confirmed demands, where the stay applications are not disposed off by the appellate authorities, within a period of 30 days of filing thereof.
It has been brought to our notice that certain listed companies have been giving monthly disclosure of their sales/turnover/production figures to their respective trade bodies/industry associations and the same is not disclosed to the stock exchanges.
In respect of export of cotton, RC holders have been given 30 days time to export. In view of the congestion at Wagah such exporters of cotton to Pakistan are permitted to (a) seek one time extension in the validity period of the RC for a maximum period of 30 days, or (b) surrender of un-utilized or partially utilized RC to the concerned RA without inviting penalty. This dispensation is available only for such exporters of cotton who have obtained RC to export to Pakistan.
Since, export of non-basmati rice has been made free with effect from 09.09.2011 it has been decided to withdraw with immediate effect both the policy circulars mentioned in Para 1 above namely Policy Circular No. 33 (RE-2008) 2004-09 dated 30.09. 2008 and Policy Circular No. 28/2009-14 dated 31.03.2010.
Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official sources said today.
Towards a service to our members, the Institute has provided FREE OF COST to its members an XBRL Software Tool for creation of Instance Documents of Cost Audit Report and Compliance Report using Costing Taxonomy and Business Rules published by the Ministry of Corporate Affairs for e-filing of these reports in XBRL Format. The Software Tool can be downloaded from the Institute website.
It has been observed that buy back through open market has failed to achieve its objectives in spirit, due to the following reasons: a) Section 77A(4) of the Companies Act, 1956 specifies that every buy back shall be completed within a period of 12 months. Companies, instead of fixing a definitive period for buyback, usually keep the buyback offer open for the entire period of 12 months.
Government urged all tax assessees to make timely and correct payment of customs and central excise duties and service tax for continued trade facilitations. In a statement, Revenue Secretary, Sumit Bose said that the government is making all out efforts to felicitate trade and industry but a number of tax payers and assessees are not making timely payment of their due taxes.
