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Archive: March, 2013

Posts in March, 2013

Delhi VAT – FAQs Related to Form T-2

March 15, 2013 4921 Views 0 comment Print

Form T-2 has been prescribed/notified by the Commissioner, Value Added Tax, Department of Trade and Taxes, requiring the dealers to furnish details of invoices and goods receipt note in respect of goods purchased or received as stock transfer from outside Delhi. This form is to be submitted online.

Company Board (Group ‘B’ Post- Section Officer) Recruitment Rules, 2013

March 15, 2013 691 Views 0 comment Print

Power to relax — Where the Central Government is of the opinion that it is necessary or expedient so to do, it may, by order, for reasons to be recorded in writing . and in consultation with the Union Public Service Commission, relax any of the provisions of these rules with respect to any class or category of persons.

DGFT Clarification regarding TED Refund where TED exemption is available

March 15, 2013 2434 Views 0 comment Print

Prudent financial management and adherence to discipline of budget would be compromised if refund is provided, in cases, where exemption is mandated. In fact, in such cases the relevant taxes should not have been collected to begin with. And if, there has been an error/oversight committed, then the agency collecting the tax would refund it, rather than seeking reimbursement from another agency.

S. 245D Settlement Commission can decide application on the basis of a summary inquiry

March 15, 2013 3605 Views 0 comment Print

When the Settlement Commission examines an application in terms of statutory powers and finds that such application does not satisfy the legal requirements, as contained in section 245C(1) of the Act, in our view, unless such decision of the Commission is contrary to the statutory provisions contained in the Act, interference in exercise of writ jurisdiction under Article 226 of the Constitution of India would not be warranted.

Sharing of information regarding issuer companies between Debenture Trustees and Credit Rating Agencies

March 15, 2013 687 Views 0 comment Print

SEBI (Debenture Trustee) Regulations, 1993 require the Debenture Trustees (DTs) to share information regarding the issuer companies that are their clients, with Credit Rating Agencies (CRAs). The purpose of the Regulations is to enable CRAs to perform their obligations effectively.

Notification No. 30/2013-Customs (N.T.), Dated- 15th March, 2013

March 15, 2013 592 Views 0 comment Print

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the

Deduction u/s. 80-IA(8) has nothing to do with fixing of tariff rate for supply of power to consumer

March 15, 2013 2841 Views 0 comment Print

We find that both the Commissioner of Income Tax (Appeals) as well as the Tribunal have arrived at a finding of fact that Assessing officer did not have any reasonable belief to come to the conclusion that that there has been any escapement for the assessment year 2003-04. The order of MERC dated 01.07.2004 specifically deals with regard to fixing of the tariff rate at which power has to be supplied to the consumer.

ST – ‘Management agent’, cannot claim exemption available to a ‘commission agent’ under Notification No. 13/2003

March 14, 2013 540 Views 0 comment Print

I have perused the Management Agent agreement entered into by the appellant with the principal M/s. Titan Industries Ltd. In terms of the agreement, the appellant is required to display, stock and sell jewellery products to the customers through showrooms managed and operated by the agent on stock transfer basis. The design, maintenance and operation of the showrooms has to be undertaken as per the directions of the principal and the insurance cover for the showroom has to be provided by the agent.

Retrospective amendment in clarificatory nature to existing tax incentive provision is not unconstitutional

March 14, 2013 8664 Views 0 comment Print

The case of the petitioners is that the impugned explanation below sub-section (13) to section 80IA provides for a levy of tax which was hitherto unknown. It is, therefore, urged that the Court should examine the reasonableness of such provision particularly when the same is brought into operation with retrospective effect. Section 80IA(4) provides for deduction under certain circumstances. If such deductions are withdrawn with retrospective effect, surely there would be a case of providing for a levy which was till then not known.

Reassessment not valid if reasons recorded by AO were not sufficient ‘reasons to believe’

March 14, 2013 1799 Views 0 comment Print

The Assessing Officer while reassessing the respondent by an order dated 26/3/2002 has in fact taken a ground different from the grounds in the reasons recorded for reopening the assessment under Section 148 of the said Act. The reasons furnished for reopening the assessment alleged that non fund income had been shown in fund based income so as to avail of a higher deduction.

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