"03 September 2014" Archive

DVAT – Objection Hearing Authority may impose a pre-condition to deposit disputed tax amount for the period after October 1, 2011

Circular No. 10 of 2014-15 (03/09/2014)

PROVIDED ALSO that the Commissioner may, after giving to the dealer an opportunity of being heard, may direct the dealer to deposit an amount deemed reasonable, out of the amount under dispute, before such objection is entertained....

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क्या अब कर कानूनों के सरलीकरण का युग समाप्त हो चुका है

कर कानूनों में सरलीकरण का वादा कम से कम दो दशक पूर्व किया गया था जिसे प्रत्येक सरकार एवं वित्त मंत्री ने बार –बार दोहराया है और प्र...

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Refund of excess duty paid on provisional basis won’t attract doctrine of unjust enrichment

Commissioner of Customs, Pune Vs. Atlantic Shipping (P.) Ltd.

In the instant case, shipping agent of the Atlantic Shipping (P.) Ltd. (the Respondent) paid the provisionally assessed Customs duty on estimated quantity of bunker fuel to be consumed during the coastal run....

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Assessee Can choose most beneficial Notification when 2 Notifications simultaneously applicable at a time

Arvind Ltd. was a composite textile mill engaged in the manufacture of 100% cotton fabrics which were cleared for export as well as for home consumption. The Appellant was simultaneously availing exemption under Notification No.29/2004- CE-Tariff dated July 9, 2004 (“the Notification No.29/2004”) and 30/2004-CE‑Tariff dated July 9, ...

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Cenvat credit is available on capital goods even if they are moved out temporarily from factory

The Hon’ble CESTAT observed that Rule 2(a) of the Credit Rules provide that the condition for availing Cenvat credit on capital goods is their use within the factory of the manufacturer of final products. It was held that there was no requirement under the Credit Rules that the capital goods must be installed within the factory of produ...

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Cenvat Credit cannot be denied of Service tax wrongly paid under reverse charge

Cenvat Credit of the Service tax wrongly paid under reverse charge is nothing but refund of the erroneously paid Service tax which cannot be denied Bajaj Allianz General Insurance Co. Ltd. Vs. Commissioner of Central Excise, Pune-III [2014-TIOL-1540-CESTAT-MUM] Bajaj Allianz General Insurance Co. Ltd. (“the Appellant”) is engaged in t...

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Excess Service tax paid can be adjusted with future Service Tax liability

Excess Service tax paid can be adjusted with future Service Tax liability and cannot be denied on the ground of not having centralised registration or can be subjected to monetary limit. General Manager (CMTS) Vs. Commissioner of Central Excise [2014 (8) TMI 589 – CESTAT NEW DELHI] General Manager (CMTS) (“the Appellant”) are en...

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Benefit of Small service provider exemption notification cannot be denied if Cenvat credit initially availed on input service but reversed later on

The Hon’ble CESTAT, Delhi also relied upon the Hari Chemical case wherein it was held that only because in his books of accounts entries are made for taking of the credit in terms of one provision of the Rules, the same if ultimately found to be inapplicable and return of the credit is taken effect, we are of the opinion that there cann...

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Explanation 5 to Section 9(1)(i) – “Substantial” clarity by Delhi HC

Explanation 5 to section 9(1)(i) of the Income-tax Act, 1961 (“the Act”) introduced by the Finance Act 2012 is no longer res integra in view of the pronouncement by the Delhi High Court. In its recent judgement in the case of DIT vs. Copal Research Limited And Ors.: W.P. 2033/2013, the Delhi High Court has held that gains arising from...

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Non-Receipt of Chartered Accountant Journal

Non-Receipt of The Chartered Accountant Journal This is for the information of Members/subscribers who fail to receiveThe Chartered Accountant journal despatched to them either due to un-intimated change of address or postal problems. Members and Students are requested to inform the respective regions immediately after you change the addr...

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ICAI Happy with Tax Audit Report Due date extension without extension of ITR Due Date

 CA Sandeep Kanoi ICAI President CA. K. Raghu has shown Happiness over extension of Tax Audit Report Due Date  in his Messages to its member dated 22.08.2014.  In his Message Mr. CA. k. Raghu has failed to take into account the anguish of fellow members over extension of Tax Audit Report Due date without extension […]...

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No Restriction on No. of Partners for Firm of CA, CMA, CS

Raising of number of partners in CA Firm with reference to the provisions of Companies Act, 2013. – (02-09-2014) The Council of the Institute has clarified that the earlier restriction of maximum of 20 partners permitted for firms under section 11 of the Companies act, 1956 is no more applicable to the firms as Section […]...

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Independent Auditors Report under Companies Act, 2013

The Companies Act, 2013 is more than a year old now. In this brief article I intend to discuss on the aspects connected with Independent Auditors Report under the provisions of Section 143 and 145 of Companies Act, 2013 and Companies (Audit and Auditors) Rules, 2014 excluding the provisions related to audit report in case of Government Co...

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Religious pilgrimage services provided by specified organizations get exemption from Service tax

In exercise of the powers conferred by Section 93(1) of the Finance Act, 1994, the CBEC vide its Notification No. 17/2014-ST dated August 20, 2014 has amended the Mega Exemption Notification No. 25/2012- ST dated June 20, 2012 (“the Mega Exemption Notification”) by inserting a new Entry No. 5A after Entry No. 5 which reads […]...

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