"04 September 2014" Archive

Bill of Entry can be re-assessed even though the goods were no longer under the charge of Customs authorities

Reiter India Pvt. Ltd. Vs. Commissioner of Customs (Import)

In the instant case, Reiter India Pvt. Ltd. (Appellant) imported a consignment of Textile Machinery parts vide invoice no. 3506445/2000 dated May 10, 2011 valued at 997740.24 CHF vide Bill of Entry no. 3610581 dated May 25, 2011....

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Posted Under: Custom Duty |

Issuance of Show Cause Notice is mandatory prior to adjudication of demand

Aurobindo Pharma Ltd. Vs. Assistant Commissioner, Customs, Central Excise & Service Tax, Hyderabad

In the instant case, the Revenue alleged violation of conditions of duty-free import against Aurobindo Pharma Ltd. (Petitioner) and issued demand notice cum adjudication order (Impugned Demand) directing the Petitioner to pay Central Excise and Customs duties along ...

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Posted Under: Custom Duty |

Mere admission before the Settlement Commission couldn’t be sole ground to confirm demand in adjudication proceedings against the assessee

Commissioner Vs. Maruti Fabrics [(2014) 47 taxmann.com 298 (Gujarat)] In the instant case, Maruti  Fabrics (the Assessee)  clandestinely removed certain goods. Thereafter, the Assessee filed an application  before the Settlement Commission (the SC) admitting the clandestine removal of goods. The SC sent back the case to the Adjudicatin...

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Posted Under: Custom Duty |

Whether Section 40(a)(ia) applies to expenses payable at the end of year and not to expenses paid during the year?

 Hon’ble Tribunal (SB) held in case of Merilyn Shipping & Transports and Hon’ble Allahabad High Court in case of Vector Shipping Services (P) Ltd. held that disallowance under Section 40(a)(ia) shall be made for the amount payable at the end of the year and not to the amount paid during the year....

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Posted Under: Custom Duty |

Process To Get Status Of Dormant Company Under Company Act, 2013

Section-455 of Companies Act, 2013 talks about a New Provision Calls DORMANT Company. This concept was not there in Companies Act, 1956. Another Name of this concept by Professionals is ASSET SHIELDING CONCEPT UNDER COMPANIES ACT 2013....

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Procedure for change in Object clause of Company – Companies Act, 2013

CS Ankur Garg This Article contains the procedure for change in Object clause of the Company under Companies Act, 2013 with detailed documentation required.I hope this document would be of some help w.r.t. your professional working:  Procedure for change in Object clause of the Company involves alteration in the Memorandum of Associatio...

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One Person Company- A Brief Highlight

An Entrepreneur is an individual who chooses to go into business by himself. Often entrepreneur decide to stay a One Person to keep decisions and quality of work under control. The global changes given a chance to an individual to participate into economic activity and these activities may take place through the creation of an economic pe...

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Posted Under: Custom Duty |

Empanelment with SBI of Concurrent Auditors for Branches situated in the States of Telangana & Andhra Pradesh

Applications are invited from Partnership firms of Chartered Accountants (situated in Telangana & Andhra Pradesh) for carrying out Concurrent Audit on full time, contractual basis (renewable every year, at Bank’s discretion) at its selected Branches / Offices /Processing Centres situated in the State of Telangana and Andhra Pradesh, as ...

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Posted Under: Custom Duty |

The Companies (Removal Of Difficulties) Seventh Order – dated 4th Sept 2014

NA (04/09/2014)

S.O. Whereas the Companies Act, 2013 (18 of 2013) (hereinafter referred to as the said Act) received the assent of the President on the 29th August, 2013 and section 143 of the Act, which provides for the powers and duties of the auditors and auditing standards, came into force with effect from 1st April, 2014;...

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Publicise Income Tax Exemption to PM's Relief Fund – PMO

Prime Minister's National Relief Fund (PMNRF) was constituted in January, 1948 to assist displaced persons from Pakistan. The resources of the PMNRF are now utilized primarily to render immediate relief to the affected families of those killed/ injured in natural calamities like floods, cyclones and earthquakes, etc, or in the major accid...

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Posted Under: Custom Duty |

Rate of exchange of conversion of each of foreign currency WEF 5th September, 2014

Notification No. 75/2014-Customs (N.T.) (04/09/2014)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue)...

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How essential is getting a CIBIL Score?

Rakesh Mehra was elated when he received an offer letter from a major multinational company with good package. Apart from moving cities, the next thing on his plate was to buy a home. He applied for a loan that  was linked to his salary account, yet the process took longer than expected. He didn’t have […]...

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Posted Under: Custom Duty |

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