In continuation of the General Circular No. 21 of 2014 dated 18.06.2014, the following clarifications are hereby issued: (i) Rule 4(6) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 as notified on 27.02.2014 has been amended by notification dated 12.09.2014; and
Kind attention is invited to the judgment of Hon’ble Supreme Court in case of M/s Super Synotex India Ltd. [2014-TIOL-19-SC-CX] on the issue of abatement of sales tax under an abatement scheme where the assesse was allowed to retain 75% of the sales tax collected from the buyer and was required to deposit only the remaining 25% with the State Government.
Shivam Engineering Company Vs. Union of India [2014-TIOL-1563-HC-AHM-CUS] In the instant case, Shivam Engineering Company (the Petitioners) have filed a writ petition before the Hon’ble Ahmadabad High Court requesting to prohibit the Revenue from levying Additional Duty of Excise (CVD) under Section 3(1) of the Customs Tariff Act, 1975 (the Customs Tariff) as per the […]
The extant guidelines for issue of shares/convertible debentures under the automatic route have been reviewed in consultation with the Government of India and, accordingly, it has been decided to permit issue of equity shares against any other funds payable by the investee company
Certain errors in the rates of benefit and spelling mistake in product descriptions in Appendix 37-D of HBP vl, notified through Public Notice No. 52 dated 25.02.2014 have been corrected.
The Finance Act (No.2), 2014 (the Finance Act) has substituted new Section 35F of the Central Excise Act, 1944 (the Excise Act) which is also applicable for Service Tax vide Section 83 of the Finance Act, 1994 and Section 129E of the Customs Act, 1962 (the Customs Act) to prescribe mandatory pre-deposit of 7.5% or […]
ORDER No. 3/FT & TR/2014 In exercise of the powers conferred by clause (a) of sub-section (15) of section 144C of the Income-tax Act, 1961(43 of 1961) read with income-tax (Dispute Resolution Panel) Rules. 2009 as amended from time to time and in supersession of earlier Orders constituting Dispute Resolution Panel at Bengaluru, the Central Board of Direct Taxes hereby constitutes the Dispute Resolution Panel at Bengaluru comprising of three Commissioners of Income-tax as Members of the said Panel with a Reserve Member in such Panel in accordance with Rule 3(3) of the Income-tax (Dispute Resolution Panel) Rules, 2009 as under:
The Central Bureau of Investigation has arrested an Administrative Officer/Drawing & Disbursing Officer, Income Tax, Dehradun for demanding & accepting a bribe of Rs. 10,000/- from the Complainant.
In the instant case, the Assessing Officer observed that the addition of Rs 13,80,000/- was made u/s. 68 of the Income Tax Act which does not form part of any specific head of income and is also not business income, therefore brought forward unabsorbed depreciation cannot be allowed set off against the same.
