"October, 2014" Archive

Tribunal can extend waiver of pre-deposit beyond 365 days by a speaking order when delay in disposing appeal is not attributable to assessee

Commissioner of Central Excise Ahmadabad-I Vs. Sharp Engineers (Gujrat High Court)

In the instant case, the Hon’ble CESTAT, Ahmedabad passed an order extending waiver of pre-deposit/stay of demand beyond the total period of 365 days from the date of grant of initial stay, without passing any speaking order....

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Posted Under: Excise Duty |

Adjudicating Authority cannot reassess/ re-quantify amount of duty that is to be refunded as per Appellate order without challenging the same

Commissioner of Customs & Central Excise Vs. Samtel Color Ltd. (Allahabad High Court)

Samtel Color Ltd. (Assessee) is engaged in manufacturing colour picture tubes falling under Heading No.40.11 of the Central Excise Tariff Act, 1985. Some of the picture tubes were found to be defective at the customer's end and accordingly were returned to the manufacturer...

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Posted Under: Excise Duty |

Amends Notification No. 36/200-Customs (N.T.), dated the 3rd August, 2001

Notification No. 100/2014-Customs (N.T.) (31/10/2014)

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 ...

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Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2014

Notification No. FEMA. 324/2014-RB October 31, 2014 (31/10/2014)

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA. 324/2014-RB October 31, 2014 Foreign Exchange Management (Remittance of Assets) (Amendment) Regulations, 2014 In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank o...

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FM ask IT Officials to not to lose sight of domestic black money

Finance Minister Asks the Senior Officers of the Income Tax Department not to Lose Sight of Domestic Black Money Keeping in view its Much Higher Magnitude and Chase Those Sectors Where its Most Prevalent; Reviews with Senior Officers of the Department the Achievement of Budgeted Targets of Direct Taxes for 2014-15 and Action There of ...

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Posted Under: Excise Duty |

No first class air travel, 5-star hotel meetings for officials – Govt.

7(1)/E.Coord./2014 (29/10/2014)

Government Announces Measures for Fiscal Prudence and Economy; Every Ministry / Department to Effect A Mandatory 10% Cut in Non-Plan Expenditure; Utmost Economy to be Observed in Organizing Conferences/Seminars/Workshops; Ban on Purchase of Vehicles; in all Cases of Air Travel, the Lowest Air Fare Tickets Available for Entitled Class to b...

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Jurisdiction of DRP for cases and class of cases amended by CBDT – ORDER NO. 12/FT&TR/2014 – Dated 30-10-2014

Order No.12/FT&TR/2014 (30/10/2014)

In partial modification to Order No. 7/FT&TR/2013 dated 14th November, 2013 and in exercise of the powers conferred under 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 keeping in view the workload and efficient functioning of Dispute Resolu...

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Constitution of Dispute Resolution Panel-IV at Mumbai by CBDT

Order No.11/FT&TR/2014 (30/10/2014)

In exercise of the powers conferred by clause (a) of sub-section (15) of section 144C of the Income-tax Act, 1961(43 of 1951) read with income tax (Dispute Resolution Panel) Rules, 2009 as amended from time to time and in addition to earlier Orders constituting Dispute Resolution Panels at Mumbai, the Central Board of Direct Taxes hereby ...

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Old and Used propping pipes for construction service are capital goods which are freely importable

Peri (India) Pvt. Ltd. Vs. Commissioner of Customs (I), Nhava Sheva [2014-TIOL-1630-CESTAT-MUM]

Peri (India) Pvt. Ltd. (the Appellant) imported old and used pipes declaring them as ‘old and used Prop Pep 20-300’ (Impugned goods) and classified them under Customs Tariff Heading (CTH) 7308 4000. The said classification was accepted and duty was demanded accordingly....

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Posted Under: Excise Duty |

When excess payment of Service tax is established, its adjustment cannot be denied merely on non-compliance of procedural aspect

The General Manager, Telecom, BSNL Vs. CCE, Raipur

The Hon’ble CESTAT, Delhi held that the matter is no longer res integra as it has been consistently held that substantial benefit cannot be denied merely because some aspects of the procedure had not been followed....

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Posted Under: Excise Duty |

Non furnishing of verification report of Department to assessee for making his submissions/rebuttal leads to denial of natural justice

Lancet Pharma Pvt. Ltd. Vs.Commissioner of Service Tax, Mumbai

It was held by the Hon’ble CESTAT, Mumbai that while the Department had opportunity to verify whatever information/ statements furnished by the Appellant, a copy of the verification report should have been provided to the Appellant to make their submissions/rebuttal....

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Posted Under: Excise Duty |

Refund not hit by doctrine of unjust enrichment where contract value is inclusive of Service tax

Commissioner of Service Tax, Delhi Vs. AP. Engineers [2014 (10) TMI 563 - CESTAT NEW DELHI]

In the instant case, AP. Engineers (the Assessee) filed a refund claim of Service tax which was rejected by the Adjudicating Authority as hit by doctrine of unjust enrichment. On appeal being made to the Commissioner (Appeals)...

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Posted Under: Excise Duty |

No disallowance for non-payment of TDS can be made if payee has paid tax thereon

Shri G.Shankar Vs Asst. Commissioner of Income-tax (ITAT Bangalore)

Admittedly, the undisputed fact is that the assessee in the case on hand, has not deducted tax at source on the payments made to Shri Uday Kumar Shetty amounting to Rs.1,53,78,795/-. As submitted by the ld.AR, as far as the payments made by the assessee to Shri Uday Kumar Shetty...

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E Payment of Income Tax – Fine tuning is required

 CA. M. Lakshmanan While paying direct taxes such as advance tax, self assessment tax, TDS and tax on regular assessment in the NSDL site after PAN and all other relevant columns such as assessment year, name, address, type of payment etc., are filled in and before we are directed to the Bank portal, the name […]...

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Posted Under: Excise Duty |

Empanelment with SBI for Concurrent Auditors in few states

State Bank of India Local Head Office, New Delhi – 110001 Tel: 011-23407458 Empanelment of Concurrent Auditors for Branches situated in the States of Delhi, Uttrakhand, Rajasthan and some districts of Uttar Pradesh Applications are invited from Chartered Accountants firms! LLP (situated in States of Delhi, Uttrakhand, Rajasthan and some...

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Posted Under: Excise Duty |

CBDT to send notices to non-filers to file return for AY 2014-15

CBDT has noticed that 5,09,898/- taxpayers who have submitted an return for AY 2011-12 or 2012-13 or AY 2013-14 (Upto 20th October 2014) with returned Income of More than 10 Lakh or paid self assessment tax of more than / equal to one lakh (as per ITR) have not filed ITR for AY 2014-15. ...

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Posted Under: Excise Duty |

Transfer Posting of Pr. CCIT / Pr. DGIT / DGIT / CIT

Order No.191 of 2014 (29/10/2014)

The following officers in the grade of Pr. Chief Commissioner / Pr. Director General of Income Tax and Chief Commissioner / Director General of Income Tax are, hereby, transferred and posted as indicated against names of each of them with immediate effect and until further orders:...

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Bullet Repayment – Gold Loan Limit Increased to 2 Lakh

RBI/2014-15/283 UBD.BPD.(PCB).Cir.No.25/13.05.001/2014-15 (30/10/2014)

2. Based on the representations received from UCBs and National/State Federations, it has been decided to increase the quantum of loan that could be granted under the scheme, from Rs. 1.00 lakh to Rs. 2.00 lakh subject to the following conditions: ...

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S. 148 Reopening based on re-appreciation of same material on record not valid

Global Signal Cables (India) Pvt. Ltd. Vs DCIT (Delhi High Court)

In the present case also, there exist no grounds for re opening the assessment after the expiry of 4 years from the relevant assessment year. The notice under section 148 of the said Act is based on re-appreciation of the same material on record....

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CBEC clarifies that ‘the place where property in goods passes on to the buyer’ is relevant to determine place of removal

In order to avail Cenvat credit on outward transportation, any service received up to ‘the place of removal’ should qualify as input service under the definition of ‘input service’ as defined in Rule 2(l) of the Cenvat Credit Rules, 2004 (the Credit Rules). Prior to July 11, 2014, the term, ‘place of removal’ was not […...

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Posted Under: Excise Duty |

CBDT revises territorial jurisdiction, powers and functions of CITs (TDS)

Notification No. 55/2014-Income Tax (30/10/2014)

Notification No. 55/2014-Income Tax S.O. 2793(E)- In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), and in supersession of the notification of the Government of India, Central Board of Direct Taxes number S.0.1386(E), dated the 10th August, 2007 and in partial suppress...

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Export to Nepal in INR and FOC export – whether excise duty benefit is available

Receipt of foreign currency plays a very vital role in development of the economy of any of the country and therefore, many of the countries maintain foreign exchange reserves in order to meet international payment obligation including sovereign and commercial debts, financing imports etc. ...

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Posted Under: Excise Duty |

Scrutiny assessments in cases of fish farmers – CBDT Instructions

Instruction No. 8/2014 (27/10/2014)

Representations have been received by the Board from various quarters regarding difficulties being faced on account of surveys and income-tax scrutiny assessments by fish farmers, being involved in business and profession of running inland fresh water fish tanks specifically in cases where the books-of-accounts are not being maintained by...

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Govt will submit black money holders names to SC today

The government will on Wednesday give the entire list of black money account holders to the Supreme Court, Finance Minister Arun Jaitley said emphasising that no one will be protected. Rejecting the Centre’s stand on disclosure of name of blackmoney holders abroad, the Supreme Court on Tuesday ordered Centre to disclose all the name...

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Posted Under: Excise Duty |

Anita Kapur likely to be new CBDT Chief

Senior IRS officer Anita Kapur is likely to be the new chairperson of Central Board of Direct Taxes (CBDT), the apex authority of the Income Tax department.  Anita Kapur, a 1978-batch officer of the Income Tax cadre, is currently serving as Member of Legislation and Computerisation and Income Tax in the CBDT. She is expected […]...

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Posted Under: Excise Duty |

The Thought of Winston Churchill

The thought of Winston Churchill, ‘It is always wise to look ahead, but difficult to look further than you can see’ means a lot. Sir Winston Leonard Spencer-Churchill was a British Conservative politician and statesman known for his leadership of the United Kingdom during the Second World War. Widely regarded as one of the g...

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Posted Under: Excise Duty |

SEBI (Share Based Employee Benefits) Regulations, 2014

Notification No. LAD-NRO/GN/2014-15/16/1729 (28/10/2014)

- In exercise of the powers conferred by section 11, section 11A , section 30 of the Securities and Exchange Board of India Act, 1992 read with section 62 of Companies Act, 2013 and rule 12 of Companies (Share Capital and Debentures) Rules, 2014, the Securities and Exchange Board of India hereby makes the following regulations to provide ...

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Expenses incurred for erection & commissioning of lift & Refund by Builder to buyer of Flats – Tax Provisions

In this article, the author has enlightened the nature of expenses incurred for erection and commissioning of lift with regard to the purview of the expression works contract in accordance with the provisions of Andhra Pradesh General Sales Tax Act, 1957 & u/s 194C of the Income Tax Act, 1961 and the treatment of excess amount of refund p...

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Posted Under: Excise Duty |

Updation / correction of Information on Income Tax Website

It is to bring it to your notice that the new Departmental website www.incometaxindia.gov.in has been made operational with entirely a new frame and flavour added with new contents, information and number of new links. The website contains separate pages for Pr. CCIT (CCA) regions and Director Generals which contains content such as Direc...

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Posted Under: Excise Duty | ,

DVAT- Link of restoration of Registration

Circular No. 15 of 2014-15 (27/10/2014)

It is hereby informed that henceforth the link of restoration of Registration shall be available with the Assistant Commissioner/AVATO of Zone, who has been nominated as nodal officer for system issues, as per the following details. Before restoration of any registration the concerned ward authorities will process the proposal and seek ap...

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Loss from a Business Activity cannot be disallowed for mere non mention of that Activity in Form 3CD

ACIT Vs Sh. Amarjeet Singh Sethi (ITAT Delhi)

We have heard rival submission and perused the material on record. It is not disputed that the assessee had started the business of trading in shares from A.Y. 2007-08. For A.Y. 2007-08, assessee had earned profit of Rs.7,73,143/- which has been declared as “business income”...

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Restaurant Services: Punjab And Haryana High Court Issues Notices To Centre And State

On 16.10.2014 Hon’ble Punjab and Haryana High court issued notice of motion to the Centre and State Governments to appear on 05.12.2014 in the case of M/s Ramneek Beer Bar & Restaurant vs. Union of India and others (CWP No. 21365 of 2014). The case was heard by Bench Comprising of Honourable Judges Mr. Rajiv […]...

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Posted Under: Excise Duty |

Suggestions from the Industry and Trade Associations for Budget 2015-16 Regarding changes in direct and indirect taxes

F.No.344/20/2014-TRU (27/10/2014)

In the context of formulating the proposals for the Union Budget of 2015-16, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may like to send your suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes giving economic justif...

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Sec. 194A TDS not deductible on Hundi discount as it is not interest

DCIT Vs Shri Harnamsingh Kulbirsingh Maker (ITAT Mumbai)

During the course of the scrutiny the assessment proceedings the AO noticed that under the Head 'Finance Expenses' the assessee has debited an amount of Rs.91,30,250/- on account of discount on Hundi....

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TDS / TCS – Restriction on Download of Conso Files & issues

We are aware that recently TRACES enabled its online correction utility and seized downloading of conso files where the statement contained unmatched challans. It has caused inconvenience to many for the reasons stated below :...

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In case of disclosure of material facts of during original assessment proceeding, AO cannot issue re-assessment notice u/s 148 of the Act to find nature of same

Oracle India Pvt. Ltd. Vs DCIT (Delhi High Court)

It is a settled position in law that for reassessment proceedings beyond the period of four years from the end of the relevant assessment year, it is an essential condition that the income chargeable to tax which has allegedly escaped assessment must be occasioned...

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S. 80IC Assembling of Tools & Machinery for final product is equal to manufacturing process

CIT Vs M/s. Faith Biotech Pvt. Ltd. (Delhi High Court)

The respondent-assessee was engaged in the business of manufacture of health care and surgical items and in the returns filed for Assessment Years 2006-07, 2008-09 and 2009-10 had declared taxable income of Rs.26,25,230/-, Rs.94,90,363/- and Rs.32,18,350/- respectively....

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Penalty u/s 271(1)(c) should not be levied on the amount which was voluntarily surrendered by the assessee during survey

ITO Vs M/s Indian & Overseas Trading Co. (ITAT Lucknow)

It is evident from the record that surrender was made during the course of survey by the assessee and furnished the return of income declaring additional income and paid the tax thereon. Nothing has been brought out on record by the Assessing Officer that the surrender was made when the assessee was cornered by the Assessing Officer. ...

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Expenses incurred between the dates of commencement of business to setting up of business are allowable

Carefour WC & C India Pvt. Ltd. Vs DCIT (Delhi High Court)

Some of the relevant facts are, the assessee company was incorporated on September 19, 2007 under the Companies Act, 1956, to carry on trading activities which primarily included wholesale trading of all kinds of consumer goods durables, articles and products....

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Penalty u/s 271C cannot be levied where assessee was under bonafide belief that TDS is not deductible

Sukhdev Singh Vs The JCIT(TDS) (ITAT Chandigarh)

It is clear that the assessee may be under the bonafide belief that TDS is not liable to be deducted on payments made to non-banking financial institution. Section 273B of the Income Tax Act provides that no penalty under section 271C shall be imposable on the person or the assessee as the case may be, for any failure referred to in the s...

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M/s Surya Constructions Vs. Commercial Tax Officer (WC & LT) – Kerala High Court

M/s Surya Construction Vs Commercial Tax Officer (Kerala High Court)

When the petitioner had sub contracted the entire work and also obtained the Form 20H certificate from the sub contractor who undertook to discharge the tax liability in respect of the entire work that was sub contracted, the amounts retained by the petitioner, from out of payments made by the awarder of the contract, represented only the...

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Service Tax on Transfer of Development Rights of Land – Legal Analysis

Service tax legislation has seen a lot many changes from the days it was introduced and has always been evolving to ensure effective revenue collection. A large number of issues tend to be matter of disagreement between the revenue authorities, trade at large and consultants / experts. Obviously most of them go to the judiciary […]...

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ST-3 due date extended to 14th Nov'14 for 1st Half of 2014-15

Order No. 02/2014-ST (24/10/2014)

In exercise of the powers conferred by sub-rule (4) of rule 7 of the Service Tax Rules, 1994, the Central Board of Excise & Customs hereby extends the date of submission of the Form ST-3 for the period from 1st April 2014 to 30th September 2014, from 25th October, 2014 to 14th November, 2014....

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S. 68 Addition based on mere report of Investigation Wing not sustainable

ITO Vs Rakam Money Matters P. Ltd (ITAT Delhi)

The only issue here is the addition of Rs.60 lacs made by the Assessing Officer as unexplained credit on account of the share application money. On going through the facts of the case, we notice that assessee has filed the relevant details which it could have filed in support of its contention...

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AO can make adjustment to profit if books are not in accordance with established accounting principles

Padinjarekara Agencies Pvt. Ltd Vs ACIT (ITAT Cochin)

The assessee had contended that the Assessing officer was not entitled to make adjustments to book profit shown in the audited The question that had arisen was whether the Assessing officer was entitled to disturb the net profit shown by the assessee in the profit and loss account prepared as per the Companies Act, 1956....

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Share broker business commences the day on which assessee files registration application with NSE

Elan Equity Services Pvt. Ltd. Vs ITO (ITAT Delhi)

The company was incorporated on 24-11-2004 under the Indian Companies Act with the authorized capital of Rs. 2,00,00,000/- being minimum capital for the company obtaining membership of stock broker....

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Issues in 'Re-issue' of refund of Income Tax by CPC

CA. M. Lakshmanan At present issue of cheque by State Bank of India for refund of Income Tax has been dispensed with and the refund due is transferred to the account of the assessee by ECS. But in certain cases the refund does not reach the account of the assessee due to various reasons viz. […]...

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Posted Under: Excise Duty |

No disallowance u/s 14A, where assessee have sufficient own funds for making investment

CIT Vs Torrent Power Ltd. (Gujarat High Court)

We could notice from the record that the assessee was having share holding funds to the extent of 2607.18 crores and the investment made by it was to the extent of Rs. 195.10 crores. In other words, the assessee had sufficient funds for making the investments and it has not used the borrowed ...

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CSR- Swach Bharat Kosh & Clean Ganga Fund included

Notification No. G.S.R. 741 (E) (24/10/2014)

(i) In item (i), after the words and sanitation, the words including contribution to the Swach Bharat Kosh set-up by the Central Government for the promotion of sanitation shall be inserted; (ii) In item (iv), after the words and water, the words including contribution to the Clean Ganga Fund set-up by the Central Government for rejuve...

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Mere Non recording of detailed reason in Assessment Order do not justify the presumption that order been passed without application of mind

Munshi Mini Rice Mill Vs ITO (ITAT Kolkata)

First of all, we have to examine the documents produced by the assessee during the course of original assessment framed u/s. 147 read with section 143(3) of the Act vide order dated 20.11.2009. We find from the assessment order that the assessee produced complete details of purchases i.e. purchase statement....

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Cash seized during search cannot be adjusted against advance-tax liability

DCIT Vs Spaze Tower Pvt. Ltd (ITAT Delhi)

As per provisions of section 132B of the Act the assets seized u/s 132 or requisitioned u/s 132A may be adjusted towards the amount of any "existing liability". The Explanation 2 attach to section 132B of the Act clarifies that for removal of doubts it is hereby declared that the "existing liability"...

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AO can issue notice u/s 148 despite non expiry of time limit for issuing notice u/s 143(2)

Malwinder Singh Vs ITO (ITAT Chandigarh)

condition precedent for proceeding under section 147/148 of the Act was that the Assessing Officer should have reason to believe that income had escaped assessment. The Hon'ble jurisdictional High Court further held, The notice under section 147/148 issued to the petitioner was not vitiated merely for the reason that notice under section...

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Deemed dividend applies only where there is 'actual payment' & not on transaction in kind

Parag Desai Vs Addl. CIT (ITAT Indore)

The Assessee was a significant shareholder in a company - The company sold building to shareholder on credit - Department treated it as 'loan' or 'advance' for invoking Section 2(22)(e). CIT(A) upheld the addition on the ground that since the unpaid purchase price has not been paid...

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Refund cannot be denied for failure of Tax Department

Shanti Enterprise Vs ACIT (Gujarat High Court)

There is no dispute about the fact that the order of penalty at annexure A dated 12.3.2010 was made against the petitioner on the basis of the assessment of income of the petitioner done by the assessing officer under section 143(3) of the Act....

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Celebrating Diwali Differently

Dr. Sanjiv Agarwal As we all celebrate the festival of Diwali next week, we see hectic business activities and preparations all around – host of business exhibitions; sale of what not; decked up markets, shops, showrooms, hotels etc; investments in durables, metal, stocks, vehicles, appliances and tons of shopping at personal level. Eac...

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Posted Under: Excise Duty |

SEBI : Revision of proprietary position limits of non-bank stock brokers for currency derivatives contracts

CIR/MRD/DP/30/2014 (22/10/2014)

) take necessary steps to put in place systems for implementation of this circular, including necessary amendments to the relevant bye-laws, rules and regulations;...

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Payment of related Indian income tax by recipient foreign entity and disallowance for payment made without deduction of TDS

Mitsubishi Corporation India Pvt. Ltd Vs DCIT (ITAT Delhi)

In the present case, we are dealing with a situation in which payment has been made to a non-resident taxpayer but the said non-resident taxpayer has taken into account the receipts in question in his business income and has already filed his income tax return under section 139(1)...

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Constitution of Review Committee of Commissioners of Central Excise – Reg

Office Order-5/2014-Central Excise (22/10/2014)

In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944(1 of 1944), the Central Board of Excise and Customs constituted under the Central Board of Revenue Act,1963 (54 of 1963) constitutes the following Committees consisting of two Commissioners of Central Excise mentioned in column (2) of th...

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Delhi VAT -Filing of online return for 2nd quarter of 2014-15 – extension of due date

Circular No. 14 of 2014-15 (22/10/2014)

I, Sanjeev Khirwar, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of second quarter return for the year 2014-15, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexures/enclosures to 10/11/2014....

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Export of Dried Silk Worm Pupae to EU

Notification No. 95 (RE-2013)/2009-2014 (22/10/2014)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992), as amended, read with Para 1.3 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in Chapter 5 of Schedule 2 (Export Policy) of ITC(HS) Classification of Export & Im...

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Reporting on Internal Financial Control deferred for one year i.e., up to 01.04.2015

Ministry of Corporate Affairs has amended Rules for Chapter 10 (Audit and Auditors) of the Companies Act, 2013 and Reporting on Internal Financial Control u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., up to 31.03.2015. The auditor shall report on the existence of adequate internal financial control and it...

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Posted Under: Excise Duty |

ICAI invite suggestions on ITRs & other Income Tax forms

ICAI invites suggestions on Income-tax Returns (ITRs) and other forms notified under Income-tax Rules, 1962. – (21-10-2014) The Direct Taxes Committee of the ICAI is in the process of compiling suggestions on Income tax Return forms (ITRs) and other forms to be made applicable for Assessment year 2015-16. With regard to the same, su...

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Posted Under: Excise Duty |

CPC enables Online TDS Statement Correction functionality

The Online Correction functionality is now enabled for TDS Statements prior to FY 2012-13 also (Financial Year 2007-08 onwards), provided at least one correction for the relevant statement has been processed by CPC (TDS). Download Tutorial on above from the following link :- http://contents.tdscpc.gov.in/docs/e-Tutorial%20-%20Online%20Cor...

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Posted Under: Excise Duty | ,

Very few takers for One Person Company (OPC)

Data provided by the Ministry of Corporate Affairs revealed that only few takers for One Person Company(OPC), which is introduced as a new business ownership concept by virtue of the Companies Act, 2013. The statistics on number of entities such as public companies, private companies, OPC and LLPs registered from 1st April, 2014 to 26th [...

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Posted Under: Excise Duty |

Service Tax on Joint Development Agreements

A. Whether the agreement between developer and land owners is in the nature of joint venture? B. If it is not a joint venture then whether the transaction of giving 400 units of flats in return of a land (i.e. a non - monetary consideration) amounts to service and whether the same is liable for service tax? ...

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CBDT notifies Jurisdiction of various Principal CIT / CCIT (International Taxation)

Notification No. 54/2014-Income Tax (22/10/2014)

Notification No . 54/2014-Income Tax In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income Tax Act, 1961 (43 of 1961) and in supersession of notification of the Government of India, Central Board of Direct Taxes, number S.O. 888(E), dated the 17th September, 2001, published in the Gazette of India, Ex...

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CBDT directs CCIT (Exemptions), Delhi to excercise power over 14 specified Jurisdiction

Notification No. 53/2014-Income Tax (22/10/2014)

Notification No. 53/2014-Income Tax In exercise of the powers conferred by sub-section (1) and (2) of section 120 of the Income Tax Act, 1961 (43 of 1961) and in supersession of notification of the Government of India, Central Board of Direct Taxes, number S.O 888(E), dated the 17th September, 2001, published in the Gazette of India, Extr...

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CBDT directs various CIT (Exemptions) and their subordinates to exercise powers in respect of notified cases or classes

Notification No. 52/2014-Income Tax (22/10/2014)

Notification No. 52/2014-Income Tax (b) authorises the Commissioners of Income-tax referred to in this notification to issue orders in writing for the exercise of the powers and performance of the functions by the Additional Commissioners of Income-tax or Joint Commissioners of Income-tax and Tax Recovery Officers, who are subordinate to ...

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CBDT notifies jurisdictions of Principal CITs & CCITs

Notification No. 51/2014-Income Tax/S.O. 2753(E) (22/10/2014)

Notification No. 51/2014-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India, Central Board of Direct Taxes number S.O.733(E), dated the 31st July, 2001, published in the Gazette of India, Extra...

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Authorisation of Income-tax authorities and their jurisdiction – Notification No. 50/2014

Notification No. 50/2014-Income Tax (22/10/2014)

Notification No. 50/2014-Income Tax (b) directs that the Principal Commissioners of Income-tax or Commissioners of Income-tax specified in column (2) of the Schedule-II annexed hereto, having their headquarters at the places specified in the corresponding entries in column (3) of the said Schedule-II, shall exercise the powers and perform...

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CBI caught DCIT taking Rs.23-lakh bribe

CBI ARRESTS A DEPUTY COMMISSIONER AND TWO INSPECTORS OF INCOME TAX DEPARTMENT IN A BRIBERY CASE The Central Bureau of Investigation has arrested a Deputy Commissioner and two Inspectors, all the three of Income tax Department in a bribery case. A case was registered against a Dy Commissioner of Income Tax, Karimanagar (Telangana) on the [...

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Posted Under: Excise Duty |

SEBI : Modification of client codes of non-institutional trades executed on stock exchanges (All Segments)

CIR/MRD/DP/29/2014 (21/10/2014)

of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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Govt. proposes merger of NSEL with FTIL

NA

The Central Government proposes to issue the following Order (presently in the Draft form) causing Amalgamation of National Spot Exchange Limited with its Holding Company Financial Technologies (India) Limited...

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Spending on CSR mandatory for all public sector companies

Office Memorandum No.15 (13)/2013-DPE (GM) (21/10/2014)

The Government of India enacted the Companies Act 2013 in August 2013. Section 135 of the Companies Act 2013 (hereinafter referred to as ‘the Act) deals with the subject of Corporate Social Responsibility (CSR). It lays down the qualifying criteria based on net worth, turnover, and net profit for companies which are required to underta...

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Govt. notifies Depository Receipts Scheme, 2014

Notification F.No. 9/1/2013-ECB (21/10/2014)

This Scheme may be called the Depository Receipts Scheme, 2014. 'depository receipt' means a foreign currency denominated instrument, whether listed on an international exchange or not, issued by a foreign depository in a permissible jurisdiction on the back of permissible securities issued or transferred to that foreign depository and d...

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Penalty u/s 271(1)(c) cannot be levied for mere non acceptance of explanation furnished by the assessee

Shri Kirtibhai K. Shroff Vs ITO (ITAT Ahmedabad)

Issue -During the course of search certain valuables including jewellery was found and the assessee has filed detailed explanation regarding the source of acquisition of jewellery. The assessee has explained that out of the jewellery found, some part belongs to the wife of the assessee...

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Association Registered under FCRA, 2010 to incur expense above Rs 20000 by cheque

F. No.II/21022/58(136)/2014-FCRA(MU) (21/10/2014)

During the course of inspection of records and accounts of the associations registered/ granted prior permission under Foreign Contribution (Regulation) Act, 2010 from time to time, it has been observed that some associations withdraw huge amount of foreign contribution (FC) from their FC designated bank accounts and Utilisation Accounts ...

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Notification No. 30/2014-Customs Dated- 20th October, 2014

Notification No. 30/2014-Customs (20/10/2014)

In the said notification, in the ANNEXURE, in condition number 100, in clause (b), for the words “within a period of six months” the words “within a period of twelve months” shall be substituted....

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Happy Diwali with crackers of Income Tax

Arjuna: Krishna, Which may be biggest cracker if we correlated with the Income Tax Provision? Krishna: Arjuna, listen gladly, the salesmen in the market sells different types of crackers likewise there are various provisions in various laws. Accordingly in Income tax the biggest cracker is the cracker that explodes in 6 different ways, w...

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New features of e-form ADT-1 related to Auditors Appointment

 Form ADT-1 for intimating appointment of Auditors, under section 139(1) of the Companies Act, 2013, by the companies is available for e-filing on the MCA website www.mca.gov.inunder company forms download with effect from 20thOctober 2014. Pursuant to this, Stakeholders are requested to file formADT-1 as a separate e-form, and not as an...

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Guidance Note on Clause 36 of Equity Listing Agreement

Clause 36 of Equity Listing Agreement inter-alia mandates every Listed Company to intimate stock exchanges on any material event which will have bearing on operation of company or any information which is price sensitive in nature. Clause 36 provides indicative events which may have ‘material impact’ on the performance or operations o...

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Posted Under: Excise Duty |

Validity of order u/s 263 on a issue on a issue on which CIT (A) has already decided in favour of Assessee

Tejpal Singh Kohli Vs CIT (ITAT Delhi)

Ld. Commissioner of Income Tax in his notice u/s 263 dated 18.3.2014 stated that prima facie deduction claimed u/s 80IC of the Act by the assessee is not justifiable on the following grounds :- 1. Assessee is assembling and trading LCDs and it is not carrying on manufacturing of goods....

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Determination / Definition of place of removal – Clarification

Circular No. 988/12/2014-Central Excise (20/10/2014)

Attention is invited to Notification No. 21/2014 - CE (NT) dated 11.07.2014 vide which the definition of “place of removal” has been inserted in the CENVAT Credit Rules, 2004 (CCR). Under these rules there are provisions that the credit of input services is available upto the place of removal. As the definition is now provided in the ...

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CPC-TDS- Processing of TDS/ TCS statements may take 7 to 10 working days

CPC-TDS has informed on its website that Considering peak statement filing time, processing of TDS/ TCS statements might take 7 to 10 working days from date of filing. 90% of the statements filed till 15th Oct 2014 have been processed for 26AS....

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Posted Under: Excise Duty |

Streamlining the Procedure for Grant of Industrial Licenses

File No 9(8)/2014-IL(IP) (20/10/2014)

As a measure of ease of doing business, henceforth two extensions of two years each in the initial validity of three years of the industrial License shall be allowed up to seven years. This is in supersession of Press Note No. 5(2014 Series) dated 02.07.2014,...

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Dealer cannot be denied benefit due to cancellation of R.C. of other dealer, unless published in official gazette

Punjab & Haryana High Court in an older case namely Arjan Radio House vs Assessing Authority had held that a person’s registration certificate shall be deemed to have been cancelled w.e.f date of publication of the factum of cancellation in the official Gazette as a busy seller cannot be supposed to know whether the registratio...

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Posted Under: Excise Duty |

Micro Nutrient Mixtures -Whether it is Plant Growth Regulator or Other Fertiliser under Central Excise classification?

The CESTAT, Bangalore has recently held in the case of KPR Fertilizer Ltd Vs Commissioner of Central Excise, Service Tax and Customs, Visakhapatnam II 2014-TIOL-2001-CESTAT-BANG that Micronutrient Mixtures are not Plant Growth Regulators if it contains Nitrogen or Phosphorous or Potash and would be classifiable as Other Fertiliser falling...

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Posted Under: Excise Duty |

Interest Income of Co-Operative Bank on deposits with Co-operative Bank not eligible for Deductoion U/s. 80P

Mutholy Service Co-Operative Bank Ltd Vs The Income Tax Officer (ITAT Cochin)

In the present case, we find that the assessee has earned interest income on fixed deposits made by the assessee with sub-treasury, Meenachili, Kadappattoor and SBI Pala totaling Rs. 20,21,909/- and the interest income earned on the surplus funds of the assessee cannot be considered...

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Compounding of Contraventions under FEMA, 1999- RBI delegates further power to Regional Offices

Background Compounding of Offence is a voluntary process available in case of contravention of offence under Foreign Exchange Management Act, 1999 (hereinafter referred as ‘FEMA’). Foreign Exchange (Compounding Proceedings) Rules, 2000[1] empowers Reserve Bank of India (hereafter referred as ‘RBI’) to compound contravention under ...

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Posted Under: Excise Duty |

A Brief Explanation on SA 550 Related Parties

This standard lays emphasis on the auditors responsibilities in regard to the related parties identified during the conduct of an audit of financial statements. It deals with the responsibilities and expands on how to make the application of: SA 315 Identification and Assessment of the Risk of Material Misstatement Through Understand...

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Posted Under: Excise Duty |

Diesel Price reduced vy Rs. Rs 3.50 per litre wef 19.10.2014

Deregulation of Diesel Prices The Union Cabinet Committee of Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, today approved the issues relating to the under-recovery on sale of diesel and its present status. Instructions have been issued today i.e. on 18th October 2014 to make the price of Diesel market determined with...

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Posted Under: Excise Duty |

TDS / TCS Return due date extended in 4 States to 31.10.2014

PRESS RELEASE (17/10/2014)

Last date of filing of the TDS/TCS Statements for the 2nd Quarter of Financial year 2014-15 for the deductors/collectors in the States of Andhra Pradesh, Jammu & Kashmir, Odisha & Telangana extended....

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Posted Under: Excise Duty |

Interst on Long Term foreign currency Bonds- Conditions for Lower TDS

Circular No.15/2014 - Income Tax (17/10/2014)

CBDT CIRCULAR NO.15/2014 Section 194LC of the Income-tax Act, 1961, introduced by the Finance Act 2102, provided for lower withholding tax at the rate of 5% on the interest payments by Indian companies on borrowings made in foreign currency by such companies from a source outside India. The benefit was available in respect of borrowings ...

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Notification No. 49-Income Tax Dated 17/10/2014

Notification No. 49-Income Tax (17/10/2014)

Notification No. 49-Income Tax In exercise of the powers conferred by sub-section (1) of Section 120 of the Income-tax Act, the Central Board of Direct Taxes hereby directs that Sri Bhaskar Goswami, Additional Commissioner of Income-tax in the office of Principal Chief Commissioner of Income-tax,New Delhi shall exercise the powers and fun...

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CPC(TDS) – Deductor's Survey Questionnaire: Your Feedback Matters

CPC(TDS) released a survey 'Deductor's Survey Questionnaire: Your Feedback Matters' with an objective to understand deductors satisfaction since the time CPC(TDS) and TRACES website came into existence. CPC(TDS) has undertaken transformational initiatives to improve overall service levels for deductors and tax payers by following:-...

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Posted Under: Excise Duty |

CPC (TDS) follow up for Filing of Form No. 24G in FY 2014-15

This is to inform you that your office (Accounts Office Identification Number (AIN)) have filed Form 24G for all 12 months in Financial Year 2013-14, however, you have not filed Form no. 24G for any of the months during Financial Year 2014-15. 1. Please note that In case of delay in filing of Form No. 24G by the AINs:...

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Posted Under: Excise Duty |

Switzerland agreed to share information of Indians having account in Swiss Banks

Switzerland has indicated willingness to provide information in respect of cases where investigations have been carried out by our IT Department independently from what Swiss Government considers as stolen data....

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Posted Under: Excise Duty |

Technical grade/ material verification on Import of Pesticides-reg.

Circular No. 10/2014-Customs (17/10/2014)

Reference is invited to Board Circular No 7/2014-Cus dated 7.04.2014 on compliance of Order of Hon’ble High Court of Gujarat regarding import of formulations into India which lays down that Commissioner of customs concerned should ensure that in case of import of formulations, the samples of its technical grade / material is tested....

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Companies (Accounts) Amendment Rules, 2014 – An analysis

The Ministry of Corporate Affairs (MCA) has vide notification dated October 14, 2014 amended the Companies (Accounts) Rules, 2014 (Amended Rules). Section 129 (3) read with Rule 6 of the Companies (Accounts) Rules, 2014 (Rules) provides manner of consolidation pursuant to Schedule III of the Companies Act, 2013 (Act) and the applicable ac...

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Posted Under: Excise Duty |

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