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Archive: 09 October 2014

Posts in 09 October 2014

SEBI : Clarification on Government Debt Investment Limits

October 9, 2014 679 Views 0 comment Print

It is clarified that all investments by Long Term FPIs (Sovereign Wealth Funds (SWFs), Multilateral Agencies, Endowment Funds, Insurance Funds, Pension Funds and Foreign Central Banks) in the USD 5 billion Government debt limit shall continue to be made in Government bonds having a minimum residual maturity of 1 year.

One Year Imprisonment to Then Superintendent of Bangalore Customs in Bribery case

October 9, 2014 1225 Views 0 comment Print

In another case, the Additional City Civil & Sessions and Principal Special Judge for CBI Cases, Bangalore has convicted Shri B.A.Lakshman Kumar, then Superintendent, Postal Appraisal Department, Bangalore Customs, and sentenced him to undergo one year Simple Imprisonment with fine of Rs.3000/- in a bribery case.

Excise audits to continue, HC scrapped only Service Tax Audits – CBEC

October 9, 2014 2798 Views 0 comment Print

Doubts have been raised in certain quarters regarding powers of a Central Excise officer to conduct audit, in the background of a recent judgment of Hon’ble High Court of Delhi dated 04.08.2014 in case of M/s Travelite (India) [2014-TIOL-1304-HC-DEL-ST] wherein the Hon’ble court has held that the powers to conduct audit as envisaged in rule 5A (2) of the Service Tax Rules, 1994, does not have appropriate statutory backing and therefore quashed the rule.

A.O Cannot act as a reviewing authorithy u/s 147 of Income Tax Act,1961

October 9, 2014 892 Views 0 comment Print

The Assessing Officer has though power to re–assess but no power to review and if the concept of change of opinion is removed, then in the garb of the re–assessment, review of earlier orders would take place.

Service Tax – Why irrelevant Payment code ‘1089’ not been removed?

October 9, 2014 8438 Views 0 comment Print

CA M. Lakshmanan While we go for e-payment of service tax we are given the codes for various services that existed till 1st July 2012 and additionally we are given an option to select ALL TAXABLE SERVICES – OTHER THAN IN THE NEGATIVE LIST (WITH EFFECT FROM 1ST JULY 2012 and the code given is 1089 whereas […]

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