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Archive: 14 October 2014

Posts in 14 October 2014

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6441 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Purchaser of VABAL not liable to prove export obligation for availing benefit of Notification

October 14, 2014 751 Views 0 comment Print

Globe Agencies (the Assessee) purchased Valued Based Advance License (VABAL) from the market in respect of exported goods. Since, the Assessee failed to show that input stage credit has not been availed by the manufacturer of the exported (exempted) goods

Appointment of Officers of Central excise working in Audit Formations and investing them with powers of Central Excise Officers

October 14, 2014 913 Views 0 comment Print

In exercise of the powers conferred by clause (b) of section 2 of the Central Excise Act, 1944 (1 of 1944), read with sub-rule (1) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs, hereby appoints the officers of Central Excise specified in column (2) of the Table below and invests them with the powers of Central Excise Officers specified in column (3) of the said Table

Section 43B covers both employees & employer’s contributions

October 14, 2014 4839 Views 0 comment Print

We hold that both employees’ and employer’s contributions are covered under the amendment to Section 43B of I.T. Act and the Alom Extrusions judgment. Hence the Tribunal was right in holding that payments thereof are subject to benefits of Section 43B.

Sanction for reassessment by JC in a mechanical manner is invalid

October 14, 2014 1914 Views 0 comment Print

In this case Joint Commissioner had acted mechanically in order to discharge his statutory obligation properly in the matter of recording sanction as he merely wrote on the format Yes, I am satisfied which indicated as if he was to sign only on the dotted line, whereas satisfaction has to be with objectivity on objective material. Thus, reopening of assessment was invalid.

ICSI -Company Law Settlement Scheme, 2014- request for extention of time

October 14, 2014 3584 Views 0 comment Print

The Institute of Company Secretaries of India (ICSI) has written a letter to Ministry of Corporate Affairs  on 13.10.2013 by which it has requested to extend the last date of the Company Law Settlement Scheme, 2014 to December 31st, 2014. The CLSS 2014 has been introduced for condoning the deny in filing the pending annual documents […]

SCN issued with pre­determined conclusions & closed mind is not valid

October 14, 2014 3798 Views 0 comment Print

Bharat Marine Co. (Petitioner) challenged the Show Cause Notice (SCN) issued by the Department on the ground that the contents of the SCN discloses a pre-conceived and closed mind. It was further contended that the findings of Revenue were categorical in nature

Trust/trustee as a partner in LLP – Clarification

October 14, 2014 8270 Views 0 comment Print

Clarifications have been sought on whether a trust or a trustee representing a trust in the case of “Real Estate Investment Trust” (REIT) or “Infrastructure Investment Trust” (InvITs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 1992, can become a partner in an LLP.

Service tax on services in relation to inward remittances from abroad

October 14, 2014 26875 Views 17 comments Print

Vide circular No. 163/14/2012–ST, dated 10th July, 2012, on the issue of levy of service tax on the activities involved in the inward remittance it was clarified that there is no service tax per se on the foreign exchange remitted to India from outside for the reason that money does not constitute a service and that conversion charges or fee levied for sending such money would also not be liable to service tax

Reverse Charge Mechanism For Individual/Proprietorship firm

October 14, 2014 55935 Views 10 comments Print

1. Freight paid/payable to Goods Transport Agency (GTA) 1.1    Does individual/proprietorship firm is liable to pay service an When tax under reverse charge? An Individual or a proprietorship firm is liable to take service tax registration and pay service tax under reverse charge only if:- i. It is registered as a dealer of excisable goods […]

Clarification on matters relating to Consolidated Financial Statement

October 14, 2014 5983 Views 0 comment Print

Government has received representations from stakeholders seeking clarifications on the manner of presentation of notes in Consolidated Financial Statement (CFS) to be prepared under Schedule III to the Companies Act, 2013(Act). These representations have been examined in consultation with the Institute of Chartered Accountants of India.

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