"14 October 2014" Archive

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

Globe Agencies Vs. CC (CESTAT Mumbai)

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...

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Posted Under: Custom Duty |

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

Notification No. 30/2014-Central Excise (N.T.) (14/10/2014)

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 ...

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

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 [&h...

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Posted Under: Custom Duty |

SCN issued with pre­determined conclusions & closed mind is not valid

Bharat Marine Co Vs. Commissioner of Customs (Seaport-Import) and others (Madras High Court)

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...

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Posted Under: Custom Duty |

Trust/trustee as a partner in LLP – Clarification

File No. 2/3/2014 CL-V (14/10/2014)

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....

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Reverse Charge Mechanism For Individual/Proprietorship firm

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 g...

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Clarification on matters relating to Consolidated Financial Statement

General Circular No. 39/2014 (14/10/2014)

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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Right of persons other than retiring directors to stand for directorship & Refund of deposit

General Circular No. 38/2014 (14/10/2014)

Clarity has been sought by companies registered under section 8 of the Companies Act, 2013 (corresponding to section 25 of Companies Act, 1956) about the manner in which the amount of deposit of rupees one lakh received by them under sub-section (1) of section 160 of the Companies Act, 2013 (Act) is to be handled if the depositor fails to...

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Auditor report on internal financial controls system deferred to FY commencing from 01.04.2015

Notification No. G.S.R. 722(E) (14/10/2014)

In the Companies (Audit and Auditors) Rules, 2014, after rule 10, the following shall be inserted, namely:- 10A. For the purposes of clause (i) of sub-section (3) of section 143, for the financial years commencing on or after 1st April, 2015, the report of the auditor shall state about existence of adequate internal financial controls sy...

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Making Investments This Festive Season

Gold and silver prices are these days passing through a stable phase with bearish trend. The prices are ruling at their lowest in 2014 and are also not expected to rise upwards in short term due to sluggish demand and other global factors. ...

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Posted Under: Custom Duty |

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