"20 October 2014" Archive

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: Custom 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: Custom 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: Custom 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: Custom Duty |

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