"17 November 2014" Archive

Reopening on mere possibility of revenue loss is based on presumption & is invalid

Investeringsforeningen BankInvest Vs DDIT (ITAT Mumbai)

The assessee is a FUND and a resident of Denmark. Along with its return of income, in India, the assessee had submitted 'Tax Residency Certificate' issued by the Danish Authorities in order to claim the benefit of Article 14 of India-Denmark DTAA....

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Valuation/Assessment Practice in respect of export of Iron Ore

Circular No. 12/2014-Customs (17/11/2014)

Pursuant to the references received relating to valuation of iron ore entered for export, the Central Board of Excise and Customs vide Circular No. 12/2014 – Customs dated November 17, 2014 has prescribed the specified procedures to be adopted by all Custom Houses in order to bring in uniformity, transparency and consistency in assessme...

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Reference to DVO cannot be made if assessee has challenged the valuation by stamp authorities

Seksaria Industries Pvt. Ltd Vs ITO (ITAT Mumbai)

First contention of the assessee is that the sale consideration cannot be taken more than the actual sale consideration shown in the transfer deed i.e. a sum of Rs.4 1.51 crores. The alternative contention is that if the sale consideration is taken as valuation done by the Stamp Valuation Authorities then there is a mistake...

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In case of conflict in judgment of non-jurisdictional High Courts, one in favour of assessee should be adopted

ACIT Vs Solapur Siddheshwar Sahakari Bank Ltd (ITAT Pune)

The assessee is a non-scheduled Co-operative Bank carrying on banking business in terms of a license issued by Reserve Bank of India (RBI), and is thus governed by Circulars of RBI relating to Prudential Norms, Income Recognition, Asset Classification, Provisioning...

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Inclusion of Royalty & Licence Fees in assessable value in respect of imported goods

Emitec Emission Control Tech. (I) P. Ltd. Vs. CC. (Import), Mumbai-I

Emitec Emission Control Tech. (I) Pvt. Ltd. (the Appellant) imported certain goods from Emitec Gesellschaft Fur Emissions technologie GmBH (EGM Germany) which is the parent company of the Appellant....

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Posted Under: Income Tax |

Amalgamation – Carry Forward & set off of ‘Capital Gain’ Losses

The issue that whether in the case of amalgamation loss under the head of capital gain can be carry forward or not was a matter of discussion. In the Income Tax Act, 1961, there is no clarity in respect of this issue. However, in respect of business loss Section 72A of the Act was introduced […]...

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Posted Under: Income Tax |

SAD refund cannot be denied merely because invoice do not mention that ‘No Cenvat credit of SAD is admissible’

Chowgule & Company Pvt. Ltd. Vs. CC & CCE (CESTAT Mumbai)

Chowgule & Company Pvt. Ltd (the Appellant) are the traders who, imported goods by discharging Special Additional Duty of Customs (SAD)under Section 3(5) of the Customs Tariff Act, 1975 and subsequently domestically sold such goods on payment of CST/VAT...

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Posted Under: Income Tax |

Income-tax Assessment completes on date of order, irrespective of service of order; CBDT rectifies 6 year old mistake

Circular No. 16/2014-Income Tax (17/11/2014)

CIRCULAR NO. 16/2014 Chapter XIX-A of the Income-tax Act, 1961 contains provisions relating to settlement of cases by the Income-tax Settlement Commission (ITSC). The provisions contained in the said chapter were amended by Finance Act, 2007 and a Revised Settlement Scheme was put in place. Explanatory Circular No. 3/2008 dated 12.03.2008...

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GST and Insurance Amendment Bill are on the Anvil: FM

Economic Reforms Inclduing GST and Insurance Amendment Bill are on the Anvil: FM; Calls for Large Investment from Domestic and International Investors in Infrastructure Sector The Union Finance Minister Shri Arun Jaitley said that the Government has taken series of measures to tackle various challenges being faced by the infrastructure se...

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Posted Under: Income Tax |

CBEC notifies All Industry Rates (AIR) of Duty Drawback w.e.f. 22.11.2014

Notification No. 110/2014-Customs (N.T.) (17/11/2014)

The tariff items and descriptions of goods in the said Schedule are aligned with the tariff items and descriptions of goods in the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) at the four-digit level only. ...

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Companies (Central Government’s) General Rules and Forms Amendment Rules, 2014

Notification No. G.S.R. (E) (17/11/2014)

In the Companies (Central Government's) General Rules and Forms, 1956, in Rule 12A, for the brackets and words "(Accounts) in the Department of Company Affairs", the words "in the Ministry of Corporate Affairs" shall be substituted....

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Amendment to Rule 7 of Customs, Central Excise Duties & Service Tax Drawback Rules 1995

Notification No. 109/2014-Customs (N.T.) (17/11/2014)

(1) These rules may be called the Customs, Central Excise Duties and Service Tax Drawback (Amendment) Rules, 2014. (2) They shall come into force on 22nd November, 2014....

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You decide importance of Majority and Resolutions in your Business

Krishna, In Maharashtra State discussion on proving Majority and resolution for proving trust in Government is going on. It’s for the formation and running of the Government. But what if, it happens in business, please explain what the importance of majority and resolutions in business. ...

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Posted Under: Income Tax |

Section 195 – No TDS on reimbursement of expenses for supply of data

DCIT Vs Ernst & Young Pvt. Ltd (ITAT Kolkata)

Briefly stated facts are that the assessee claimed deduction for Rs.6,88,12,554/- and Rs.23,78,781/- being amount payable to EYGS LLP and Ernst & Young LLP, UK respectively towards reimbursement of costs for providing access to system & management audit methodology updates...

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