"18 November 2014" Archive

By Clarification CBEC cannot incorporate a restriction, which does not find place in Drawback Rules

Alfa Laval (India) Ltd. Vs. Union of India (BOmbay High Court)

On a careful and conjoint reading of the Drawback Rules, it is found that there is no prohibition set out in the Drawback Rules, which debars an exporter from seeking determination of the Brand Rate of drawback under Rule 7 of the Drawback Rules, merely because at the time of export, he had already claimed the All Industry Rate of drawbac...

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Posted Under: Custom Duty |

AGM due date extended for Companies registered in Jammu & Kashmir

General Circular No. 45/2014 (18/11/2014)

General Circular No. 45/2014 Dated: 18.11.2014 Extension of time for holding Annual General Meeting (AGM) under section 96(1) of the Companies Act, 2013-Companies registered in State of Jammu and Kashmir. ...

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FM asks People to be Beware of Ponzi Schemes

FM asks the People to Increase their Domestic Savings and Invest the Same in Small Savings Schemes Which are Simple, Safe and Easy to Access; Relaunches Kisan Vikas Patra Scheme; asks People to be Beware of Ponzi Schemes...

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Posted Under: Custom Duty |

DGFT- Procedure for export of certified organic products

Public Notice No. 73 (RE-2013)/2009-2014 (18/11/2014)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, as amended from time to time, Director General of Foreign Trade hereby lays down the following procedure for export of certified organic products, in supersession of earlier Public Notice No. 72 (RE-2003)/2002-2007 dated 21.07.2004....

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FM to Relaunch Kisan Vikas Patra; Investment to Double in 100 Months

FM to Relaunch Kisan Vikas Patra (KVP); Available to the Investors in the Denomination of Rs. 1000, 5000, 10,000 and 50,000, with no Upper Ceiling on Investment; Investment made in the KVP will Double in 100 Months...

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Posted Under: Custom Duty |

All Industry Rates of Duty Drawback effective 22.11.2014 – Reg

Circular No. 13/2014-Customs (18/11/2014)

It has been made explicit that where the claim for Duty Drawback is filed with reference to the rate in the AIR Schedule, an application for fixation of Brand Rate under Rule 7 of the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 shall not be ...

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4 CBDT Orders On Transfer & Posting of Income Tax Officers

Order No. 209 of 2014 (15/11/2014)

Order No. 209 of 2014 - Transfer/Posting in the grade of Commissioner of Income Tax - reg. Vide Order No. 209 of 2014 dated 15.11.2014, the CBDT has ordered the local transfer & posting of 465 officers in the grade of Commissioners of Income-tax. Order No. 207 of 2014 - Transfer/Posting in the grade of Additional/Joint Commissioner ...

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The Row over Constitutional Validity of Service Tax on Restaurant Services

Constitutional validity of service tax levy on restaurant services has turned out to be one of the contentious issues. This issue has its origin somewhere in early 1980’s, when States proceeded to levy VAT on supply of food in hotels/restaurants treating it as sale....

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Posted Under: Custom Duty |

While granting Registration U/s. 12A CIT not required to look into trust activities

CIT Vs Varanasi Welfare Trust (Allahabad High Court)

At the time of registration under Section 12AA of the Income Tax Act, which is necessary for claiming exemption under Section 11 and 12 of the Act, the Commissioner of Income Tax is not required to look into the activities, where such activities have not or are in the process of its initiation. ...

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