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Archive: 22 November 2014

Posts in 22 November 2014

Why we should fear a failure but not to dis-respect it

November 22, 2014 4573 Views 0 comment Print

I know you are ambitious and you want to achieve exceptional things in life in a short time span. Ambition is desire to achieve something faster than the people of same calibre and position. These ambitions make us a believer in positive things. We love to read success stories as they motivate us.

Installation & Commissioning Expenses not covered under definition of FTS u/s 9 of Income Tax Act, 1961

November 22, 2014 5182 Views 0 comment Print

The issue is no longer res integra as it has been held by Hon’ble ITAT Mumbai in case of Bennet Coleman & Co. Ltd. Vs ITO(TDS) [ITA No. 7315/Mum/2008] pronounced on 12-11-2014 wherein the assesse (Times of India) has entered into an agreement with M/s FERAG AG for supply of heavy plant and machinery along […]

Loophole in section 139 of Companies Act, 2013

November 22, 2014 27199 Views 0 comment Print

The legislature in their wisdom decided to plug loopholes of the erstwhile Companies Act, 1956 by inclusion of various new provisions to prevent frauds in the Companies Act, 2013 which were not a part of the erstwhile Companies Act. The noble intention behind bringing new preventive provisions is to bring more transparency in day to […]

Duty Drawback cannot be denied when goods to be re-exported were brought in Customs area within stipulated time

November 22, 2014 1670 Views 0 comment Print

Oil And Natural Gas Corporation Ltd.(the Appellant) filed shipping bills for re-export of various machineries (impugned goods) imported for exploration purposes and claimed Drawback of the duty paid at the time of import.

SAD Refund cannot be denied on sales made to non registered buyer despite no endorsement on invoice

November 22, 2014 1027 Views 0 comment Print

AD Refund cannot be denied when no endorsement to the effect that ‘No Cenvat credit of SAD is admissible’ is made on an invoice issued to the non-registered buyer as no credit is available to the buyer on account of non-registration

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