"December, 2014" Archive

CBDT brings down number of cities in which DRP can be constituted

Notification No. 91/2014-Income Tax (31/12/2014)

Notification No. 91/2014-Income Tax S.O. 3324(E).· In exercise of the powers conferred by sub-section (14) of sect1on 144C of the Income-tax Act. 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax (Dispute Resolution Panel) Rules, 2009, namely:-...

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RBI revisits charge creation regulations for Indian Party – liberalizes overseas investment norms

RBI has been constantly revisiting the FEMA regulations pertaining to overseas direct investment, foreign investments in India and others in view of current scenario and amending the same. With a view to grant greater flexibility to Indian Companies, RBI vide Notification No. FEMA.322/RB-2014 dated 14th October 2014[1] amended the FEMA...

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Posted Under: Income Tax |

House Rent Allowance – Taxability & Exemption

In my today’s article I will discuss about the House Rent allowance (HRA). Now the catch here is that you an employee might trust your employer for allowing you the HRA, but at the same time you should know the right way of treatment of HRA in your Income Statement while you are filing your Income Tax Return....

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Posted Under: Income Tax | ,

Excise duty exemption cannot be denied merely because the certificates were in the name of intermediary

Commissioner of Central Excise, Jaipur Vs. KamdhenuIspat Ltd.

Excise duty exemption cannot be denied merely because the certificates were in the name of intermediary through whom the material was supplied for approved projects...

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Posted Under: Income Tax |

In condonation plea, Tribunal can only seek explanation of delay beyond due date of filing appeal

Universal Paper Mills Ltd. Vs. Commissioner of Central Excise, Haldia Commissionerate

In the instant case, proceeding was initiated against Universal Paper Mills Ltd. (the Appellant) in respect of the goods cleared during the period August 1997 to December 2000 and April 2001 to June 2001 which were confirmed vide the Order-in-Original dated May 31, 2007....

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Posted Under: Income Tax |

3 CBDT orders for Transfers, Postings & Appointment in Income Tax Department

Notification No. 18/2014 - Income Tax (31/12/2014)

Notification No. 18/2014 - Income Tax Appointment of 128 IRS(IT) officers in the grade of ACIT (Junior Scale) in a substantive capacity - reg....

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Customs duty exemption on Chickpeas extended till April 1, 2015

Notification No. 39/2014-Customs (31/12/2014)

Central Government vide Notification No. 39/2014-Customs (Tariff) dated December 31, 2014 (Notification No. 39) has amended the Notification No. 12/2012-Customs (Tariff) dated March 17, 2012 which prescribes an exemption on import of Chickpeas (garbanzos) at nil rate of duty up to December 31, 2014....

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Parallel assessment for same transaction/ period / amount by different Jurisdictional Authority not permissible

Vandana Travels & Tours (the Petitioner) is a Service provider as Rent-a-cab-operator. An Assessment Order dated March 16, 2010 for the period from September 2000 to September 2005, October 2005 to March 2006, April 2006 to March 2007 and May 2008 to July 2008 was passed ...

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Posted Under: Income Tax |

Cenvat credit on Tower parts & Pre-fabricated buildings – CESTAT grants stay as demand was time barred

Bharti Airtel Ltd. Vs. Commissioner of Service Tax, Delhi [2014-TIOL-2579-CESTAT-DEL]

Bharti Airtel Ltd. (the Appellant)is engaged in the business of providing cellular services. The issue involved is admissibility of Cenvat credit on inputs, capital goods and input services used in the erection of transmission towers and shelters spread all over the country far from the office premises of the Appellant....

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Posted Under: Income Tax |

Time-limit of Section 11B of Central Excise Act, 1944 not applies to refund of wrongly paid Service tax

Jyotsana D. Patel Vs. Commissioner of Central Excise

In the instant case, Jyotsana D. Patel (the Appellant) purchased a residential unit from a builder, on which the builder had collected Service tax and deposited the same with the Department. As there is no levy of Service tax on residential unit as held by the Hon'ble High Court ...

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Posted Under: Income Tax |

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