"17 December 2014" Archive

Where all factual facts are available on the records, the Tribunal couldn’t remand back the case

L'Oreal India (Pvt.) Ltd. Vs. Union of India

L'Oreal India (Pvt.) Ltd. (the Petitioner) was engaged in the manufacture of cosmetic products classified into two categories, namely Technical products cleared to Salon/ Beauty Parlour (Technical products) and Retail sale products meant for sale to consumers (Retail sale products)....

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Posted Under: Excise Duty |

Extended period not invocable when penalties waived off on the ground of interpretational issue

Sankhla Udyog Vs. Commissioner of Central Excise & Service Tax

In the instant case, Sankhla Udyog (the Appellant) was engaged in rendering Repairs and Maintenance Services. A Show Cause Notice was issued to the Appellant by invoking the extended period alleging that there was a difference between the amount shown in their ledger and in the Service Tax Returns (ST-3) on which the Appellant had not pai...

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Posted Under: Excise Duty |

Cenvat credit on Outdoor Catering services used in relation to business activities

Hindustan Coca Cola Beverages Pvt. Ltd. Vs. Commissioner of Central Excise, Nashik

Even after amendment made in the definition of ‘Input services’ w.e.f April 1, 2011, Cenvat credit on Outdoor Catering services used in relation to business activities continues to be eligible when the cost is borne by the Company and not recovered from the employees....

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Posted Under: Excise Duty |

Once reasonable cause is established, no penalty is imposable

Commissioner of Central Excise & Customs, Gujarat Vs. V.M. Engg. Works

V.M. Engg. Works (the Assessee) made late payment of Service tax, consequent to which a Show Cause Notice was issued to the Assessee proposing to impose penalty for late payment of Service tax under Section 76 of the Finance Act, 1994 (the Finance Act)....

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Posted Under: Excise Duty |

SIT Submits suggestion / Actions to Control Black Money

Placed below are the relevant portions of the Second Report of the Special Investigation Team (SIT) on Black Money which was recently submitted by the SIT to the Hon’ble Supreme Court: I. In response to the directions issued by the SIT, CBDT has directed various Assessing Officers to finalize the assessments for all actionable cases (42...

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Posted Under: Excise Duty |

Devising a Simple Compensation Structure for Staff

Devising a Simple Compensation Structure The objective of this article is to explain the basic Compensation structure in its simplest form. Information about Statutory compliance with Labor Laws and Tax requirements will also be explained in brief. Every organization aspires to devise a compensation structure that is easily understood, wh...

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Posted Under: Excise Duty |

S. 194H TDS not applicable on Charges for use of Swipe Machine paid to banks

JDS Apparels Private Limited Vs CIT (Delhi High Court)

Assessee was engaged in the business of trading in readymade garments. A letter was received from the Assessing Officer, TDS Circle Mumbai that the respondent-assessee had paid 3commission' to HDFC on payments received from customers who had made purchases through credit cards....

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Goods & Service Tax Will Be A Reality by April 2016

The Central Government has finally agreed to many demands of various states during the most successful meeting held so far on 15th December , 2014. This is claimed to be a win win deal and passing of first hurdle in rolling out the long awaited goods and service tax(GST) in India from April, 2016....

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Posted Under: Excise Duty |

What You Should Know About Employer’s Tax Responsibilities

This is an informative article that explains in brief the tax responsibilities of an employer towards his employee in order to generate timely and accurate payroll. Payroll taxes Payroll related tax involves a good understanding of a typical compensation structure in an organization. An employer has 2 parties that he has to consider when ...

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Posted Under: Excise Duty |

Government/DGFT cannot amend Foreign Trade Policy or withdraw any export benefit with retrospective effect

Hon’ble High Court decided the matter in favour of the Petitioners and held that neither the Central Government, nor the DGFT would have the power to amend the FTP or withdraw any export benefit with retrospective effect....

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Posted Under: Excise Duty |

Assessee is entitled to refund of Anti-Dumping Duty paid provisionally

Circuit Systems India Pvt. Ltd. Vs. Commissioner of Customs (Import)

Circuit Systems India Pvt. Ltd. (the Appellant) imported Glass Epoxy Copper and filed 5 Bills of Entry for the period October 2003 to January 2004 (Impugned period). During the Impugned period, the Anti-Dumping Duty was payable by the Appellant provisionally in terms of the Notification No. 141/2003 dated September 19, 2003 (the Notificat...

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Posted Under: Excise Duty |

Amends Exchange Rate notfn. 113/2014-Customs (NT) effective from 18th December, 2014

Notification No. 115/2014-Customs (N.T.) (17/12/2014)

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance ...

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Amendment to CESTAT Appeal Forms – reg

Circular No. 991/15/2014-Central Excise (17/12/2014)

Reference is invited to Circular No.969/03/2013-CX dated 11th April, 2013 whereby the forms for filing appeal in the CESTAT were amended/revised and new forms for Central Excise (E.A.-3, E.A.-4, E.A.-5), Customs (C.A.-3, C.A.-4, C.A.-5) and Service Tax (S.T.-5, S.T.-6, S.T.-7) were notified vide Notification Nos 6/2013-Central Excise (N.T...

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Do not invest in schemes offered by entities barred by SEBI from raising money

Press Release No. 174/2014-SEBI (17/12/2014)

It has been observed that certain entities collect / mobilize money under existing / new schemes even after SEBI has directed such entities not to collect any further money, not to launch any new schemes, etc. These companies / entities without obtaining registration are illegally collecting / mobilising money, from investors by making fa...

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RBI imposes monetary penalty on two banks; cautions three banks for violating KYC/AML Instructions

2014-2015/1260 (17/12/2014)

The Reserve Bank of India has imposed monetary penalty on the following two banks for violation of its instructions, among other things, on know your customer/anti money laundering Know Your Customer(KYC)/Anti Money Laundering (AML). The details of the penalty are: Sl. No. Name of the bank Penalty Amount (in Rs. mn) 1 ICICI Bank Ltd. [&he...

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