"18 December 2014" Archive

Capital Gains on sale of TDR received as additional FSI under D. C. Regulations is not chargeable to tax

CIT Vs Sambhaji Nagar Co­-op. Hsg. Society Ltd (Bombay High Court)

We have heard both sides at great length and with their assistance, we have perused the order passed by the Tribunal and that of the Commissioner and the Assessing Officer. The Assessing Officer has noted the basic facts and about which there is no dispute....

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De Novo Adjudication in Service Tax

Power of Adjudication is contained in Section 83A of Finance Act, 1994. Adjudication proceedings in any assessment or penal proceedings is a very important aspect of tax administration. It provides an opportunity to the assessee to be heard and show cause before any action is taken in proceedings relating to him. ...

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Posted Under: Income Tax |

Service Tax on‘Commission Agent Service’ on Import-Export of Goods

In order to promote the Exports, Government of India has given big relief to industries in India, by exempting the service tax on commission paid to overseas agent for Export of Goods vide Notification No 14/2014 ST dated 11th July 2014. It is welcome and much needed move, considering global completion. ...

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Posted Under: Income Tax |

Filing of Form MGT-14 for Special Resolutions- Companies Act, 2013

The Companies Act, 2013 (Act) was notified on 29thAugust, 2013. Out of 470 sections in the Act, 283 sections and 22 sets of Rules corresponding to such sections have so far been brought into force. The Act and the related Rules contain a large number of provisions requiring approval of shareholders by way of special resolution....

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Posted Under: Income Tax | ,

SEBI : Redressal of investor grievances through SEBI Complaints Redress System (SCORES) platform

CIR/OIAE/1/2014 (18/12/2014)

SEBI has issued various circulars/directions from time to time with respect to SCORES. In order to enable the users to have an access to all the applicable circulars/directions at one place, this Circular on SCORES consolidates the current provisions....

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Inclusion of Cost of insurance in Assessable Value for Excise Duty

Commissioner of Central Excise, Belapur Vs. Kapoor Glass (I) Pvt. Ltd.

Kapoor Glass (I) Pvt. Ltd. (the Assessee) cleared the goods from the factory to their customers and recovered cost of insurance from them. In the lorry receipts, the freight was on to pay basis and the buyer of the goods were shown as the consignee....

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Posted Under: Income Tax |

Levy of service tax on advocates is Constitutional – Bombay HC

P.C. Joshi Vs Union of India (Bombay High Court)

It was claimed by the Petitioner P. C. Joshi who is an advocate by profession that section 65(105) (zzzzm) of the Finance Act, 1994 as inserted by the Finance Act 2009 and substituted by Finance Act 2011, proceeds to levy Service Tax on the Advocates....

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Authentication of supply invoice/ ARE-3 by the Central Excise Authorities for Claiming Deemed export benefits – reg.

Circular No. 17/2014-Customs (18/12/2014)

CIRCULAR NO. 17/2014-Customs, Dated: December 18, 2014 Attention is drawn to Circular No. 15/2008-Cus dated 26.09.2008 in which guidelines on the above subject have been prescribed for recipient units registered with Central Excise or not so registered. In respect of units registered with Central Excise, the Superintendent of Central Exci...

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Re-warehousing of goods imported and/or procured indigenously by EOU/EHTP/STP/BTP units-reg.

Circular No. 16/2014-Customs (18/12/2014)

CIRCULAR NO. 16/2014-Customs Dated: December 18, 2014 Attention is drawn to the self-bonding/warehousing procedure on the above subject specified in Circular No. 19/2007-Cus dated 03.05.2007. It has been brought to the notice of the Board that the units which are under the said procedure are facing difficulty in obtaining deemed export be...

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Norms for Execution of Bank Guarantee for Advance License/EPCG Schemes

Circular No. 15/2014-Customs (18/12/2014)

CIRCULAR NO. 15/2014-Customs., Dated: December 18, 2014 Presently, the para 3.2 of the Circular No. 58/2004-Customs prescribes that the bank guarantee (BG) exemption specified in para 3.1 of the Circular shall be admissible subject to certain conditions. One of the conditions (amongst others) for the admissibility of the Nil or 15% or 25%...

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