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Archive: 31 December 2014

Posts in 31 December 2014

Free Live Webinar: Dematerialization of Securities and Recent Amendments

July 2, 2024 1905 Views 0 comment Print

Join our free webinar on July 4th at 4:00 PM to gain insights into the dematerialization of securities and recent amendments. Register now for key updates.

Free Webinar: Analysis of 10 Recent Income Tax Judgments in Favour of Assessee

July 1, 2024 3774 Views 0 comment Print

Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.

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

December 31, 2014 1523 Views 0 comment Print

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:-

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

December 31, 2014 7354 Views 0 comment Print

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

Sec. 54F exemption cannot be denied for mere delay in construction completion

December 31, 2014 5082 Views 0 comment Print

In this scenario, the only issue is whether the amount of consideration received on transfer invested by the assessee in a flat constructed within three years would amount to construction of a residential house within the time limit of three years.

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

December 31, 2014 1429 Views 0 comment Print

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

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

December 31, 2014 1109 Views 0 comment Print

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.

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

December 31, 2014 1507 Views 0 comment Print

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

Customs duty exemption on Chickpeas extended till April 1, 2015

December 31, 2014 481 Views 0 comment Print

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.

Extension U/s 80G(5) cannot be denied for violation of section 13

December 31, 2014 1312 Views 0 comment Print

While granting the exemption or renewal of exemption under section 80G(5) of the Act, the role of CIT is limited to look into the nature of activities being carried on by the institution or fund and the violation if any, of the provisions of section 13 of the Act and its various sub‑sections are to be looked into by the Assessing Officer while deciding the issue

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

December 31, 2014 2030 Views 0 comment Print

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

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

December 31, 2014 941 Views 0 comment Print

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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