"31 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 |

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 |

Notification No. 49/2014-Customs (ADD) Dated: 31.12.2014

Notification No. 49/2014-Customs (ADD) (31/12/2014)

the designated authority, vide notification No. 15/19/2012- DGAD dated 25th April, 2013 published in the Gazette of India, Extraordinary, Part I, Section 1, had initiated a review in the matter of continuation of anti-dumping duty on imports ...

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SC on Nokia Composite Pack vs Battery Charger as an Accessory– an Analysis?

Advocate Anandaday Misshra Recently Honourable Supreme Court had dealt with VAT Appeal Nos 54 &55 (O&M) of 2010 passed by the High Court of Punjab and Hariyana . While disposing Civil Appeal Nos 11486-11487 of 2014 of State of Punjab & Ors Versus Nokia India Pvt. Ltd.,2014-TIOL-100-SC-VAT they held that ……we find that ...

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Posted Under: Income Tax |

Procedure Of Increase In Authorised Share Capital & Private Placement

Point to Note- (1) An offer can be made under a Private Placement Offer Letter to not more than 200 people. (2)The application form has to be numbered and addressed specifically to the person to whom the offer is made along with the Offer Letter. Allotments can be made only to such persons (3) The […]...

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Posted Under: Income Tax | ,

Notice issued in the name of amalgamated company is void

M/s Images Credit and Portfolio (P) Ltd. (amalgamated with Sainath Associates Pvt. Ltd.) Vs ACIT (ITAT Delhi)

Admittedly the assessment for the year under consideration has been completed on the basis of notice under Section 153C dt. 14.9.2010. Notice has been issued in the name of M/s Image Credit & Portfolio Ltd. That the Hon'ble Delhi High Court...

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Impact of CSR on Financial Performance of Company

Corporate Social Responsibility (CSR) is a concept that has attracted worldwide attention and acquired a new meaning in the global economy. Sharp interest in CSR in recent years has stemmed from the advent of globalization and international trade, which has reflected in increased business complexity and new demands for enhanced transparen...

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Posted Under: Income Tax |

Notification No. 117/2014-Customs (N.T.), Dated: 31.12.2014

Notification No. 117/2014-Customs (N.T.) (31/12/2014)

Silver, in any form, in respect of which the benefit of entries at serial number 322 and 324 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed...

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Legality of Recovery during pendency of appeal before CESTAT for reasons not attributable to Assessee

Fashion Suitings Pvt. Ltd. Vs. Superintendent of Central Excise & Service Tax

Fashion Suitings Private Limited (the Petitioner) received a Demand Notice dated October 8, 2013 for the payment of Service tax amounting to Rs 15,78,40,282/- with interest and penalty amounting to Rs. 17,08,00,086/- against the Order-in-Original dated October 26, 2012 during the pendency of Stay application before the Hon’ble Tribunal....

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Posted Under: Income Tax |

Excise Duty Benefit withdrawn -Unjustified -Indian Automobile Industry

Withdrawal of the excise duty benefits for the automobile industry from 1st Jan-2015 is simply devastating for the Indian automobile industry as well as for the long term industry growth. I don’t understand what are the Indian government’s rationales behind formulation of sector specific policies which kills the growth of a particular...

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Posted Under: Income Tax |

ICAI President's Message – January 2015

The Future Belongs to Us-Let’s Think Big - The reviving economy, fast-paced globalisation and expansion of various sectors are offering an ocean of professional opportunities for the CAs....

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Posted Under: Income Tax |

Companies (Cost Records and Audit) Amendment Rules, 2014

Notification No. G.S.R. 01(E) (31/12/2014)

Telecommunication services made available to users by means of any transmission or reception of signs, signals, writing, images and sounds or intelligence of any nature (other than broadcasting services) and regulated by the Telecom Regulatory Authority of India under the Telecom Regulatory Authority of India Act, 1997 (24 of 1997)...

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Permission for export of buffalo tallow

Notification No. 104 (RE-2013)/2009-2014 (31/12/2014)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 of the Foreign Trade Policy, 2009-2014 (as amended from time to time), the Central Government, with immediate effect, hereby amends the entry at Sl. No. 91 & inserts a new entry at Sl. No. 91 A i...

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Royalty paid on sale value of manufactured goods is not required to be loaded on invoice price of imported raw material

Ortiker India P. Ltd. Vs. Commissioner of Customs (I)

Ortiker India P. Ltd. (the Appellant or the Company) imported clamps from the related supplier outside India. The transactions were examined on arms length basis and the SVB branch vide order dated February 6, 2009 held that the transaction value has not been influenced...

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Posted Under: Income Tax |

Guidelines for processing of Online IEC Applications

Policy Circular No.15 (RE-2013)/2009-2014 (31/12/2014)

From 1.1.2015, all applications for IEC would be made in online mode only. All applicants will have to fill IEC application and also upload all required documents online. All IEC Certificates would also be issued by the concerned RA (with his digital signature) in digital format only. The applicant can take a print out of the digitally si...

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Revised Guidelines for Issue / Modification of IEC Number

Public Notice. 79/(RE-2013)/2009-2014 (31/12/2014)

Amendments in Detailed Guidelines for Issue / Modification of Importer Exporter Code Number (IEC) as notified vide Public Notice No. 76 dated the 27th of November, 2014 and Para 9.1 of Handbook of Procedure vol.1 (2009-14)....

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Exit order in respect of Ludhiana Stock Exchange Ltd

Press Release No. 185/2014-SEBI (31/12/2014)

Further, the Income Tax Authorities, Ministry of Corporate Affairs and the State Government of Punjab are being intimated about the exit of LSE, for appropriate action at their end....

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An overview of Anti Money Laundering Laws – Free e-book

I have prepared a small write up on The Prevention of Money Laundering Act, 2002. The write up aims at presenting a simple understanding of the source, handling and prevention of money laundering. Growing money laundering crimes is a threat to both the individual and economy and the real point lies in curtailing its source and happening. ...

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Introduction of 24×7 Customs clearance facility at Specified Sea Ports and Air Cargo Complexes

Circular No. 19/2014-Customs (31/12/2014)

CBDT vide Circular No. 19/2014-Customs dated December 31, 2014 has introduced at 18 Sea Ports, the facility of 24x7 Customs clearance for specified imports i.e. goods covered by ‘facilitated’ Bills of Entry and specified export i.e. factory stuffed containers and goods exported under free Shipping Bills, effective from December 31, 20...

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Sale of used cars not subject to VAT under Delhi VAT

Anand Decors and Others Vs. Commissioner of Trade And Taxes (Delhi High Court)

Anand Decors and Others (the Appellants) were manufacturing certain commodities and were registered dealers under the Delhi Value Added Tax Act, 2004 (DVAT Act).The Appellants purchased motor vehicles/cars,paid Sales tax/ VAT but did not avail input tax credit thereon under DVAT Act....

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Posted Under: Income Tax | ,

Notification No. 04/2014-Customs (SG) Dated: 31.12.2014

Notification No. 04/2014-Customs (SG) (31/12/2014)

In exercise of the powers conferred by sub-section (1) of section 8B of the Customs Tariff Act, read with rules 12, 14 and 17 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government after considering the aforesaid findings of the Director General (Safeguards), hereby imposes on Sodium Ci...

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