"21 January 2015" Archive

Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014

Circular No. 01/2015-Income Tax (21/01/2015)

Circular No. 01/2015-Income Tax The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes....

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Union Budget on Feb 28 & Railway Budget on Feb 26

The General Budget will be presented on February 28 2015, a Saturday, in the Budget session of Parliament beginning February 23. Finance Minister Arun Jaitley to present the Budget which will be preceded by the Economic Survey on February 27 and Railway Budget on February 26....

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Posted Under: Income Tax |

CBEC- Summons not to be issued to top management of companies

CBEC has issued instruction No. F. No. 207/07/2014-CX-6 dated 20.01.2015 directing the Central Excise officers to be very cautious before issuing summons under excise & service tax laws. The Board instructed the Superintendents to obtain prior permission of Assistant Commissioner with reasons for issuance of summons in writing....

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Posted Under: Income Tax |

Procedure for verification of Procurement Certificate received from Central Excise /Customs Authorities

Public Notice No. 01/2015-Customs Duty (21/01/2015)

Procedure for verification of the Procurement Certificate received from Central Excise /Customs Authorities and Monitoring of the receipt of Re-warehousing Certificates in respect of the imports cleared under EOU Scheme – reg....

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Invisible capital: Think Big & Think Professional Series-6

In continuation to my previous article I find that while being students we easily create groups in the form of study circle and we miss the potentiality of the study circle when we get into the professional shoes. It’s immaterial that whether you are in your corporate field or practicing all you need is certain […]...

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Posted Under: Income Tax |

Registration cannot be cancelled without providing sufficient reasons & opportunity of being heard

B. Saravanan (Contractor) Vs. Commercial Tax Officer [(2015) 53 taxmann.com 91 (Madras)]

In the instant case, B. Saravanan (Contractor) [the Petitioner] was a registered dealer under provisions of the Tamil Nadu Value Added Tax Act, 2006 (the Tamil Nadu VAT Act). The Department passed an Order cancelling the Petitioner’s Registration Certificate with retrospective effect (the Impugned Order)....

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Posted Under: Income Tax |

Official Liquidator is a dealer liable to pay Sales tax: SC

Assistant Commissioner, Ernakulum Vs. Hindustan Urban Infrastructure Ltd And Ors[2015-TIOL-06-SC-CT]

Premier Cable Company Ltd. (the Company) registered under the Companies Act, 1956 (the Companies Act) was wound up by an order passed by the Hon’ble High Court and an Official Liquidator (the OL) attached to the High Court was appointed to take charge of the assets and liabilities of the Company and to deal with the same in terms of the...

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Posted Under: Income Tax | ,

Exporter can convert shipping bill under one export promotion scheme to another to avail benefit of scheme

Suzlon Energy Ltd. Vs. Commissioner of Customs, Chennai [(2014) 51 taxmann.com 176 (Chennai - CESTAT)]

Hon’ble CESTAT, Chennai held that in terms of Section 149 of the Customs Act, the conversion is possible on the documents in existence at the time of export. The shipping bills in the instant case were supported by a certificate from the Chartered Engineer, which was endorsed with the export particulars....

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Posted Under: Income Tax |

Commissioner (Appeals) cannot enhance penalty without issuing SCN

John Deere Equipment Pvt. Ltd. Vs. CCE, Pune-III [2015-TIOL-55-CESTAT-MUM]

In the instant case, in the earlier round of proceedings, the Hon’ble CESTAT, Mumbai remanded the matter by an order dated August 11, 2009 and in remand proceedings, the First Appellate Authority enhanced the penalty imposed on John Deere Equipment Pvt. Ltd. (the Appellant) without issuing any Show Cause Notice....

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Posted Under: Income Tax |

Reversal of Cenvat credit on Returned goods

CCE, Jaipur Vs. Amco India Ltd. [2015-TIOL-128-CESTAT-DEL]

eturned goods have to be treated as Inputs and the Assessee having shown the issuance of the said Inputs from their RG-1 are deemed to have manufactured final product - Reversal of Cenvat credit cannot be sought...

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Posted Under: Income Tax |
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