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"06 March 2015" Archive

Compounding of offence under Negotiable Instruments Act, 1881

G S Rao Introduction: Sections 138 to 142 of Negotiable Instruments Act,1881(NI Act) which deal with offence and prosecution for dishonour cheques were brought into force with effect from April 1, 1989 by Section 4 of the Banking Public Financial Institutions and Negotiable Instruments Laws (Amendment) Act, 1988....

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Posted Under: Corporate Law |

Tax Discrimination based on language is unconstitutional

Aashirwad Films Vs Union of India & Ors (Supreme Court of India)

The purported classification only on the basis of language without anything more and in particular having regard to the difference in the rate of tax, in our opinion is ex-facie arbitrary. The burden was, therefore, on the State to show that the imposition was justified....

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Transportation by Rail- No Cenvat Credit From 01.04.2015

Prior to 01/07/2012, transportation of goods service was taxable under the categories of transportation of coastal goods, goods transported through nation waterways and inland waterways, transportation of goods by air, transportation of goods by Rail and transportation of goods through pipelined or other conduit service....

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Posted Under: Corporate Law |

Changes in Settlement Commission provision in Central Excise & Custom

There are many bulk sections have been removed in Central Excise and Custom from this Budget, 2015. Reasons behind these bulk amendments are that these sections have become redundant. These sections have already get expired and now government think about these expired section and delete these. These sections are similar in Central Excise ...

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Posted Under: Corporate Law |

Allowance of balance additional depreciation under Income-tax Act, 1961- Finance Bill 2015

The Finance Bill, 2015 has proposed to provide allowance for the balance 50% of additional depreciation which has not been allowed in the year of acquisition, in the immediately succeeding previous year. This will apply from AY 2016-17 and subsequent Assessment Year's. ...

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Posted Under: Corporate Law |

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