"20 March 2015" Archive

CBEC calls for data for All Industry Rates (AIR) of Duty Drawback for year 2015

F.No.609/30/2015-DBK (A) (20/03/2015)

Request for provision of data by Export Promotion Councils/ Commodity Boards/ Trade and Industry Associations for the purposes of the exercise for All Industry Rates (AIR) of Duty Drawback for the year 2015- reg....

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Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015

PRESS RELEASE (20/03/2015)

INTRODUCTION OF THE UNDISCLOSED FOREIGN INCOME AND ASSETS (IMPOSITION OF TAX) BILL, 2015- The Finance Minister, in his budget speech, while acknowledging the limitations under the existing law, had conveyed the considered decision of the Government to enact a comprehensive new law on black money to specifically deal with black money stash...

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Service tax on distributor’s commission by Mutual Fund Industry – What happens to commission accrued prior April 2015 but paid post April 2015

With the introduction of the Negative List of Services, all eyes, including those of the taxmen and the taxpayers were looking forward to a simplified tax regime. To add to the work of the taxmen and the worries of the taxpayers, the Government had introduced the reverse charge mechanism which has been made applicable to certain specified...

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Posted Under: Custom Duty |

Processing of returns filed in F.Y. 2013-14 getting time barred on 31-3-2015

AST INSTRUCTION NO.135 (20/03/2015)

AST INSTRUCTION NO.135 Representations from field formations have been received intimating that owing to certain technical problems certain cases could not be processed in AST. The reasons submitted by field formations are broadly categorized as under:...

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Even though contract is awarded to assessee, the income is assessable only in the hands of person which has executed work

CIT Vs M/s. SMSL-UANRCL (JV) 2015 (Bombay High Court)

The assessee, a joint venture company, was awarded a project work. However the assessee did not execute the contract and the said work was done by one of its constituents namely SMS Infrastructure Limited (‘SIL’)....

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CBDT on Responsibility of Standing Counsel and CIT in Appeal Matters

F. No.279/Misc/54/2015-SO(ITJ) (20/03/2015)

I am directed to ref to the above and to state that it has come to the notice of Board that In a recent incident, the Hon’ble High Court has passed certain remarks against the Department. It appears that the High Court had sought certain information regarding the case from the Departmental Counsel. ...

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Public Notice No. 88 (RE-2013)/2009-2014, Dated: 20.03.2015

Public Notice No. 88 (RE-2013)/2009-2014 (20/03/2015)

Therefore, in exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendment in Appendix-5 (List of Inspection and Certification Agencies) of Handbook of Procedures Vol. I (Appendices and Aayaat Niryaat Forms) 2009-2014 with immediate effe...

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Extract of Section 186 of Companies Act, 2013

Loan and investment by company- Section 186 186. (1) Without prejudice to the provisions contained in this Act, a company shall unless otherwise prescribed, make investment through not more than two layers of investment companies: Provided that the provisions of this sub-section shall not affect,— (i)    a company from acquiring any ...

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Posted Under: Custom Duty |

DRT has no jurisdiction to issue Certificate of Recovery against the Guarantor-Part 2

Section 34 of the RDB Act provides that the said Act would have overriding effect. We have referred to the aforesaid provisions to singularly highlight that the sacrosanct purpose with which the tribunals have been established is to put the controversy to rest between the banks and the borrowers and any third party who has acquired any in...

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Posted Under: Custom Duty |

CBEC- Website to show outstanding work done by retiring Government employees

F. No. C-50/50/2015-Ad.II (20/03/2015)

An online system viz. Anubhav has been developed for showcasing outstanding work done by the retiring Government employees during service. Instructions for use of this application by the retiring employees, Head of Offices/ Head of Departments in the Ministries/ Departments have been issued by this Department vide OM of even number dated ...

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