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Archive: 15 April 2015

Posts in 15 April 2015

I-T dept publishes list of 31 big tax defaulters

April 15, 2015 4778 Views 0 comment Print

Moving ahead with its strategy of ‘naming and shaming’ large tax defaulters, the Income Tax department today came out with a list of 31 defaulters who owe over Rs 1,500 crore to the government. In March 2015 Department has released list of 18 Income tax defaulters who owe over Rs 500 crore in tax to the […]

Documents acceptable as 'Proof of date of birth' for PAN Application

April 15, 2015 14445 Views 0 comment Print

CBDT has vide Notification No. 38/2015, Dated: April 10, 2015 added the following additional documents as proof of Date of Birth for applying for a PAN card. (i) aadhar card issued by the Unique Identification Authority of India (ii) elector’s photo identity card (iii) photo identity card issued by the Central Government or State Government or Central Public Sector Undertaking or State Public Sector Undertaking

Important Announcement For CPT June, 2015 Examination

April 15, 2015 2477 Views 0 comment Print

Candidates who have applied on or before 1st April, 2015 for Common Proficiency Course registration with Regional offices of the Institute / Online but have not yet been issued registration number, can also apply for admission to CPT June, 2015 examination on Provisional basis;

Whenever order of Re-assessment is passed, Period of Limitation will start from the date of Re-assessment order and not from Original Assessment order

April 15, 2015 1266 Views 0 comment Print

Rastriya Ispat Nigam Limited v. ACIT In this case the writ petition was filed by the Assessee in which the AP High Court while dismissing the writ petition held that whenever an order is made under the re-assessment

All about Dividend under Companies Act,2013

April 15, 2015 147802 Views 7 comments Print

The word ‘dividend’ comes from the Latin word ‘dividendum’ (‘thing to be divided’). A dividend is a payment made by a Company to its shareholders, usually as a distribution of profits. When a company earns a profit or surplus, it can re-invest it in the business (called retained earnings), and pay a fraction of this reinvestment as a dividend to shareholders.

Sec 50C(2) Mandates reference to DVO for ascertaining fair market value of property

April 15, 2015 3625 Views 0 comment Print

Hon’ble ITAT Ahemdabad in the case of Nikunjkumar H.Jariwala v/s ITO in I.T.A. No. 2404/Ahd/2011 vide order dated 19/03/2015 has held that as per the mandate provisions of section 50C(2) of the Act, the AO was not justified in adopting the value of the property as adopted by the stamp valuation authority without referring to the DVO for ascertaining the fair market value of the property.

VAT not leviable on Sale of Prospectus by University to students

April 15, 2015 2035 Views 0 comment Print

Publication of prospectus and making it available to students is ancillary activity to the main and predominant object to impart education and thus Institutions are not ‘dealer’ under VAT. Commercial Taxes Officer Vs. Banasthali Vidyapith [2015 (4) TMI 393 – RAJASTHAN HIGH COURT]

Export obligation ought to be completed by EOU even if goods were first sent to another unit and from that another unit the export was effected

April 15, 2015 1694 Views 0 comment Print

In the instant case, Bhimli Unit of Alsa Marine And Harvests Ltd. (the Respondent) is a 100 % Export Oriented Undertaking (EOU) engaged in the process of freezing and export of marine products as per the permission accorded by the Department of Industrial Development. The Respondent imported goods without payment of Customs duty and procured indigenous goods without payment of Central Excise duty seeking exemption under Notification No. 13/81 dated February 9, 1981

Value of clearances to Loan Licensees not includible while determining SSI status

April 15, 2015 1277 Views 0 comment Print

Redicura Pharmaceuticals Pvt. Ltd. (the Appellant) is a manufacturer of P&P medicines chargeable to Central Excise duty. For the period April 1, 2003 to October 31, 2003 (impugned period), the Appellant was availing SSI Exemption under Notification No. 9/03-CE dated March 1, 2003 (SSI Notification).

Doctrine of Unjust Enrichment will be applicable in case of refund of duty paid on Capital goods which are captively consumed

April 15, 2015 2354 Views 0 comment Print

Since, the dispute arose as to whether the Respondent was entitled for concessional rate of duty or not, the Respondent paid normal rate of 15% ad valorem duty and sought for refund of the extra duty paid amounting to Rs. 27,66,970/-.

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