"07 July 2015" Archive

Six reasons why Companies Amendment Act, 2015 supports Startups

Nikita Bhatia With a constant attempt to make the law simpler for entrepreneurs and promote & support new and existing business, the Government has bought in substantial changes through the Companies (Amendment) Act, 2015, which got the Presidential Assent on the 25th of May, 2015. This reflects the Government’s willingness to boost...

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Posted Under: Company Law |

Returns & Periodicity Of Returns Under MVAT Act,2002

Section 20 of Maharashtra Value Added Tax Act directs every dealer to file complete and self consistent returns. Rules 17 & 18 deal with forms and periodicity of return, summary of which is as follows:-...

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Posted Under: Company Law |

Penalty not leviable if incorrect claim admitted by assessee on pointing out the same by the audit and the mistake was bonafide

Ashwin Textiles P. Ltd. Vs CCE, Salem(CESTAT Chennai)

It is only in cases duty is determined coupled with the fact that the duty is evaded by a reason of fraud, collusion or any willful mis-statement or suppression of facts or contravention of any of the provisions of this Act or the rules made there under with intent to evade payment of duty...

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Applicability of TDS is to be determined having regard to nature of transaction not by terminology

CIT-IV, New Delhi Vs Grup ISM P. Ltd., (Delhi High Court)

Applicability of TDS to be determined having regard to the agreement between the contracting parties and not by particular assumption of the deductee about the nature of transaction...

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Exemption notification to be strictly interpreted and interpretations given elsewhere cannot be imported therein

Indian Oil Corporation Ltd. Vs Commissioner of Central Excise (CESTAT Ahmedabad)

Tribunal observed that normally it is practice that in case of any doubt or ambiguity, taxing provision is normally construed in favour of the assessee but when it is case of granting some exemption then there should be strict interpretation. ...

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In case of clandestine removal, Department not required to establish with clear evidence as assessee deliberately destroyed records and preponderant of evidence is sufficient

CCE Vs Sree Srinivasa Processing (CESTAT Chennai)

The Commissioner has not taken into consideration the details of processed fabrics received by SCM and AP& Sons and not considered the evidences relied by the department and also white papers bearing the signature of Shri C. Manikandan...

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Provision u/s 263 cannot be invoked merely because AO did not use any specific wording while allowing claim

CIT Vs Garg Cheap Cut Piece House (Delhi High Court)

The various authorities of the Supreme Court in Malabar Industrial Co. Ltd. v. CIT 243 ITR 83 has highlighted that the power under Section 263 cannot be invoked to correct a mere error of an AO, based upon an incorrect assumption of fact....

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No delay in issuance of notice u/s 158BD if AO records satisfaction in time

CIT Vs Sudhir Dhingra & CIT Vs. Renu Verma (Delhi High Court)

Hon’ble HC did not find any merit in the ground of delay in issuance of notice. Court further remitted the matters ITAT to decide afresh on merits. In the light of the observations of the Supreme Court in Calcutta Knitwears, particularly the contextual facts discussed...

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ITAT restored Matter to CIT(A) for lack of jurisdiction

Aerens Estates P. Ltd., New Delhi Vs DCIT (ITAT Delhi)

Whether CIT (A) has no jurisdiction to entertain the appeal filed by assessee. Whether CIT (A) was right in sustaining the additions made by AO which are not applicable to the assessee....

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CBEC specifies conditions and safeguards for issuing digitally signed invoices and maintaining e-records

The Service Tax Rules, 1994 were amended vide Notification No. 5/2015 – ST dated March 1, 2015 to insert New Rule 4C after Rule 4B thereof. In terms of Rule 4C of the Service Tax Rules, provision for issuing digitally signed invoices, bill or challan has been added along with the option of maintaining of records in electronic form and t...

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Posted Under: Company Law |