"28 July 2015" Archive

SEBI cancels Registration of Sahara Mutual Fund

Press Release No. 193/2015 (28/07/2015)

ahara Mutual Fund/ Sahara Asset Management Company Private Limited (Sahara AMC) shall not take any new subscription from the investors (including existing investors in Systematic Investment Plans (SIP)/ Systematic Transfer Plans (STP). Further, the Sahara Mutual Fund shall not levy any penalties/ loads on the SIP/ STP investors for not de...

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Inclusion or non- inclusion of bought out items in the assessable value for payment of duty under Central Excise

In Union Budget for the year 2000-2001, the Finance Minister changed the valuation concept altogether. Before amendment in Sec. 4 valuation used to be done as per Normal Price basis but after amending the section “Transaction Value” has been taken as base for assessment purpose....

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Posted Under: SEBI |

CCI Hyundai, Reva and Premier to be in Contravention of Competition Law

Competition Commission of India Finds Hyundai, Reva and Premier to be in Contravention of the Competition Law The Competition Commission of India (‘the Commission’), in its order dated 27.7.15 has found 3 Car Companies, namely, Hyundai Motor India Ltd. (Hyundai), Mahindra Reva Electric Car Company (P) Ltd. (Reva) and Premier Ltd. (Pre...

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Posted Under: SEBI |

Theoretical Gist on SA 700, 705, 706

SA 700 (Revised) FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS. SA 705 MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR’S REPORT. SA 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR’S REPORT...

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Posted Under: SEBI |

Department cannot take different view on same issue in absence of change in facts

CIT Vs Om Prakash Khaitan (Delhi High Court)

The Hon’ble Delhi High Court in the case of CIT vs. Om Prakash Khaitan held that In the absence of change in system of accounting consistently followed by the assessee and accepted by the department, the department cannot take different stand for the subsequent years....

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Sec. 9(1)(vii) Commission for procuring order & recovering payments is not a Technical services

ACIT, Kanpur Vs M/s Northern Tannery (ITAT Lucknow)

ITAT Lucknow in the case of ACIT vs. M/s Northern Tannery held that The commission paid to the non- resident agent for procuring order and recovering payments on the behalf of assessee could not be treated ...

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Refund of excise and custom duties on Purchase of Raw Material and Capital Equipment used in Capital WIP is Capital Receipt

CIT Vs Maithon Power Ltd (Delhi High Court)

Delhi High Court in the case of Maithon Power Ltd. vs. CIT held that The expenditure incurred to set up operations forms the part of capital work in progress and thus, the subsequent reimbursement of any part thereof would be a capital receipt which will get reduced from the amount capitalized under the capital WIP. ...

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Empanelment of CA Firms with SFIO

Serious Fraud Investigation Office (SFIO) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic audit, analysis of financial data, interpretation of financial statements etc. in connection with investigations under the provisions of Companies Act, 2013....

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Posted Under: SEBI |

Income from subletting of property is to be assessed as business income

Bhuvan Leasing and Infrastructures  Vs ITO (ITAT Mumbai)

In the case of Bhuvan Leasing and Infrastructures Vs ITO, ITAT Mumbai has held that where it is the intention of the assessee to lease out various premises and then sublet the same on leave and licence basis to different parties...

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Deduction u/s 80IA(4) cannot be disallowed, merely on the ground that assessee is not the owner of infrastructure facilities

En-Vision Enviro Engineers (P) Ltd. Vs DCIT (ITAT Ahmedabad)

In the case of En-Vision Enviro Engineers (P) Ltd. Vs DCIT, it was held that deduction u/s 80IA(4) cannot be disallowed, merely on the ground that the assessee must be owner of the infrastructure facilities and the assess should be a developer and not contractor....

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Welfare bodies formed under state statute eligible for registration u/s 12AA despite charging fees for their services

Pune District Security Guards Board Vs CIT (ITAT Pune)

In the case of Pune District Security Guards Board vs CIT, ITAT Pune held that welfare bodies formed under Maharashtra Private Security Guards (Regulation of Employment and Welfare) Act, 1981 were eligible for registration under section 12AA even though they charge fee for their services....

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Posted Under: SEBI | | ,

Onus is on assessee to prove identity / creditworthiness of creditors & genuineness of transactions

Xerces Technologies Pvt. Ltd. Vs DCIT (ITAT Pune)

In the case of Xerces Technologies Pvt. Ltd. Vs DCIT, ITAT Pune held that assessee to prove the identity of the creditors, their creditworthiness and the genuineness of the transactions. Mere furnishing of the particulars is not enough....

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Posted Under: SEBI | | ,

If provisions of section 14A is to be invoked, disallowance is to be computed as per rule 8D

Assistant Commissioner of Income Tax, Bareilly Vs M/s.Goel Investments Ltd., (ITAT Lucknow)

In the case of ACIT vs M/s.Goel Investments Ltd., ITAT Lucknow affirmed the earlier order of ITAT in a similar case of the same assessee that once provisions of section 14A of the IT Act are to be invoked, the disallowance is to be computed as per rule 8D of the IT rules....

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Monopoly, continuous functioning and large orders at hand are sufficient basis for valuation of goodwill

Commissioner of Income Tax Vs M/s. Motherson Auto P. Ltd. (Delhi High Court)

In the case of CIT vs M/s.Motherson Auto P. Ltd, Delhi High Court held that the monopoly enjoyed by the assessee in respect of the product manufactured, the continuous functioning, the large volume of orders at hand when the collaboration transaction took place, were sufficient basis for valuation....

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Rent cannot be increased for mere increase in prices of land

M/s Resinova Chemie Ltd vs Assistant Commissioner of Income Tax, (ITAT Lucknow)

In the cited case, ITAT inter-alia held that merely because prices of land has gone up, rent cannot be increased particularly to persons covered u/s 40A(2)(b) of the I.T Act without looking into agreement in respect of rent for the earlier years and for the present year...

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Bonds, that mature in future, issued against services provided for a project, does not convert them into capital assets

IRCON International Ltd. Vs Deputy Commissioner of Income Tax (Delhi High Court)

In the cited case, Delhi High Court held that the Iraqi Government’s inability to pay due to sanctions imposed by it and the subsequent Central Government’s negotiating an arrangement for its payment through bonds that were to mature in future with interest did not in any way alter their character ...

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Job worker should be considered as manufacturer subject to arrangement between parties- SC

Commissioner of Central Excise, Goa Vs M/s. Cosme Farma Laboratories Ltd. (Supreme Court of India)

In the case of Commissioner of Central Excise, Goa V/s. M/s Cosme Farma Laboratories Ltd., it has been held by the Hon’ble Supreme Court of India that in case of job work arrangement, the job worker should be considered as manufacturer on the basis of the arrangement ...

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Adverse Statement of Witness cannot be relied by AO without giving assessee an opportunity to cross examine

M/s R.W. Promotions P. Ltd Vs Assistant Commissioner of Income Tax (Bombay High Court)

In the case of /s R.W. Promotions P. Ltd vs. ACIT Bombay High Court held that AO must gives an opportunity to cross examine the witnesses whose statement is relied upon by the revenue , violation of this right is clearly a breach of principles of natural justice....

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Eligibility criteria in an exemption notification required to be construed strictly- SC

M/s. IVRCL Infrastructure & Projects Ltd. Vs Commissioner of Customs (Supreme Court of India)

The appellant entered into a Joint Venture Agreement with M/s Shapoorji Pallonji & Company Limited for the purpose of construction of roads in the State of Andhra Pradesh. The Joint Venture was awarded a contract ...

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Value of post-import services can be added to assessable value under customs only when such service is a condition of sale – SC

Commissioner of Customs, Ahmedabad Vs M/s. Essar Steel Ltd. (Supreme Court of India)

An agreement was entered into between the respondent and Met Chem Canada Inc. to associate Met Chem Canada Inc. as a technical consultant to render technical services in relation to implementation of a project to set up a plant in India for production of Hot Rolled Steel Coils and Strips....

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Same line of business in same area is reliable in estimation of profit in best judgement assessment

ITO Vs M/s Apex Goods Pvt. Ltd. (Kolkata ITAT)

The assessee-company is a Civil Contractor as well as trading in sarees and fabrics. The assessee-company filed its return of income on 28-09-2008 declaring total income at Rs.3,07,285/-. As noted by AO, the assessee could not produce the books of account and supporting bills and vouchers....

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Indian Financial Code, 2015 – what is this new buzz !!!

a) Vide a press release dated 23-July-2015[1], the Ministry of Finance has put the revised (so when did the original came, can’t remember ? even I did not) draft of the bill i.e. proposed the Indian Financial Code, 2015 into public domain for comments / suggestions. Before we understand the basics, let’s put in context […]...

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Posted Under: SEBI |

Amendment in export policy of sawn timber – addition of ports for export to Nepal

Notification No. 16/2015-2020 (28/07/2015)

Export of sawn timber to Nepal made exclusively out of imported wood logs through the port of Kolkata has been permitted from the Land Customs Station (LCS) of Raxaul....

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Value At Risk (VaR): Methodology for Measuring Financial Risk

In everyday life all of us are taking some amount of risk. Similarly a business also contains risk. Risk is the unexpected variability of asset prices and / or earnings. So risk is basically volatility and not necessarily loss. There are major two sources of risk 1) Business Risk 2) Financial Risk ...

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Posted Under: SEBI |

MCA initiatives and salient achievements in the last six months

Ministry of Corporate Affairs initiatives and salient achievements in the last six months- Dated- July 28, 2015 The mandate of the Ministry of Corporate Affairs primarily concerns administration of the legal framework within which companies registered in India are to operate along with some other connected matters. Within this mandate rap...

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Posted Under: SEBI |

Levy of Penalty & Factors affecting Levy of Penalty including Nature of Offence, Mens Rea & Bona fide belief

Longstanding and never ending has been the debate regarding what is penalty and whether mens rea is an essential ingredient in levy of penalty or bonafide belief that what was being done was correct would hold good and save the offender from penalty. Over the years the law has evolved and Courts of Law have tried to lay down a law providi...

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Posted Under: SEBI |

ICAI Faqs on Swachh Vidyalaya Abhiyaan (SVA)

Swachh Bharat Abhiyaan had been launched by the Hon’ble Prime Minster of India Shri Narendra Modi on October 2, 2014 to improve the public hygiene and rudimentary sanitation in our country. It is more of a privilege that the Institute of Chartered Accountants of India is the first professional body in the country which has been nominate...

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Posted Under: SEBI |

Anti-dumping duty on imports of Compact Fluorescent Lamps (CFL) imported from China

Notification No. 34/2015-Customs (ADD) (28/07/2015)

Notification No. 34/2015-Customs (ADD) Dated- 28th July, 2015 G.S.R. (E). – Whereas, the designated authority vide notification No. 15/22/2013-DGAD dated 14th November 2013, published in the Gazette of India, Extraordinary, Part I, Section 1, had initiated a review in the matter of continuation of anti-dumping duty on imports of...

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Amendment in export policy of sawn timber-addition of ports for export to Nepal

Notification No. 16/2015-20 (28/07/2015)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.02 of the Foreign Trade Policy, 2015-20, the Central Government, with immediate effect, hereby makes the following amendments in Chapter 44 of Schedule 2 of ITC(HS) Classification of Export and Import...

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Scrutiny of Service Tax Returns

The Board vide Circular No. 113/07/2009-ST had laid down the procedure for carrying out detailed scrutiny of Service Tax Returns (ST-3) and had circulated a return scrutiny manual for Service Tax. ...

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Posted Under: SEBI |

GST and Deemed Sales: Needs Clarification

Before the amendment of the constitution by its (Forty-Sixth Amendment) by a series of subsequent decisions, the Supreme Court has, on the basis of the decision in Gannon Dunkerley's case, held various other transactions which resemble, in substance, transactions by way of sales, to be not liable to sales tax. ...

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Posted Under: SEBI |

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