In this series, I would like to share few practical scenario where I came across during my work. 1. Entry Tax : Suppose your company is buying some materials from other state to in the state of Maharashtra. Department has initiated assessment proceeding where it held that company is liable for Entry Tax in the state of Maharashtra @ 12.50%.
In the case of M/s ONS Creations Private Limited Vs. ITO, it was held by ITAT Delhi that if additional evidence can not be produced before AO for a reasonable cause by assessee, the CIT (A) must admit the additional evidences and assessee must be given an afresh opportunity of being heard.
In the case of Ms. Meena Rani Vs. ACIT, It was held by ITAT Delhi that If no satisfaction note has been recorded in the records of the searched persons but in the records of the assessee, assessment cannot be done U/s 153C
In the case of M/s. Holostick India Ltd. Vs. Commissioner of Central Excise , Hon’ble Supreme Court held that While classifying a product for excise purpose Primary use of the product will prevails over the incidental ones. It further held that merely because a particular embossed hologram is self adhesive, therefore in all cases, it will attract entry 39 related to self adhesive is not correct. While classifying what is to be seen is whether the self adhesive part of the product is of primary use or the printed matter is of primary use. It cannot be that invariably in all cases, the moment a hologram is self adhesive it will fall within entry 39.
Obtaining a BAR Code is not the compulsion on the Business Houses, but having a Bar Code of the products gives the additional advantages to the holder than those having no bar codes.
The Supreme Court in the case CIT v. McDowell & Co. Ltd. [2009] 180 Taxman 514 (SC), has held, on the facts and circumstances of the case, that furnishing of bank guarantee cannot be equated with actual payment.
The Companies Act, 2013 widened the scope of related party transaction. Companies Act, 1956 covered only purchase or sale of goods or supply of services and subscription of any shares or debentures of the company under the related party transaction. However, Companies Act, 2013 has brought immovable properties and leasing of property also under the ambit of related party transaction.
In the case of M/s. Maruti Suzuki India Ltd. vs. Commissioner of Central Excise, it was held by SC that a process that is only adding some value to the inputs does not necessarily amounts to manufacture. After processing of the inputs, a new and different article emerges having a distinct name, character or
In the case of M/s. Oswal Chemicals & Fertilizers Ltd. Vs Commissioner of Central Excise, Bolpur, it was held that a person who is ultimately aggrieved with the payment of the duty and challenges the order successfully can seek the refund as per Rule 11B of the act.
A Chartered Accountant can be insurer surveyor & loss assessor. So in addition to the traditional fields of Statutory Audit, Internal Audit and Tax Audit there is vast scope for CAs in providing such services to the upcoming insurance sector .He can provide the services as Surveyors, Loss Assessors, Claim Assurors, Claim Negotiators etc.
