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Archive: 04 August 2015

Posts in 04 August 2015

No Change in Policy Rates- Third Bi-monthly Monetary Policy Statement, 2015-16

August 4, 2015 1196 Views 0 comment Print

Since our last statement, global economic activity has recovered modestly in Q2 of calendar 2015. The US economy rebounded on stronger consumption growth and steadily improving labour market conditions, though recent wage data suggest continuing slack.

Amendment in paragraph 3.05 of Handbook of Procedures of FTP, 2015-2020

August 4, 2015 844 Views 0 comment Print

Facility has been provided for exporters to continue to file applications for benefits under Chapter 3 schemes of the earlier Foreign Trade Policy (ies), as per procedures prescribed in the corresponding HBPs.

Delhi VAT- Filing of online return for 1st quarter of 2015-16-extension of due date to 07/08/2015

August 4, 2015 525 Views 0 comment Print

CIRCULAR NO. 17 of 2015-16 I, Vijay Kumar, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of first quarter return for the year 2015-16, in Form DVAT-16 ,DVAT-17 and DVAT-48 along with required annexure/enclosures to 07/08/2015.

Targets: Do We Need Them?

August 4, 2015 1530 Views 0 comment Print

Life is meaningful when it has a purpose. Any Life becomes useful after satisfying the need of self or others. Human life is precious because of the superior power of reasoning. Constructive application of this power benefits all the inhabitants of the Earth while its negative use spells doom for everybody, including the self.

Reg. requirement of registration of Ship Repair Unit with Director General of Shipping

August 4, 2015 1112 Views 0 comment Print

In notification No. 12/2012-Customs, dated the 17th March, 2012, in the Table, against S. No. 459, for the entry in column (3), the entry ‘Capital goods and spares thereof, raw materials, parts, material handling equipment and consumables, for repairs of ocean-going vessels by a ship repair unit’ shall be substituted.

Excise Duty on Freight & Insurance Charges When Recovered Separately

August 4, 2015 32631 Views 10 comments Print

Manas Joshi Central Excise Duty is one of the oldest tax in India having history of more than 70 years, but still we are finding it difficult to answer many questions. In this article, I am trying to discuss one of the fundamental questions regarding chargeability of central excise duty on outward freight and insurance […]

Penalty not invokable if barred by limitation or there is absence of mala fide intention

August 4, 2015 643 Views 0 comment Print

The ld. Counsel for the assessee for the year AY 2007-08 regarding the imposition of penalty contended that the Assessee were not aware of the provisions of Law in which the receipt of loan through cheque or bank draft was required.

Section 263 could be invoked if proper investigation not made

August 4, 2015 356 Views 0 comment Print

ITAT Mumbai has in the case of M/s Shoreline Hotels Pvt. Ltd. v CIT held that CIT was justified in invocation of Section 263 when AO has not made any inquiry with regard to the expenses claimed in respect of accommodation bill obtained by assessee that reduced profit of assessee by 100% instead of 15% considered by AO.

Addition based on mere loose papers not justified

August 4, 2015 1480 Views 0 comment Print

The Hon’ble Tribunal observed that the basis for making the addition of Rs. 19.98 crores is the loose paper which doesn’t make any sense. Merely by making additions of all the figures mentioned in the loose paper would not justify the addition of Rs. 19.98 crores.

Section 68 can’t be invoked if Transactions made are through proper Banking Channel & Assessee proves Identity & Genuineness

August 4, 2015 1462 Views 0 comment Print

In the present case there were the three issues which were decided by the Hon’ble Tribunal where it was held that whenever the transactions have been made through proper banking channel, then invocation of section 68 will not be valid.

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