"05 August 2015" Archive

Hierarchy : A Blessing in Disguise

We all go to work, make a living out of it. We are the working class. We work all day, earn what we have and repeat the same routine all over again. But, do we have to be crying and venting about it? I am not the boss. I don’t get to make the decisions....

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Posted Under: Corporate Law |

Royalty Payments and Transfer Pricing Issues

Royalty means payment of any kind received as consideration for the use of or right to use any intangible property like patent, copyright, design or model, secret formula or process, trademark, trade name or for information concerning industrial, commercial or scientific experience. ...

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Posted Under: Corporate Law |

Preparation Strategy for CA Final Audit. .!!

I would like to throw light on preparation of very simple paper of CA Final i.e. Advanced Auditing and Professional Ethics. I have heard from many students that this is most complicated subject next to ISCA. Unfortunately , This is just a Myth. "Soch Badlo Exam ka result badlo. But frankly speaking, it isn’t. Just like every other subje...

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Online filing of RTI applications

Government of India has started a RTI online web portal whereby Right to Information (RTI) applications can be filed online by Indian citizens, including those who are living abroad.   The detailed procedure in filing of on-line RTI application is as under:...

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Posted Under: Corporate Law |

Penalty u/s 78 is leviable if tax recovered not paid & information of unpaid taxes not furnished in ST returns

Iwi Crogenic Vaporization System India Vs Commissioner of Central Excise, Customs & Service Tax- VADODARA (CESTAT Ahmedabad)

The CESTAT Ahmedabad in the case of Iwi Crogenic Vaporization System India held that The non-payment of recovered tax coupled with the fact of non-furnishing of the details in respect of unpaid part in periodical returns clearly establish the intention of assesse to evade the payment of service tax recovered. Therefore, in such a case pen...

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Input credit not reversible in case of remission of duty on destroyed goods

M/s. Joy Foam Pvt. Ltd. Vs Commissioner of Central Excise (Madras High Court)

The Hon’ble Madras High Court in the case of M/s Joy Foam P. Ltd held that the input credit of inputs need not to be reversed even in case the payment of duty has been ordered to be remitted under Rule 49 of Central Excise Rules, 2002. ...

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Reopening of completed assessments not justified in the event of true & full disclosure by assessee

HCL Technologies Ltd. Vs DCIT (Delhi High Court)

The Hon’ble Delhi High Court in the case of HCL Technologies Ltd. held that completed cannot be reopened after the expiry of four years from the end of relevant assessment year unless the income escaped from tax is attributable to assessee’s failure to disclose full & true disclosure of the facts. ...

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Realization of export sale proceeds within a definite time frame is not a pre-condition to claim refund under Rule 5

M/s P&P Overseas Vs CCE, Delhi (CESTAT Delhi)

The CESTAT New Delhi in the case of P&P Overseas held that the realization of export sale proceeds within a definite time-frame is not a pre-condition for claiming refund of unutilized Cenvat credit under Cenvat Credit Rules , 2004 ....

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Provision for losses in ordinary business course on scientific basis is allowable

M/s Seagram Distilleries P. Ltd. Vs JCIT (ITAT Delhi)

The ITAT Delhi in the case of Seagram Distilleries Pvt. Ltd concluded that the provision for losses in the ordinary course of business can be allowed if the provisions are made on scientific basis. Thus, the provision in respect of breakage losses is allowable as the same have been measured scientifically taking into account the past busi...

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TDS not deductible on reimbursement of expenses since it is not an income

Commissioner of Income Tax Vs DLF Commercial Project Corporation (Delhi High Court)

In the case of Commissioner of Income Tax vs. DLF Commercial Project Corporation Delhi High Court held that Advance received cannot be treated as income of the assessee and TDS is not deductible on reimbursement of Expenses since it is not an income. ...

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