"30 October 2015" Archive

Sec 2(29BA) Process of drawing wire of thinner gauge from thicker gauge would amount to manufacture

Commissioner of Income Tax Vs Pawan Agarwal and others (Himachal Pradesh High Court)

Himachal Pradesh High Court in the case of CIT vs. Pawan Agarwal and others that the activity of drawing wires of thinner gauges from wires and rods of thicker gauges amount to manufacture as the paper insulated wires ...

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Rejection of books of accounts merely for inconsistent GP ratio is bad in law: HC

CIT Vs M/s Swastik Food Products (Himachal Pradesh High Court)

The Hon'ble Himachal Pradesh High Court in the case of CIT vs. Swastik Foods held that the rejection of basis by merely expressing a doubt about the correctness of profit declared taking inconsistent GP ratio as basis cannot be a said to be rejection of books for incompleteness or incorrectness....

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SEBI : Disclosures in Abridged Prospectus and Price Information of past issues handled by Merchant Bankers

CIR/CFD/DIL/7/2015 (30/10/2015)

It has been observed that the abridged prospectus has become voluminous and thereby defeats the very purpose of abridged prospectus....

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No liability on Flipkart under KVAT as no clear finding to held sale as Interstate sale which already taxed under CST Act: HC

Flipkart Internet (P.) Ltd. Vs State of Kerala (Kerala High Court)

Kerala High Court held In the case of Flipkart Internet (P.) Ltd. vs. State of Kerala that It is well settled that show cause notices issued by statutory authorities particularly in case of imposition of penalty on an assessee, cannot pre-determine the guilt of an assessee. ...

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Loan To Directors under Section 185 of Companies Act, 2013

CS Santosh Pandey As per the provision of Section 185 of the Companies Act, 2013- No Company shall directly or indirectly give loan to any of its directors or any other person in whom the director is interested, or provide any guarantee or security in connection with the loan taken by him or other person. […]...

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Posted Under: Income Tax |

All about Income Computation And Disclosure Standards (ICDS)

CBDT constituted Accounting Standard Committee in 2010.The committee has submitted its final report in August 2012. And on March 31st 2015 i.e. after two years, 10 Income Computation & Disclosure Standards (‘ICDS’) notified by the CBDT under section 145(2) of the income tax act 1961(the act) vide ‘notification No. 32/2015 [F.NO.134/...

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Posted Under: Income Tax |

Credit of EC & SHEC can be used for payment of Service tax

CG vide Notification No. 22/2015-Central Excise (N.T.) dated October 29, 2015 (“the Notification”) has amended the Credit Rules once again to allow use of Credit of Cess charged on Inputs, Input Services and Capital Goods received on or after June 1, 2015 for payment of output liability of Service tax on or after June 1, 2015 on simil...

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Posted Under: Income Tax |

Penalty u/s 271E not maintainable if notice is issued after the period specified in Section 275(1)(c)

Principal CIT Vs JKD Capital & Finlease Ltd. (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. JKD Capital & Finlease Ltd. that in terms of the provision u/s 275 (1) (c), there are two distinct periods of limitation for passing a penalty order, and one that expires later will apply....

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Issue of notice u/s 143(2) before finalisation of reassessment order is mandatory

Principal CIT Vs Shri Jai Shiv Shankar Traders Pvt. Ltd. (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. Shri Jai Shiv Shankar Traders Pvt. Ltd. that the failure by the AO to issue a notice to the Assessee under Section 143(2) subsequent to 16th December 2010 ...

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Ad-hoc provision for transit breakage is contingent liability & not required to be recognised as per AS- 29 of ICAI

Seagram Distilleries Pvt. Ltd. (Now Pernod Ricard India Pvt. Ltd.) Vs CIT (Delhi High Court)

Delhi High Court held In the case of Seagram Distilleries Pvt. Ltd. vs. CIT that in the current case there is no reasonable scientific method adopted by the Assessee to estimate the transit breakages to justify such provision. ...

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Sec. 10B Interest on FDRs on margin kept in bank for utilization of letter of credit limits is business Income

Principal CIT Vs Universal Precision Screws (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. Universal Precision Screws that interest on fixed deposits has the requisite characteristic of business income and has a nexus to the business activities of the Assessee....

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Clarification regarding Self-sealing and self-Examination of Bulk cargo -reg

Circular No. 1011/18/2015-Central Excise (30/10/2015)

Circular No. 1011/18/2015-CX The assessee who desires to avail facility of export of bulk cargo without sealing shall write to the Principal Chief Commissioner/ Chief Commissioner of Central Excise with a copy to jurisdictional Assistant/ Deputy Commissioner of Central Excise, giving details of bulk cargo to be exported with proper justif...

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Notification No. 23/2015-Central Excise (N.T.) Dated 30th October, 2015

Notification No. 23/2015-Central Excise (N.T.) (30/10/2015)

Notification No. 23/2015-Central Excise (N.T.) Provided that where the nature of goods is such that the goods cannot be sealed in a package or a container such as coal or ore, etc., exemption from sealing of package or container may be granted by the Principal Chief Commissioner or Chief Commissioner of Central Excise subject to safeguard...

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AO not empowered to initiate reassessment proceedings upon a mere change of opinion

Commissioner Of Income-Tax Vs Kelvinator Of India Ltd. (Delhi High Court)

CIT vs Kelvinator of India Ltd. (Delhi High Court -Full Bench) [2002] 256 ITR 1/123- When a regular order of assessment is passed in terms of section 143 (3) of the Act, a presumption can be raised that such an order has been passed on application of mind....

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Govt. notifies Sovereign Gold Bonds Scheme, 2015

Notification G.S.R. 827(E) (30/10/2015)

1. Short title and commencement.-(1) This scheme may be called the Sovereign Gold Bonds Scheme, 2015. (2) It shall come into force on the date of its publication in the Official Gazette....

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Notification No. 102/2015-Customs (N.T.) Dated- 30th October, 2015

Notification No. 102/2015-Customs (N.T.) (30/10/2015)

Notification No. 102/2015-CUSTOMS (N.T.) Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver ...

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All about Sovereign Gold Bonds, 2015-16 including Taxability

RBI/2015-16/218 IDMD.CDD.No.939/14.04.050/2015-16 (30/10/2015)

The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. Person resident in India is defined under section 2(v) read with section 2 (u) of the Foreign Exchange Management Act, 1999....

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Section 10B Foreign exchange fluctuation includible in export turnover: HC

The Commissioner of Income Tax Vs M/s. Pentasoft Technologies Ltd. (Madras High Court at Judicature)

CIT vs. M/s. Pentasoft Technologies Ltd. (Madras High Court)- In order to allow a claim under Section 10A of the Act, what all is to be seen is whether such benefit earned by the assessee was derived by virtue of export made by the assessee....

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Sale proceeds of scrap is not turnover for section 80HHC: SC

CIT Vs Punjab Stainless Steel Industries (Supreme Court of India)

To ascertain whether the turnover would also include sale proceeds from scrap, one has to know the meaning of the term ‘turnover’. The term ‘turnover’ has neither been defined in the Act nor has been explained by any of the CBDT circulars....

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Delhi VAT- Central Sales Tax [(Delhi)(Amendment)] Rules, 2015

No. F.3(18)/Fin(Rev-I)/2015-2016/DS-VI/886 (30/10/2015)

No. F.3(18)/Fin(Rev-I)/2015-2016/DS-VI/886 In exercise of the powers conferred by sub-section (3) and( 4) of section 13 of the Central Sales Tax Act, 1956 (Act No. 74 of 1956), and all other powers enabling it In this behalf, the it. Governor of the National Capital Territory of Delhi, hereby, makes the following rules further to amend th...

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Reopening for not considering a SC Judgment in original assessment not valid

Coperion Ideal Pvt. Ltd. Vs CIT (Delhi High Court)

Delhi High Court held In the case of Coperion Ideal Pvt. Ltd. vs. CIT that the mere fact that there was a judgment of the Supreme Court of 1997 which was not noticed by the AO when he framed the original assessment cannot per se constitute the only material on the basis of which the assessment could have been reopened....

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Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) (Tenth Amendment) Regulations, 2015

Notification No. FEMA.354/2015-RB (30/10/2015)

Total Foreign Investment shall include all types of foreign investments, direct and indirect, regardless of whether the said investments have been made under Schedule 1, Schedule 2, Schedule 2A, Schedule 3, Schedule 6, Schedule 8, Schedule 9 and Schedule 10 of Foreign Exchange Management (Transfer or Issue of Security by a Person Residen...

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Notification No. 87/2015 – Income Tax Dated 30.10.2015

Notification No. 87/2015 - Income Tax (30/10/2015)

Notification No. 87/2015 - Income Tax S.O. 2965 (E) - In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961) and in supersession of the notification of the Government of India in the Ministry of Finance, Department of Revenue, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-...

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RBI to issue 8 Years Sovereign Gold Bonds for Resident Indians

(30/10/2015)

Government of India, in consultation with Reserve Bank of India (RB), has decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be sold through banks and designated post offices as may be notified. The bor...

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Posted Under: Income Tax |

Notification No. 53/2015-Customs (ADD) Dated- 30th of October, 2015

Notification No. 53/2015-Customs (ADD) (30/10/2015)

Notification No. 53/2015-Customs (ADD)- Seeks to order provisional assessment on imports of Clear Float Glass of nominal thickness ranging from 4 mm to 12 mm (both inclusive), the nominal thickness being as per BIS 14900:2000, falling under the headings 7003, 7004, 7005, 7009, 7013, 7015, 7016, 7018, 7019, 7020 of the First Schedule to t...

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