In case of CCE v M/s Fitrite Packers, Hon’ble Supreme Court held that the product could be termed as ‘Manufactured’ only when there is a transformation in the original article and this transformation should bring out a distinctive or different use in the article.
In case of M/s Star Industries v Commissioner of Customs (Import), Hon’ble Supreme Court while interpreting Notification No.4/2006-CE held that it is an exemption notification where only ‘Ores’ were exempted and if after the process of manufacture
Tax Research Cell of National Institute of Public Finance and Policy (NIPFP) has released a report on Development of an Analytical Model for Widening of Taxpayer’s Base. This study was undertaken for the Central Board of Direct Taxes to analyse and develop an Analytical Model for the number of taxpayers in the personal income tax system.
No Service Tax on Transfer of Immovable Property if entire consideration received after issue of Occupancy Certificate. In order to resolve a long standing issue relating to levy of Service Tax on sale of flats/dwellings etc. after issue of occupancy certificate but before issue of completion certificate in areas under the jurisdiction of Municipal Corporation of Greater Mumbai i.e. Brihanmumbai Municipal Corporation (BMC),
Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head Profits & Gains of Business or Profession.
1. Draft the ESOP scheme. 2. Convene the Board Meeting and pass the scheme. 3. Call the general meeting to approve the scheme by Shareholders. The following disclosure will be made in the explanatory statement annexed to the notice for passing of the resolution-
India is all set to introduce a tax reform—the goods and services tax (GST). Apart from creating a unified market across India, GST will help make India’s manufacturing competitive by cutting high logistics and warehousing costs. A supply chain is the network of all the individuals, organizations, resources, activities and technology involved in the creation and sale of a product, from the delivery of source materials from the supplier to the manufacturer, through to its eventual delivery to the end user. The supply chain segment involved with getting the finished product from the manufacturer to the consumer is known as the distribution channel.
Please find below a compilation of queries received by us in response to Notes related to LBT Exemption put up on our website along with related opinions from our side . While care has been taken to comprehend the issue alongside applicable legal provisions, it is submitted that considering the fact of frequent changes in LBT laws and likelihood of issuance of further clarifications by the Authorities, users of information published in this FAQ should note that the opinions expressed do not constitute legal advice and users are therefore advised to refer the matter to us for personal interaction about all aspects of the issue involved.
In case of Oriental Insurance Company vs. CIT, Delhi High Court held that AO could not assume jurisdiction to reopen assessment u/s 147, until his reasons of belief have a ‘direct nexus’ and a ‘live link’ with the opinion formed by him, that Taxable Income of Assessee has escaped assessment.
In case of CIT Vs. Chetan Gupta, Delhi High Court held that where objection to effect, that notice for reassessment was not served on his last known address of assessee, was taken prior to completion of reassessment
