"08 November 2015" Archive

Recovery of Arrears under Central Excises & Salt Act from legal heirs

Shabina Abraham & Ors. Vs Collector Of Central Excise & Customs (Supreme Court of India)

Shabina Abraham & Ors. Vs. CCEC (Supreme Court of India) The legal heirs submitted that a reading of Sections 2(f), (3), Section 4(3)(a), Section 11 and 11A as they stood at the relevant time would show that unlike the provisions of the Income Tax Act...

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Dominant/Essential characteristics prevails over general use in Tariff classification: SC

Commissioner of Central Excise, Hyderabad Vs M/S Sarvotham Care Limited (Supreme Court of India)

In the case of Commissioner Of Central Excise, Hyderabad Vs. M/S Sarvotham Care Limited, it was held that wherein the shampoo having medicinal properties and the dominant use of shampoo was medicinal....

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Donations received by a wholly religious trust cannot be taxed u/s 115BBC merely because trust also involved in charitable/Spiritual activity

CIT (Exemption) Vs Bhagwan Shree Laxmi Nariandham Trust (Delhi High Court)

Delhi High Court held In the case of CIT (Exemption) vs. Bhagwan Shree Laxmi Nariandham Trust that anonymous donations received by a wholly religious trust are exempt u/s 115BBC. Mere the trust deed have clauses related to charitable activities along with organizing spiritual seminars ...

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Student-trainees are not employees for the purpose of EPF & MP Act, 1952

In a major step, the organization has clarified that student trainees who are paid stipend during on the job training while pursuing course in technical /professional educational institutions would not come under the definition of employee for the purpose of EPF &MP Act. This removes the ambiguity surrounding the eligibility of such stude...

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Posted Under: Excise Duty |

Draft Interpretation on Uncertainty over Income Tax Treatments

Draft Interpretation published by the IFRS Interpretations Committee for comment only. Comments on the Draft Interpretation need to be received by December 21, 2015. The International Accounting Standards Board’s IFRS Interpretations Committee (‘Interpretations Committee’) published for public comment a proposed Interpretation of St...

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Posted Under: Excise Duty |

Sweeping Brooms to Sweeping Pockets: Swachh Bharat Cess

The government the other day notified 0.5% Swachh Bharat Cess vide Notification No. 22/2015-Service Tax dated 06.11.2015 w.e.f 15.11.2015 encompassing all the taxable services and making the services dearer for the end consumers this Diwali. Here are some handy points on Swachh Bharat Cess....

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Posted Under: Excise Duty |

Foreign Direct Investment In India – Policy

India is one of the fastest growing economies since last few years and witnessed a large amount of foreign investment in various sector. Foreign Direct Investment (FDI) in India is undertaken in accordance with the FDI Policy which is formulated and announced by the Government of India. The Government of India has allowed different channe...

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Posted Under: Excise Duty |

Interpretation of Notification-83, 2015 in respect of Arm's Length Range Concept

Notification 83/2015 in respect of Income Tax Rules, 1962 dated 19th October, 2015 Applicable for determination of arm’s length price of transactions from AY 2015-16 onwards; Applicable for International Transactions as defined u/s 92B & Specified Domestic Transactions as defined u/s 92BA of Income Tax Act. Overview along with steps...

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Posted Under: Excise Duty |

Disclosure of different due date in filed return from that claimed in reassessment proceedings amount to non-disclosure of full facts

ITO Vs Shree Rajeev Goenka (ITAT Mumbai)

The ITAT Delhi in the case of ITO vs. Shree Rajeev Goenka that assessee cannot be said to make full and correct disclosure of all the facts if the return of income due date which he mentioned in return filed is different from the due date he claimed during reassessment proceedings....

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Higher warranty provision cannot be disallowed without examining basis/working of claim

JCIT Vs M/s Hewlett Packard India Sales P. Ltd (ITAT Bangalore)

The ITAT Bangalore in the case of Hewlett Packard India Sales P. Ltd held that creation of warranty Provision which is much higher than previous years provision cannot be disallowed without examining the scientific basis used by the assessee in working out the same....

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