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Archive: 08 November 2015

Posts in 08 November 2015

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6318 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

May 15, 2024 19341 Views 0 comment Print

Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

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

November 8, 2015 5763 Views 0 comment Print

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

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

November 8, 2015 2866 Views 0 comment Print

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.

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

November 8, 2015 7328 Views 0 comment Print

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

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

November 8, 2015 2033 Views 0 comment Print

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 student-trainees for enrolling as members of the Fund and is expected to bring about greater clarity among employers and also reduce litigations.

Draft Interpretation on Uncertainty over Income Tax Treatments

November 8, 2015 342 Views 0 comment Print

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 Standards, designed to address diversity in how the Standard is applied in practice. […]

Sweeping Brooms to Sweeping Pockets: Swachh Bharat Cess

November 8, 2015 3587 Views 0 comment Print

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.

Foreign Direct Investment In India – Policy

November 8, 2015 2411 Views 0 comment Print

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 channels of Investment in India on basis of the entity of the foreign national.

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

November 8, 2015 3951 Views 0 comment Print

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 to incorporate amended Rule 10B […]

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

November 8, 2015 1156 Views 0 comment Print

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.

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

November 8, 2015 1533 Views 0 comment Print

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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