"18 November 2015" Archive

Trade facilitation – Monitoring of pending bills of entry

F. No. 450/25/2009-Cus.lV 18/11/2015

F. No. 450/25/2009-Cus.lV While reviewing various measures put in place for trade facilitation in recent months including the ;Customs Clearance Facilitation Committee, the Board has felt that Commissioners and Chief Commissioners need to increase their involvement by closely monitoring pending Bills of Entry....

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Swachh Bharat Cess – CENVAT Credit against GST or Not

Swachh Bharat Cess has been imposed on the value of all taxable services with effect from 15.11.2015 (vide Notification No. 21/2015-ST dated 06.11.2015). The said levy has been imposed by the Central Government by exercising its power under Section 119 of the Finance Act, 2015, which specifically indicates that SB Cess shall be levied an...

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Swachh Bharat Cess – Not Cenvatable But Refundable

I think the word Cess included in the name has created lot of fog in the minds of the tax payer as to whetherSwachh Bharat Cess should be applied on service tax value or on the value of services. To remove the doubts of tax payers, the CBEC came with a FAQ, a couple of days back giving clarity with good examples for all the pattern of pay...

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Posted Under: Custom Duty |

Notification No. G.S.R. 883(E), Dated: 18.11.2015

Notification No. G.S.R. 883(E) 18/11/2015

In exercise of the powers conferred by the proviso to article 309 of the Constitution and in supersession of the Income Tax Department non statutory Departmental Canteens Recruitment Rules 2004....

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Exemptions to Private Companies – A candle in a Dark Room

This article provides a synopsis of all the exceptions, modifications and adaptations made in the Companies Act, 2013 for the Private Companies. AN attempt is made to highlight the venues that can be freely transacted by private companies....

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Posted Under: Custom Duty |

Section 185- Loan to Directors under Companies Act, 2013

AS PER SECTION 185: No Company ( Private & Public) Directly or Indirectly Advance any loan, including book debt, to any of its directors or to any **other person in whom the director is interested Any guarantee or provide any security in connection with any loan taken by him or such other person BACKGROUND: This […]...

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Posted Under: Custom Duty |

No TDS liability u/s 194J on roaming charges

M/s. Idea Cellular Ltd. Vs ACIT (ITAT Bangalore)

ITAT Bangalore held In the case of M/s. Idea Cellular Ltd. vs. ACIT that there is no human intervention involved in providing roaming services, therefore, roaming charges paid by the assessee do not amount to fee for technical services u/s 194J....

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Payment made in excess of Rs 20000/- should be allowed if made in business exigency

Manikanta Concerns Vs DCIT (ITAT Hyderabad)

ITAT held in Manikanta Concerns Vs DCIT that if the assesse had claimed deduction of shortage in weight or quality at the time of purchase then it did not mean that assesse could not claim deduction of shortage in weight or quality at the time of sale....

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Mere wrong claim of deduction did not give rise to penalty u/s 271(1)(C)

Pooja Industries Vs ITO ( ITAT Chandigarh)

ITAT held in Pooja Industries Vs ITO that penalty u/s 271(1)(c) could not be levied only because that the assessee had wrongly claimed deduction u/s 80IC @ 100% instead of deduction u/s 80IB. Penalty could only be levied only...

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Loss to banks on security classification from one to another category as per RBI directions is allowable expenditure

Oriental Bank of Commerce Vs ACIT (ITAT Delhi)

ITAT Delhi held In the case of Oriental Bank of Commerce vs. ACIT that any loss arising to banks on account of classification of securities form one category to another category in compliance with RBI directions is an allowable expense....

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