"08 December 2015" Archive

Sec. 80C deduction on Investment in HDFC Retirement Saving Fund eligible from AY 2016-17

Notification No. 91/2015 - Income Tax (08/12/2015)

Notification No. 91/2015 - Income Tax Central Government hereby specifies the HDFC Retirement Savings Fund, set up by the HDFC Mutual Fund registered under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 having registration No. MF/044/00/6, dated the 30th June 2000, as a pension fund for the purposes of the sa...

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Income-tax (19th Amendment) Rules, 2015 related to specified domestic transaction

Notification No. 90/2015 - Income Tax (08/12/2015)

Notification No. 90/2015 - Income Tax In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 10D, for sub-rule (2A), the following sub-rule shall be substituted, namely:- (2A) Nothing contained in sub-rule (1), in so far as it relates to an eligible specified domestic transaction referred to in rule 10 THB , sh...

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ICSI Request for recognition of Company Secretaries under proposed Goods and Services Tax Law

We wish to bring to your kind notice that the Reports recognizes/authorises, Chartered Accountants for the following certifications/role: A. Issue of Certificate certifying the fact of non-passing of the GST burden (Report for GST on refund process). B. Act as Authorised Representative in the matter of registration under Goods and Service...

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Posted Under: Income Tax |

ICSI on Proposed Exclusion of ICSI Members from registering as Trade marks agents

Proposed Rule 147 of the Draft Trade Marks Rules, 2015 corresponding to Rule 150 of the Trade Marks Rules, 2002, has excluded the specific recognition granted to the members of the Institute to be registered as Trade marks agents. The draft Rule 147(iii) does not include the words or is a Member of the Institute of Company Secretaries of ...

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Posted Under: Income Tax |

ICAI announces fresh dates for voting in flood affected Chennai Region

In exercise of powers conferred on me under sub-rule (3) of rule 4 of the Chartered Accountants (Election to the Council) Rules, 2006, it is hereby notified for general information of the candidates for election to the Council from Southern India Regional Constituency and Southern India Regional Council and the affected voters that 18th a...

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Posted Under: Income Tax |

Anti-dumping duty on Gliclazide, originating in, or exported from China

Notification No. 59/2015-Customs (ADD) (08/12/2015)

Notification No. 59/2015-Customs (ADD) Seeks to levy definitive anti-dumping duty on Gliclazide, originating in, or exported from the Peoples Republic of China for a period of five year ...

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Binding Nature of Board Circulars-Confusion Settled or Created?

The binding nature of the Circulars issued by Board is the issue that has been a matter of litigation since inception. There have been a number of decisions on this matter, that too, of Supreme Courts which have added fuel to the fire of litigation. There has been a constant fight between assessees and revenue department regarding the app...

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Posted Under: Income Tax |

Process and Checklist For Secretarial Audit

Secretarial Audit a Governance measure that will have a positive effect on corporate entity. It is Compliance Audit system that used to carrying out auditing of compliances along with all Rules and Regulation made there under. It is a process to check compliances made by the Company under various Law, Rules, Regulation, and Procedure....

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Posted Under: Income Tax |

No Service tax leviable on handling charges incurred for bringing goods, when it was included in value of goods liable to VAT

Automotive Manufacturers (P.) Ltd. Vs Commissioner of Central Excise & Customs, Nagpur (CESTAT Mumbai)

The Hon’ble CESTAT, Mumbai, relying upon the decision in the case of Ketan Motors Ltd. Vs. CC, CE & ST [Final Order No. A/321/2013-WZB/C-1 (CSTB), dated 18-2-2013], held that Section 67 of the Finance Act mandate levy of Service tax on a value or consideration received for rendering the services. ...

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Posted Under: Income Tax |

Cenvat credit cannot denied to service recipient for non-payment of Service tax by service provider

The Hon’ble CESTAT, Ahmedabad, held that a service recipient can only see the Cenvatable document under which Service tax paid/ payable has been indicated. However, it is not the case of the revenue that the service provider does not exist....

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Posted Under: Income Tax |

Simultaneous availment of SSI exemption & Cenvat on inputs used in goods cleared on payment of duty permissible

Commissioner of Central Excise, Pondicherry Vs Shrushthi Plastics (P) Ltd.(CESTAT Chennai)

CCE Vs. Shrushthi Plastics (P) Ltd. - CESTAT, Chennai, applied the ratio of the Apex court decision in case of Nebulae Health Care Ltd. Vs. CC Chennai [2006-TIOL-1380-CESTAT-MAD], which squarely applies to the instant case...

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Posted Under: Income Tax |

No need to affix MRP on goods declared to be 'not meant for retail sale' thus Excise duty payable on transaction value

Commissioner of Central Excise, Noida Vs Control & Switchgears Contactors Ltd. (Supreme Court of India)

CCE Vs. Control & Switchgears Contactors Ltd. - Supreme Court affirmed the decision of the Tribunal, wherein it was held that while the Respondent had declared that goods were not meant for retail sale, revenue could not produce any evidence to contrary and hence, duty was rightly paid as per Section 4 of the Excise Act....

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Posted Under: Income Tax |

Refund claim cannot be denied when excess duty has been returned through debit/credit Notes

Shree Krishna Nylon Pvt. Ltd. Vs Commissioner of Central Excise, Mumbai-III (CESTAT Mumbai)

Shree Krishna Nylon Pvt. Ltd. Vs. Commissioner of Central Excise (CESTAT MUMBAI] Refund claim cannot be denied when excess duty has been returned through debit/credit Notes, and, the said amount is accounted as ‘receivable’ in the Balance Sheet - sufficient evidence that incidence of duty has not been passed on....

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Posted Under: Income Tax |

Cenvat credit on input services availed prior to initiation of manufacturing activity is admissible

Shree Cement Ltd. Vs Commissioner of Central Excise, Jaipur (CESTAT Delhi)

Shree Cement Ltd. Vs. Commissioner of Central Excise - CESTAT, New Delhi, held that a plain reading of Rule 3 and Rule 7 of the Credit Rules clarifies that there would be no restriction if assessee avails Cenvat credit on procurement of inputs/input services prior to start of manufacture....

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Posted Under: Income Tax |

Provisions of interest on belated refund U/s. 27A of Customs Act also applies on belated refund of SAD

Principal Commissioner of Custom Vs Riso India (P.) Ltd. (Delhi High Court)

Principal Commissioner of Custom Vs. Riso India (P.) Ltd. (Delhi High Court) Duty' as defined in Section 2(15) of the Customs Act, is wide enough to cover all kinds of duty, including SAD. Hence, as per Section 3(8) of Customs Tariff Act...

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Assessable value would be transaction value where it isn’t influenced by relationship between buyer and seller

Dailmer Chrysler India Pvt. Ltd. Vs Commissioner of Customs (CESTAT Mumbai)

Dailmer Chrysler India Pvt. Ltd. Vs. Commissioner of Customs (CESTAT MUMBAI] When import of identical cars have been made at lower values which are comparable to the value declared at the time of filing Bill of Entry for sale of the cars imported under Carnet...

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Posted Under: Income Tax |

If purchase price fixed in first contract subsequently gets revised prior to importation of goods, then Customs duty would be payable on revised price

Gupta Steel Vs Commissioner of Customs, Jamnagar (Supreme Court of India)

Gupta Steel Vs. Commissioner of Customs, Jamnagar - Supreme Court held that price was genuinely revised & gets reduced by amending the MOA and there was nothing wrong on the part of the Appellant to declare the price in the BOE....

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Posted Under: Income Tax |

Purchasing dealer need not reverse tax credit unless selling dealer issues credit note for post sales discount and revises his tax liability

Challenger Computers Ltd. Vs Commissioner of Trade & Taxes (Delhi High Court)

Challenger Computers Ltd. Vs. Commissioner of Trade & Taxes (Delhi High Court) In terms of the Section 51(a) of the DVAT Act, the selling dealer will issue the credit note to the buying dealer where the sales are subsequently reduced....

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Posted Under: Income Tax |

Contract for Supplying Smart card with embedded requisite information is contact for labour and service and not for sale

Zylog Systems (P) Ltd. Vs Additional Commissioner of Commercial Taxes (Karnataka High Court)

Zylog Systems (P) Ltd. Vs. Additional Commissioner of Commercial Taxes- Where the smart cards are prepared in terms of an agreement with the customer by embedding requisite information, which couldn’t be sold in open market...

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Posted Under: Income Tax |

Input credit not allowed if Final Product exempt from Tax and such duty cannot be refunded

The Commissioner, Customs & Central Excise Versus M/s. Surana Telecom Limited (Andhra Pradesh High Court)

CCECE Vs. M/s. Surana Telecom Limited (High Court of Andhra Pradesh) Rule 57L of the Rules which says that no credit of money on the inputs used in the manufacture of the final products shall be allowed if the final products are exempt from the whole of the duty of excise leviable thereon...

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Mere Cutting of jumbo roll of paper into smaller size is not Manufacture: HC

Commissioner of Central Excise and Customs, Hyderabad Vs M/s Rasmi Wax Coated Paper & Printing Industry (Andhra Pradesh High Court)

CCEC v. Rasmi Wax Coated Paper & Printing Industry (High Court of Andhra Pradesh)- Mere cutting of jumbo rolls of paper into smaller sizes and printing thereon by job-worker resulting into ‘printed cork tipping paper’ does amount to ‘manufacture’ for purpose of charging excise duty. ...

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In case of covered matter Tribunal can waive Pre-Deposit condition: HC

Commissioner of Customs, Central Excise and Service Tax, Hyderabad Vs M/s TPSC (India) Pvt. Ltd. (Andhra Pradesh High Court)

CCCE&S Vs. M/s TPSC (India) Pvt. Ltd. (Andhra Pradesh HC)- Contention of the learned Standing Counsel for the Department that the Tribunal ought not to have granted absolute waiver and also stay of recovery without imposing any condition, does not merit any consideration in the facts of the case. ...

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Cenvat credit of Service tax on Group Insurance premium and mediclaim for existing/retired employees allowable

Reliance Industries Ltd. Vs Commissioner, Central Excise & Service Tax (LTU) (CESTAT Mumbai)

The Department denied the Cenvat credit to Reliance Industries Ltd. (the Appellant) on the ground that the Service tax paid on the life insurance/ medi-claim policy for the existing employees and retired employees is ineligible as they are not covered under the definition...

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Posted Under: Income Tax |

Cenvat credit admissible despite non-registration with Service Tax Department at the time of availing input services

India Housing (the Appellant), a service provider, took Cenvat credit on certain input services. The Department denied the Cenvat credit on the ground that the Appellant has taken Cenvat credit on the documents which are not the correct documents as per the Rule 9(2) of the Credit Rules....

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Posted Under: Income Tax |

Order rejecting stay application by passing a non-speaking order is liable to be set aside

Smt. Kavitha Rajakoti, w/o V.D.Rajakoti Vs Income Tax Officer

Smt. Kavitha Rajakoti Vs. ITO (Andhra Pradesh High Court) Assessing Officer is required to act in a fair manner and need to consider the stay petition independently and pass a speaking order stating reasons as to why the stay application of the petitioner is not required to be considered...

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Order passed without considering the ground raised by Appellant is not sutainable

B. Bala Narasimha Reddy Versus Principal Commissioner of Income Tax And Another (Andra Pradesh High Court)

B Bala Narasimha Reddy Vs PR.CIT (AP High Court)- In the present case impugned order is bereft of any reasons and further the same has not dealt with the contentions raised by the petitioner in his application filed under Section 220(2A) of the Act...

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AP HC on Sales Tax on Goods moved from one state to other for execution of work contract

The State of Andhra Pradesh Vs M/s The Indian Hume Pipe Co., Ltd. (Andhra Pradesh High Court)

The State of Andhra Pradesh Vs. M/s The Indian Hume Pipe Co., Ltd. (High Court), At the outset, it may be noted that consequent to the Constitutional amendment, levy of Sales Tax on the Works Contract came to be introduced in the State of Andhra Pradesh with effect from 01.07.1985....

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Duty paid under mistake of law can be recovered only by resort to provisions of Section 11B

M/s. ITC Limited Vs CESTAT, Bangalore (Andhra Pradesh High Court)

M/s. ITC Limited Vs. CESTAT, Bangalore (Andhra Pradesh High Court) Larger Bench of Supreme Court had categorically held that any duty paid under mistake of law can be recovered only by resort to the provisions of Section 11B of the Act....

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Additions made violating principles of natural justice are void ab initio

Shri G.Mahesh Babu Vs DCIT, Hyderabad (ITAT Hyderabad)

The ITAT Hyderabad in the case of Shri G. Mahesh Babu vs. DCIT held that if any material gathered by AO proposed to be utilized in the course of assessment proceedings then it is the duty of AO to inform the assessee about the same and provide an opportunity to be heard....

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Furnishing return of income is not mandatory for claiming exemption u/s 10(23C)(iiiad) if gross receipts less than 1 crore

Mahabir Educational Welfare Society Vs The DCIT (ITAT Chandigarh)

The ITAT Chandigarh in the case of Mahabir Educational Welfare Society vs. DCIT held that for claiming exemption u/s 10)(23C)(iiiad) filling of return of income as per the law applicable for AY 2005-06 and 2006-07 was not mandatory as the gross receipts not exceeded Rs. 1 crore...

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Intimation u/s 143(1) is not an assessment, AO authorized to make reassessment u/s 147 subsequently: SC

ACIT Vs Rajesh Jhaveri Stock Brokers Pvt. Ltd. (Supreme Court of India)

Supreme Court held In the case of ACIT vs. Rajesh Jhaveri Stock Brokers Pvt. Ltd. that Section 147 authorises and permits the Assessing Officer to assess or reassess income chargeable to tax if he has reason to believe that income for any assessment year has escaped assessment....

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ALP adjustment for notional interest on account of excess credit period is untenable in law

Micro Ink Limited Vs ACIT (ITAT Ahmedabad)

ITAT Ahmedabad held In the case of Micro Ink Limited. Vs. ACIT that such interest is includible in operating income and the operating income itself has been accepted as reasonable under method TNMM, there cannot be an occasion to make adjustment for notional interest on delayed ...

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Section 174 of Companies Act 2013- Quorum For Board Meeting

Quorum here means the minimum number of directors to be present at the board meeting in order to hold the board meeting. The provisions related to the minimum no. of directors i.e. quorum is provided u/s 174 of the companies Act 2013....

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Posted Under: Income Tax |

Authorising Commissioner to defend UoI and others in matters of indirect taxation before High Court

F.No. 275/65/2013-Central Excise .8A (08/12/2015)

F.No. 275/65/2013-CX.8A I am directed to say that as per para 4.8 of the Standard Operating Procedure (SOP) on 'Litigation in Appellate Forums' issued in October, 2013, all the cases pertaining to indirect taxes before the High Court, wherein Uol, MoF, Secretary (Revenue), Chairperson CBEC or any of these figure as respondents, are defend...

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Addition cannot be justified u/s 68 merely because creditors were not produced before AO

M/s Hind Globe Links Vs Income Tax Officer (ITAT Delhi)

The Assessee was engaged in the manufacturing of readymade garments and export to foreign countries. The Assessee had filed the Income Tax Return, declaring an income of Rs. 11,82,236/- which was processed u/s 143(1) of the Income Tax Act, 1961...

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Declaration of intent under Merchandise Exports from India Scheme (MEIS) -reg.

Public Notice No. 47/2015-20 (08/12/2015)

Subsequently representations have been received from exporters and trade & industry that such procedure should also be made applicable to exports made beyond 05.2015....

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Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit w.e.f. 1st April, 2015

Trade Notice No. 09/2015 (08/12/2015)

It is brought to the notice of Trade and Industry that the Interest Equalisation Scheme for Pre and Post Shipment Rupee Export Credit has been announced by the Government of India and notified vide RBI Circular No. DBR/Dir/BC. No. 62/04 02.001/2015-16 dated December 4 2015. The scheme is applicable w.e.f. 1st April, 2015. Details of the ...

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GST Draft Law – 10 Things you must know

Yesterday, few of the private tax web portals published the copy of the draft GST law. Though the authenticity of the same is yet to be vetted by the Government officials, meanwhile, in the following paras the author has tried to decipher the proposed GST law....

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Posted Under: Income Tax |

GST: All about Fundamentals of Revenue Neutral Rate

If anything has been associated from the starting with Implementation of Goods and Services Tax in India, it has been Revenue Neutral Rate in GST and its Impact. Till today also, if we have to name the biggest hurdle in the implementation of GST in India, it’s the consensus over the Revenue Neutral Rate....

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Posted Under: Income Tax |

Anti-dumping duty on Methylene Chloride originating in, or exported from China and Russia

Notification No. 58/2015-Customs (ADD) (08/12/2015)

Notification No. 58/2015-Customs (ADD) Seeks to levy provisional anti-dumping duty on Methylene Chloride originating in, or exported from the Peoples Republic of China and Russia for a period not exceeding six months ...

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