"09 December 2015" Archive

SEBI Guideline on Outsourcing by Depositories

Circular No. CIR/MRD/DP/19/2015 (09/12/2015)

CIR/MRD/DP/19/2015 Core and critical activities of depositories shall not be outsourced. The core activities of the depositories shall include but not limited to the following: a. Processing of the applications for admission of Depository Participants (DPs), Issuers and Registrar & Transfer Agents (RTAs). b. Facilitating Issuers/RTAs t...

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If marks are not affixed on goods then it cannot be said that brand-name has been affixed

The Commissioner, Customs & Central Excise Vs M/s. Voltarc India (P) Ltd. (Andhra Pradesh High Court)

Commissioner, Customs & Central Excise Vs.M/s.Voltarc India (P) Ltd. (Andhra Pradesh High Court)- Tribunal also found that Voltarc symbol which was being used on the wrapper and packer was reflecting only the name of the company...

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SEBI: Review of Annual Custody / Issuer Charges

Circular No. CIR/MRD/DP/18/2015 (09/12/2015)

SEBI vide circular No. MRD/DoP/SE/Dep/Cir-4/2005 dated January 28, 2005 has allowed the custody/issuer charges to be collected by the depositories from the issuers in the manner specified therein. Subsequently, the charges and the methodology were revised vide Circular Nos. MRD/DoP/SE/Dep/Cir-2/2009 dated February 10, 2009 and CIR/MRD/DP/...

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If department alleges collection of taxes, then burden to prove the same also lies on it

Commissioner of Customs & C.Ex Vs Rayan Pharma Ltd (Andhra Pradesh High Court)

In the present case it appears that the Commissioner has assumed that in respect of all the clearances, the appellant has collected Excise Duty. If the department makes the allegation that the appellant had collected money representing Excise Duty...

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Compliance Calendar As Per SEBI Listing Regulations

Compliance Calender As Per Sebi Listing Regulations S. N. Regulation No. Particular of Regulation Time Period of filing of Certificate COMMON OBLIGATIONS TO LISTED ENTITY 1. 7(3) Submission a Compliance Certificate to the Exchange Submission of Compliance Certificate to Stock Exchange certifying that all activities in relation to both phy...

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Posted Under: SEBI |

Penalty U/s. 271(1) (c) not attracted on addition U/s. 14A on debatable issue

M/s. Mohair Investment and Trading Company (P) Ltd. Vs DCIT (ITAT Delhi)

ITAT Delhi held In the case of M/s. Mohair Investment and Trading Company (P) Ltd. vs. DCIT that it is clear that the present issue, related to application of section 14A, especially in relation to shares held as trading assets...

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MAT provision applicable on banking companies only prospectively w.e.f. AY 2013-14 onwards

UCO Bank Vs DCIT (ITAT Kolkata)

ITAT Kolkata held In the case of UCO Bank vs. DCIT that Sec.115JB will be applicable only where the assessee is required to show profit & loss account in accordance with schedule VI of Companies Act. As the banks are required to prepare Balance Sheet and Profit & Loss Account in accordance...

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No addition u/s 69 where investment along with its source recorded in seized documents

ACIT Vs M/s Prem Lal Jain (ITAT Kolkata)

ITAT Kolkata held In case of ACIT vs. M/s Prem Lal Jain that no addition could be made u/s 69 as the entire investments in shares made by the assessee have been duly recorded in the books of accounts of the assessee which are part of the seized documents...

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Disallowance of expenses where liability crystallized in the year but payment due later is not maintainable

ICI India Ltd. Vs DCIT (ITAT Kolkata)

ITAT Kolkata held In the case of ICI India Ltd. vs. DCIT that it is clear that liability towards leave encashment is a definite liability which has accrued and arisen during the year. However, payment of the same does not fall during the relevant previous year but under the mercantile system...

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Penalty u/s 271E may not be imposed where circumstances compels assessee to make repayment in cash

Jayantilal Vaishnav HUF Vs JCIT (ITAT Mumbai)

ITAT Mumbai held In the case of Jayantilal Vaishnav HUF vs. JCIT that the reasonable cause u/s 273B need to be seen from the context of the situation where a person is reasonably and under bonafide belief of taking a action beyond his control i.e. cause which prevent a reasonable person in ordinary ...

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Payment made to Independent Consultants is liable for deduction u/s 194J and not 192

DCIT (TDS) Vs Asian Heart Institute & Research Centre Pvt. Ltd. (ITAT Mumbai)

Appeal filed by Assessee - The Assessee is a company incorporated under the provisions of Companies Act, 1956 and is engaged in running a Super Specialty Cardiac hospital. The assessee employs two types of Doctors, viz. Full time Consultants (herewith “FTCs)...

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Addition for alleged suppression of production based on mere variation in electricity consumption not sustainable

ACIT Vs M/s. Nilesh Steel & Alloys Pvt. Ltd. (ITAT Pune)

ITAT Pune held In the case of ACIT vs. M/s. Nilesh Steel & Alloys Pvt. Ltd. that the consumption of the electricity for the manufacture of mild steel ingots/billets depends on various factors like quality of raw material which is the major input, voltage of the supply...

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Excise: Extended period can be invoked only if there is suppression of material facts, collusion or any wilful mis-statement

Commissioner of Customs and Central Excise Vs M/s.Grip Engineers (P) Ltd. (Andhra Pradesh High Couts)

Commissioner Of Customs And Central Excise Vs M/S Grip Engineers Pvt Ltd. (High Court of Andhra Pradesh)- In this Show cause notice was issued to the assessee on 22.04.2003 i.e. beyond the period of one year from the date of clearance of excisable goods invoking proviso to Section 11A of the Act...

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In case of doubt on dutiability of goods, extended period of limitation cannot be invoked

The Commissioner of Customs and Central Excise Vs M/s Andhra Pradesh Paper Mills Ltd. (Andhra Pradesh High Court)

The Tribunal had also, considering the fact that when there was a scope for doubt whether the goods were dutiable or not, refused to apply extended period of limitation. The Tribunal relied on the judgments of the Supreme Court in Camphor Drugs and Laminates...

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4 Ways you can View Your Tax Credit online

A Taxpayer can view his Tax Credit by any of the following four Methods- 1. Online view through E-filing Website 2.Online view through internet banking 3. Online view through TRACES 4.  Status of e-filing of TDS Statement by your deductor In this Article steps involved in all above 4 Methods to View Online Tax Credit […]...

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Central Excise payment Due Date Extended to 20-12-2015 in Tamilnadu

Notification No. 25/2015-Central Excise (N.T.) (09/12/2015)

Notification No. 25/2015-Central Excise (N.T.) Dated 09.12.2015 For all Central Excise assessees in the State of Tamil Nadu, the date for payment of Central Excise duty for the month of November 2015 is being extended to the 20th of December 2015 and the date of filing of the Central Excise return for the month of November 2015 is being ...

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Service Tax Payment due Date Extended for Tamilnadu State

Notification No. 26/2015-Service Tax (09/12/2015)

For all Service Tax assessees in the State of Tamil Nadu, the date for payment of Service Tax for November 2015 is extended to 20th December 2015 vide Notification No. 26/2015-Service Tax dated 09th December 2015....

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Monthly Development Report for Commodity Derivative Exchanges

Circular No. CIR/CDMRD/DEA/4/2015 (09/12/2015)

CIRCULAR No. CIR/CDMRD/DEA/4/2015 Dated- December 9, 2015 1. The Commodity Derivative Exchanges are advised to submit a Monthly Development Report, as per the prescribed format, from the month of April, 2015 onwards and ensure that the same reaches SEBI by 7th of the succeeding month....

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