"16 December 2015" Archive

Issuance of Look Out Circulars (LOC) for indirect tax defaults- reg

F. No. 394/193/2015-Cus (AS) (16/12/2015)

F. No. 394/193/2015-Cus (AS) In terms of para 8 (h) of the guidelines, a person can be intercepted / interrogated/ baggage examined/ searched even in the case of non –cognizable offence. The only restriction is that the person can not be detained/ arrested/ prevented from leaving the country....

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Increase in Excise Duty on petrol by 30 paise Per liter and on diesel by Rs. 1.17 Per Litre

Notification No. 46/2015-Central Excise [G.S.R. 974(E).] (16/12/2015)

Notification No. 46/2015-Central Excise prescribes the Basic Excise Duty (BED), with effect from 17.12.2015, on the following products at the rates indicated below: (i) Unbranded petrol from Rs. 7.06 per litre to Rs. 7.36 per litre; (ii) Branded petrol from Rs. 8.24 per litre to Rs. 8.54 per litre; (iii) Unbranded diesel from Rs. 4.66 per...

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ITAT Ahmedabad disposes 251 Appeal in one go after increase in Low Tax effect Limit

Dy Commissioner of Income Tax & 250 Others Vs Soma Textiles & Industries Limited & 250 Others and related 7 cross objections (ITAT Ahmedabad)

In the case of DCIT Vs. Soma Textiles & Industries Limited , ITAT Rajkot has dismissed 251 Appeal filed by Department as Tax effect in these appeals was not exceeding Rs. 10 Lakh, in view of recent CBDT circular no. 21/2015 dated 10th December 2015. ...

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CBEC direct its Excise and Service Tax officers to follow instructions scrupulously given in Audit Manual 2015

F.No. 238/15/2015-Central Excise .7 (16/12/2015)

F.No. 238/15/2015-CX.7 With regard to non-detection of lapse during the internal audit, Ministry had issued instructions vide letter No.232/3D/CE/2015-CX.7 dated 7th December, 2015. It is once again reiterated that officers involved in the audit of the units should be clearly directed to follow the instructions scrupulously given in the A...

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IND AS-36 Impairment of Assets

The Objective of Ind AS 36 is to ensure that assets are carried at not more than at recoverable value. The standard also specifies when an entity should reverse an impairment loss and provide disclosures while preparing and presenting the financial statements....

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Posted Under: Custom Duty |

Regulations related to governance and risk management for Audit Stakeholder

As a part of Management's Responsibility for Financial Statements, executive management of Indian companies assert to their stakeholders the relevance of the design, implementation and maintenance of internal controls for the preparation and presentation of financial statements that need to give a true and fair view of financial position ...

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Posted Under: Custom Duty |

Availability of alternative remedy is not an absolute bar in deciding the matter on merits

M.V. Valsala Vs Chief Commissioner Of Central Excise (Kerala High Court)

Tribunal shall not ordinarily admit an application, unless it is satisfied that the applicant had availed of all the remedies available to him under the relevant service rules as to redressal of grievances and that by itself means that exemption could be drawn under particular circumstances...

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Only Functionally Comparable Company should be compared for applying margin percentage

M/s Goldman Sachs (India) Securities Pvt. Ltd Vs The DCIT (ITAT Mumbai)

ITAT Mumbai held in Goldman Sachs( India) Securities Pvt. Ltd Vs The DCIT that only functionally comparable company should be compared for comparing the margin percentage of the assessee company with comparable company....

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Amendment to sec 9 will not have retrospective effect on tax withholding liability

DCIT Vs Shri Subhotosh Majumder (ITAT Kolkata)

ITAT Kolkata held in the case of DCIT Vs Shri Subhotosh Majumder that the amended law of the deduction of tax at source of services which were to be utilized in India would be taxable in India would not have retrospective effect on the tax liability of withholding taxes....

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Earlier year’s appellate decision could not be applied if facts of current year has changed

Punjab & Sind Dairy Products Pvt Ltd Vs Dy. CIT (ITAT Mumbai)

ITAT Mumbai held in Punjab & Sind Dairy Products Pvt Ltd Vs Dy. CIT that in the case of assessee itself in earlier year, ITAT had rejected the books of accounts on the basis that assessee failed to produce books of accounts as demanded by ITAT....

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Premium paid under Keyman Insurance policy allowable as business expense

M/s F.C. Sondhi & Co.(India) P Ltd Vs The DCIT (ITAT Amritsar), M/s Vishal Tools & Forgings Pvt Ltd Vs The Additional Commissioner of Income Tax

ITAT held in M/s F.C Sondhi & Co.(India) P Ltd Vs The DCIT that the premium paid on the keyman Insurance Policy would be allowed as a business expense because the same had been paid for the growth ...

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Books cannot be rejected only on the basis that qualitative and piece wise record of Diamonds not been maintained

Dy CIT Vs Ms Nevil Gems (ITAT Ahmedabad)

ITAT held in Dy CIT Vs Ms Nevil Gems that if the assessee had maintained quantitative details of diamonds but had not qualitative and piece-wise details then in that case books of account could not be rejected...

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Conditions mentioned in sec.10 are mutually exclusive from condition prescribed in sec. 11

DIT (E) Vs M/s Jasubhai Foundation (Bombay High Court)

In case of DIT (E) Vs. M/s Jasubhai Foundation, BOmbay High Court upheld the decision of ITAT in which it was held that section 10 and section 11, though mentioned in same chapter, but conditions mentioned in both sections are mutually exclusive from each other....

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Penalty cannot be levied where R&D Expenses not allowed for non-receipt of approval form DSIR

ACIT Vs PTC Industries Ltd. (ITAT Delhi)

ITAT Delhi held in case of ACIT Vs. PTC Industries Ltd. ITAT held that when expenditure claimed is genuine then penalty u/s 271 (1) (c) cannot be levied. ITAT relied upon the decision of Hon’ble Supreme Court in the case of CIT Vs. Reliance Petro Product Pvt. Ltd. (2010) 36 DTR 449 (SC) wherein it was held that merely because of the as...

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Property Rental Income of assessee engaged in building construction taxable as income from property

CIT Vs Sane & Doshi Enterprises (Bombay High Court)

CIT vs. Sane & Doshi Enterprises (Bombay High Court) The three grounds which have been projected and emphasised pertain to treatment of total income as income from house property and allowing deduction under section 24 ignoring the fact that the income was received from the business asset (unsold flats) shown as closing stock....

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PM approves Model Text for Indian Bilateral Investment Treaty

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for the revised Model Text for the Indian Bilateral Investment Treaty. The revised Indian model text for Bilateral Investment Treaty (BIT) will replace the existing Indian Model BIT.  The revised model BIT will be used for re-negotiation of existing...

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Posted Under: Custom Duty |

MCA instruct its staff to Maintain Punctuality

Circular No. No.A-45011/38/2013-Ad.l (Pt.) (16/12/2015)

No.A-45011/38/2013-Ad.l (Pt.) Punctuality is a wonderful trait of a person which is admired and respected. Observance of punctuality at the workplace is more important because it is here that one gets paid for the hours he/she puts in....

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FTP: Reg. procedure to be followed for processing applications for enlistment / authorisation of Laboratories

Public Notice No. 48/2015-20 (16/12/2015)

With this amendment, paragraph 4.76 of the Handbook of Procedures 2015-20 will also cover the procedure to be followed for processing applications for enlistment / authorisation of Laboratories stated in paragraph 4.42 of FTP 2015-20....

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Addition of M/s HRD Diamond Institute Private Limited in paragraph 4.42 of FTP 2015-20

Notification No. 28/2015-20 (16/12/2015)

M/s HRD Diamond Institute Private Limited, Mumbai, Maharashtra, India is added as agency permitted to import duty free diamonds for certification/grading and subsequent re-export, subject to conditions mentioned in paragraph 4.75 of Handbook of Procedures 2015-20 and other applicable provisions of the law in this regard....

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DGFT removes requirement of ‘recommendation from DGCA’ for import of reconditioned / second hand aircraft parts

Notification No. 27/2015-20 (16/12/2015)

Effect of this Notification: Hereafter, there is no requirement for 'recommendation from DGCA' for import of reconditioned / second hand aircraft parts....

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Relief in Average Export Obligation in terms of Para 5.19 of HBPs of FTP 2015-20

Policy Circular No. 04/2015-20 (16/12/2015)

Hand Book of Procedures of FTP 2015-20 permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group decline by more than 5%. This implies that the sector/product group that witnessed such decline in 2014-15 as compared to 2013-14, would be entitled for such relief....

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19 Changes in PAN quoting requirement for specified transactions

Quoting of PAN will be required for Purchase/ sale of any goods or services exceeding Rs.2 lakh per transaction, regardless of the mode of payment. The monetary limits have now been raised to Rs. 10 lakh from Rs. 5 lakh for sale or purchase of immovable property, to Rs.50,000 from Rs. 25,000 in the case of hotel or restaurant bills paid...

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Posted Under: Custom Duty |

11 Measures taken by CBDT recently to simplify Tax Compliance

The Central Board of Direct Taxes (CBDT) has taken a number of decisions over last three months with the objective of providing better taxpayer services, improving ease of doing business and reducing the burden of compliance on the tax payer....

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Posted Under: Custom Duty |

CBDT relaxes conditions for furnishing of Form 15CA & Form 15CB

Notification No. 93/2015 - Income Tax (16/12/2015)

Notification No. 93/2015 - Income Tax G.S.R. 978(E) dated 16th December, 2015 A CA certificate in Form No. 15CB will be required to be furnished only in respect of such payments made to non-residents which are chargeable to tax and the amount of payment during the year exceeds Rs. 5 lakh. No Form 15CA and 15CB will be required to be furni...

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Key Takeaways of Oil and Gas Sector

The oil & gas industry is usually divided into three main sectors: upstream (also known as exploration and production (‘E&P’)), midstream & downstream. The upstream part of the industry involves the first phase of finding and drilling oil, the midstream phase involves shipping and storing the oil and the downstream phase involves refi...

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Posted Under: Custom Duty |

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