"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 |

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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