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While reviewing the progress of EPFO on all fronts for the month of November, 2015, Shri K.K. Jalan, CPFC noted that by November end, the organization has settled more than 76 lakh claims in the current fiscal out of which more than 40% were settled within 3 days.
SEBI InvIT Regulations were notified on 26th September, 2014, thereby providing a regulatory framework for registration and regulation of InvITs in India. The Regulations, inter alia, provide that ‘The Board may specify by issue of guidelines or circulars any other requirements, as it deems fit, pertaining to issue and allotment of units by an InvIT, whether by way of public issue or private placement.
ITAT Bangalore held In the case of M/s. Meritor LVS India (P) Ltd. vs. ACIT that the transfer pricing officer (TPO) has drawn conclusions on the basis of information obtained by issue of notice u/s.133(6) .This information which was not available in public domain could not have been used by the TPO,
ITAT Pune held In the case of M/s. Meta Rolls & Commodities Pvt. Ltd. vs. ACIT that in the instant assessment year i.e. 2010-11, there is no order of Commissioner of Central Excise and Customs and there is no evidence of any clandestine removal of goods without payment of Excise duty
ITAT Delhi held In the case of ACIT vs, M/s Amrapali Grand that before a notice under Section 153C can be issued two steps have to be taken. The first step is that the Assessing Officer of the person who is searched must arrive at a clear satisfaction that a document seized from him does not belong to him but to some other person.
Pfizer Ltd Vs ACIT (ITAT Mumbai) The CBDT had issued Circular No.681 dated 8th March 1984 providing that a contract undertaken to supply any article or goods according to the specifications given by any person
In the case of Vofafone East Ltd. Vs. Addl. CIT Kolkata Bench of ITAT observed the applicability of various provision of TDS where tax was not deducted on the roaming charges paid by the Appellant to its telecom operators.
Companies Act 2013 has brought out vigorous punishments not only to public companies but also to private companies and to its directors to our surprise.Table given below contains all the applicable penalties or punishments applicable to private companies and to its directors, if any of the provisions of the Act are contravened.
The Constitutional (122nd Amendment) Bill, 2014 which is now pending in Rajya Sabha for passage faces challenge from main opposition party, Indian National Congress. It mainly wants the GST rate capped at 18 percent in the Amendment itself, removal of additional one percent tax for the manufacturing states (Gujarat, Maharashtra etc) and an independent dispute redressal mechanism.
Service Tax Payable under Transport of Goods on Road or goods Transport Agency service[GTA] can be paid out of CENVAT. Above service is covered under reverse charge mechanism and provided in Notification No. 30/2012 Service Tax dated 20.06.2012 in exercise of the powers conferred by sub-section (2) of section 68 of the Finance Act, 1994 (32 of 1994), and in supersession of (i) notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 15/2012- Service Tax , dated the 17th March, 2012.
