"30 December 2015" Archive

Notification No.61/2015-Customs Dated- 30th December, 2015

Notification No.61/2015-Customs (30/12/2015)

Notification No.61/2015-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendment in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No.12/2012-Customs, dated the 17th March, 2012, published in the Gazette...

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Notification No. 60/2015-Customs dated 30th December, 2015

Notification No. 60/2015-Customs (30/12/2015)

Notification No. 60/2015 - Customs Seeks to amend notification No. 152/2009-Customs dated 31.12.2009 so as to provide deeper tariff concessions in respect of specified goods imported from Korea RP under the India-Korea Comprehensive Economic Partnership Agreement (CEPA) w.e.f. 01.01.2016....

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Notification No. 59/2015- Customs dated 30th December, 2015

Notification No. 59/2015-customs (30/12/2015)

Notification No. 59/2015 - CustomsSeeks to amend notification No. 53/2011-Customs dated 01st July, 2011 so as to provide deeper tariff concessions in respect of specified goods imported from Malaysia under the India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA) w.e.f. 01.01.2016....

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Notification No. 58/2015-Customs dated 30th December, 2015

Notification No. 58/2015 - Customs (30/12/2015)

Notification No. 58/2015 - Customs Seeks to further amend notification No. 46/2011-Customs dated 01.06.2011 so as to provide deeper tariff concessions in respect of specified goods when imported from ASEAN countries under the India-ASEAN Free Trade Agreement w.e.f. 01.01.2016...

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Electronic filing of first appeal before CIT(Appeals) Mandatory: CBDT

It is the endeavour of the Income tax Department to digitise various functions of the Department for providing efficient taxpayer services. As another significant step in this direction, electronic filing of appeal before CIT(Appeals) is being made mandatory for persons who are required to file the return of income electronically....

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Posted Under: Custom Duty | ,

GST- Proposed Input tax credit methodology

Goods & Service tax (GST), the mile stone tax reform since independence of India is on its way to implementation journey and proposed GST bill is under discussion everywhere. This is very crucial stage to understand the various methodologies proposed in the GST bill....

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Posted Under: Custom Duty |

Applicability Of Indian Accounting Standards

1. Any company may comply with the Indian Accounting Standards (hereinafter referred to as the IndAS) for financial statements for accounting periods beginning on or after 1stApril, 2015, with the comparatives for the periods ending on 31st March, 2015, or thereafter...

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Posted Under: Custom Duty |

CBI Register disproportionate assets case against Director (Investigation), Settlement Commission, Chennai

The Central Bureau of Investigation has registered a case u/s.109 of IPC r/w 13 (2) r/w 13 (1)(e) of PC Act 1988 against then Commissioner of Income Tax (IRS – 88 Batch), presently posted as Director (Investigation), Settlement Commission, Chennai and 8 others including his family members & certain benami property holders, on the alleg...

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Posted Under: Custom Duty |

Bankruptcy Bill 2015 to bring unified Insolvency & Bankruptcy Code

The Government, on Monday, December 21, 2015, introduced the Insolvency and Bankruptcy Bill, 2015 (the Bankruptcy Bill), proposing to enact a single bankruptcy code setting deadlines for processing insolvency cases. Once enacted, not only will it improve the ease of doing business in India, it will also ensure better debt recovery for cre...

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Posted Under: Custom Duty |

Exemption u/s 10A available on undisclosed income surrendered during survey proceeding u/s 133A

M/s Bridal Jewellery Mfg. Co. Vs ITO (ITAT Delhi)

M/s Bridal Jewellery Mfg. Co.Vs. ITO (ITAT Delhi) In the present case, it is an admitted fact that the assessee was engaged in the manufacturing of jewellery, during the process of manufacturing on behalf of the customers...

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Extension of Due Date for Filing Annual Returns to 30.01.2016 for Tamil Nadu and Puducherry

General Circular No. 16/2015 (30/12/2015)

Relaxation of additional fees and extension of last date of in filing of forms MGT-7 (Annual Return) and AOC-4 (Financial Statement) under the Companies Act, 2013- State of Tamil Nadu and UT of Puducherry - reg....

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Only Investments in respect of which income is exempt to be considered in working of disallowance U/s. 14A

Sesa Resources Ltd. Vs ACIT (ITAT Panaji)

The ITAT bench of Panaji in the case of Sesa Resources Limited held that the disallowance under Sec 14A read with rule 8D can be made only in respect of investments which are earning income exempt from tax and not the total investments....

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No Penalty if assessee's activity is held to be not liable to Service tax

Jubilant Agri & Consumer Products Ltd. Vs Customs, Excise & Service Tax Appellate Tribunal (Allahabad High Court)

Penalty is levied only when any Service tax has not been paid by reason of fraud, etc., hence, when assessee's activity is held to be not liable to Service tax, question of imposition of penalty cannot arise- Jubilant Agri & Consumer Products Ltd. Vs. Customs, Excise & Service Tax Appellate Tribunal [2015 (64) taxmann.com 35 (Allahabad)]...

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Posted Under: Custom Duty |

Lawmakers Let Another Gst Opportunity Go Abegging With Washout Of Winter Session

GST has been missing several deadlines in the past. Perhaps, the only major reform both India and the World were looking at from the Parliament’s winter session was the passage of the 122ndConstitutional Amendment Bill, 2014 (122nd CAB or GST Bill), which promised to bring in the biggest indirect tax reform in the Country ever happened....

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Posted Under: Custom Duty |

Inputs / Capital goods used in R&D and Quality Control Laboratory for input testing, final product samples eligible for Cenvat credit

Sabic Innovative Plastics (P.) Ltd. Vs Commissioner of Central Excise & Service Tax (CESTAT Ahmedabad)

Subic Innovative Plastics (P.) Ltd. (the Appellant) had taken Cenvat credit on inputs and capital goods used in Research and Development (R&D) and Quality Control Laboratory situated in the factory premises. ...

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Excise dues payable by old Company cannot be recovered from assessee when assessee purchased only assets of old Company

Jaiprakash Associates Ltd. Vs Union of India (Allahabad High Court)

Liability of past Excise dues payable by old Company could neither be fastened nor be recovered from assessee when the assessee had only purchased assets of old Company, which was ordered to be wound up and had not taken over their running business- Jaiprakash Associates Ltd. Vs. Union of India [2015 (64) taxmann.com 20 (Allahabad)]...

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Posted Under: Custom Duty |

Pre-delivery inspection charges and after sales service charges not includible in assessable value

Commissioner of Central Excise, Mysore Vs TVS Motors Company Ltd. (Supreme Court of India)

SC overruled the CESTAT Larger Bench decision in Maruti Suzuki case and held that pre-delivery inspection charges and after sales service charges are not to be included in assessable value- Commissioner of Central Excise, Mysore Vs. TVS Motors Company Ltd. [2015 (12) TMI 874 - SUPREME COURT]...

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Penalty cannot be imposed if provision(s) for imposition of penalty for wrong availment of Cenvat credit has not been invoked in SCN

Commissioner of Service Tax, Mumbai Vs Hazira Marine Engg. & Const. Mgmt. P. Ltd. (CESTAT Mumbai)

The Hon’ble CESTAT, Mumbai held that when the Department has not invoked the provisions for imposition of penalties under relevant Section(s), therefore, the argument put forth by the Department for imposition of penalty under the Credit Rules is unsustainable....

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Posted Under: Custom Duty |

Refund allowable where Service tax is paid twice by Appellant due to clerical error

Tikaula Sugar Mills Ltd. Vs CCE, Meerut-I (CESTAT Delhi)

Refund is allowable where Service tax is paid twice by the Appellant due to clerical error and the same is proved by supporting documents- Tikaula Sugar Mills Ltd. Vs. CCE, Meerut-I [2015 (12) TMI 884 - CESTAT NEW DELHI]...

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Rent-a-cab services to SEZ Unit for transportation of its staff to and from their residence is exempt from Service Tax

ORIX Auto Infrastructure Services Ltd. Vs Commissioner of Service Tax (CESTAT Mumbai)

Rent-a-cab services provided to a unit located in SEZ for transportation of employees to and from their residences located outside SEZ, are eligible for exemption from Service tax- ORIX Auto Infrastructure Services Ltd. Vs. Commissioner of Service Tax [2015 (64) taxmann.com 21 (Mumbai - CESTAT)]...

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Posted Under: Custom Duty |

In case service tax not been charged, consideration received has to regarded as cum-tax value

Commissioner of Service Tax, Mumbai-I Vs Bluechip Corporate Investment Centre Ltd. (CESTAT Mumbai)

Where Service tax is not charged separately on pretext that services are not taxable, consideration so received has to regarded as cum-tax value and in event of demand, Service tax must be worked out accordingly- Commissioner of Service Tax, Mumbai-I Vs. Bluechip Corporate Investment Centre Ltd....

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Posted Under: Custom Duty |

Inclusion in assessable value of reimbursement received for third party inspection charges undertaken at buyers instance

Central Cables Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

Additional amount received as reimbursement towards third party inspection charges undertaken at the instance of the buyer is not includable in the assessable value- Central Cables Ltd. Vs. Commissioner of Central Excise, Mumbai [2015 (12) TMI 256 - CESTAT MUMBAI]...

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Posted Under: Custom Duty |

In absence of any specific provision in statute, duty/penalty liability of Company cannot be recovered from assets of its director

Krishan Kumar Vs Union of India and Anothers

Krishan Kumar (the Petitioner) is at present non-working director of Spectec Building Products Pvt. Ltd. (the Company). The Department has alleged that the Company was indulging in clandestine removal and undervaluation of goods manufactured by it and thereby...

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Posted Under: Custom Duty |

100% EOUs cav claim Customs exemption on clearance made to Domestic Tariff Area

Commissioner of Central Excise, Daman Vs Sahajanand Technology (P.) Ltd.(Supreme Court of India)

Sahajanand Technologies Pvt. Ltd (the Respondent) being a 100% EOU made DTA sales by supplying goods to the EPCG licence holder, DTA sales. In terms of the Section 3 of Excise Act, such sales were liable for the payment of Excise duty equal to the amount of Customs duty leviable in terms of Section 12 of the Custom Act...

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Posted Under: Custom Duty |

Right given by Exemption Notification cannot be taken away by issue of Departmental Circulars

Commissioner of Customs, Ahmedabad Vs M.B. Enterprise (CESTAT Ahmedabad)

Sanctioning of 4% of SAD refunds by way of re-credit in the respective licenses after June 30, 2013 is proper – A right given under an Exemption Notification cannot be taken away by issue of the Departmental Circulars- Commissioner of Customs, Ahmedabad Vs. M.B. Enterprise [2015 (12) TMI 578 - CESTAT Ahmedabad]...

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Posted Under: Custom Duty |

Ground not raised before Commissioner (Appeals) cannot be raised before Tribunal by department

CC (Sea-Imp.), Chennai Vs Kwang Sung Brake India Pvt. Ltd. (CESTAT Chennai)

The Department is not allowed to raise new grounds of appeal before the Tribunal, which were not raised before the Commissioner (Appeals)-CC (Sea-Imp.), Chennai Vs. Kwang Sung Brake India Pvt. Ltd. [2015 (12) TMI 585 - CESTAT Chennai]...

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Posted Under: Custom Duty |

Business Consultancy and Software Implementation services cannot be considered as ‘sale’

State of Karnataka Vs IBM India (P) Ltd. India (Karnataka High Court)

Where assessee was engaged in development and sale of software etc., activities of Business Consultancy services and Software Implementation services, which have been subject to Service tax, cannot be considered as ‘sale...

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Posted Under: Custom Duty |

Despite common godown, transaction would be Inter-state sales if movement of goods is from one State to other as per purchase order

State of Tamil Nadu Vs Annamalaiar Mills Ltd. (Madras High Court)

Transaction would be Inter-state sales where movement of goods is from one State to another in terms of purchase order, even if goods are supplied to common godown of buyer and seller- State of Tamil Nadu Vs. Annamalaiar Mills Ltd. [(2015) 63 taxmann.com 234 (Madras)]...

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Posted Under: Custom Duty |

Validity of Reopening on the basis of plea that full CST was collected from customers

J.K. Tyre & Industries Ltd. Vs State of Rajasthan (Rajasthan High Court)

Where assessee was allowed partial exemption from CST in terms of Exemption Notification, reopening of assessments on plea that full CST was collected from customers is not justified- J.K. Tyre & Industries Ltd. Vs. State of Rajasthan [(2015) 63 taxmann.com 233 (Rajasthan)]...

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Posted Under: Custom Duty |

How to differentiate between Job Work and Manpower Supply service

It came to the notice of the Central Board of Excise and Customs (CBEC or the Board) that certain field formations are taking a view that Service tax is payable on services received by the apparel exporters from third party undertaking job work on the premise that the services received by apparel exporters is of manpower supply service, w...

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Posted Under: Custom Duty |

MVAT: Set-off in respect of certain goods covered under Schedule D of Act ( Rule 52B)

Notification No. VAT. 1515/CR-158/Taxation-1 (30/12/2015)

1. (1) These rules may be called the Maharashtra Value Added Tax (Third Amendment) Rules, 2015.— (2) They shall come into force on 1st January 2016. 2. In the Maharashtra Value Added Tax Rules, 2005, after rule 52A, the following rule shall be added namely :‑...

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Revised rules & Forms related to Quoting of PAN wef 01.01.2016

Notification No. 95/2015 (30/12/2015)

Notification No. 95/2015 In exercise of the powers conferred by section 139A, section 271FAA and section 285BA, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-...

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All about CA Examinations

1.1 Chartered Accountants examinations are held as per the provisions of the Chartered Accountants Regulations, 1988, framed under Chartered Accountants Act, 1949. 1.2 Affairs relating to Chartered Accountancy examinations are managed by the Examination Committee, a Standing Committee of the Council of the Institute of Chartered Accounta...

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Posted Under: Custom Duty |

Internal Financial Controls over Financial Reporting

Audit of ‘Internal Financial controls (hereinafter to be referred as ‘IFC’) over Financial Reporting’ is a reasonably advanced reporting concept for India. In India though there were no such requirements earlier, however, similar reporting requirements existed globally such as section 404 of Sarbanes Oxley Act, 2002 of USA....

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Posted Under: Custom Duty |

Condonation of delay in Creation/Modification/Satisfaction of Charge

Process for Approval of Central Government (Regional Director) where the instrument creating or modifying a charge is not filed within a period of 300 days from the date of its creation or modification and where the satisfaction of the charge is not filed within 30 days from the date on which such payment of satisfaction....

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Posted Under: Custom Duty |

Omnibus Approval for Related Party Transaction under Companies Act, 2013

In case of Companies Act, is the board required to approve all related party transactions from audit committee? [1]The Companies Act 2013 prescribes that a company needs approval of the audit committee on all related party transactions and subsequent modifications thereto. Section 177(4) (iv). [2]Provided that the Audit Committee may make...

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Posted Under: Custom Duty |

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