"08 January 2016" Archive

Utilisation of Accumulated Cenvat credit as on 10.09.2004

Arbes Tools Pvt. Ltd. Vs CCE (CESTAT Mumbai)

The CESTAT Mumbai in the case of Arbes Tools Pvt. Ltd. vs. CCExheld that as per Rule 11(1) of the Cenvat Credit Rules, 2004 read with Notification 23/2004-CE, the amount of credit earned by the manufacturer under Cenvat Credit Rules, 2002, which existed prior to 10.9.2004, can be utilized by them as per transitional rule 11 of the new Cen...

Unilateral action on the part of one party with absence of mutual agreement cannot result into an international transaction

CIT, LTU Vs Whirlpool of India Ltd (Delhi High Court)

Delhi HC in the case of WHIRLPOOL OF INDIA LTD. held that in the absence of ‘mutual agreement’ or ‘arrangement’ or ‘action in concert’ for the allocation or apportionment of or contribution to the cost or expenses incurred by the Assessee in connection with benefit, service or facility provided to the AE , there cannot be an i...

An Overview of Core Investment Companies (CICs)

In laymen’s language, CIC or a Core Investment Company is basically a company that holds the stake in the group companies without actually being involved in its trading.The next question that would probably come up to our mind is that why CIC? With the stringent requirements being imposed on the NBFC, the NBFC formed as an investment co...

Posted Under: Excise Duty |

Changes in Annual Performance Appraisal Report format for Assessing Officers

The Department has modified the Annual Performance Appraisal Report (APAR) of assessing officers (Income Tax Officers as well as Assistant Commissioners/Deputy Commissioners of Income Tax) to bring about greater accountability in assessment functions. In the revised format, the performance of the assessing officers will also be specifical...

Posted Under: Excise Duty |

Decoding GST (Part 1) – Road To GST

To set the stage for the ambitious reform legislation, the Union Cabinet under the leadership of Shri Narendra Modi ji on 17th December, 2014 approved the proposal for introduction of a Bill in the Parliament for amending the Constitution of India....

Posted Under: Excise Duty |

Cenvat Credit can be claimed on the basis of photocopy of duty payment document

Arbes Tools P. Ltd. Vs CCEx (CESTAT Mumbai)

When the admissibility of Cenvat credit is not disputed on legal grounds viz eligibility and duty payment document, then credit cannot be denied merely on technical lapses....

Entire Cenvat credit cannot be disallowed for part wrong availment

SIFY Technologies Limited Vs Commissioner of Service Tax, LTU Chennai (CESTAT Chennai)

It is held that merely because assessee has not reverse credit attributable to provision of exempted services would not disentitle it to claim credit which is otherwise available in respect of input services used in provision of taxable services....

Delhi VAT: Delhi Sugam-2 (DS-2) to be produced at check-post or barrier

No.F.7(433)/Policy-II/VAT/2012/PF/1259-70 08/01/2016

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN: I.P. ESTATE: NEW DELHI -110 002 No.F.7(433)/Policy-II/VAT/2012/PF/1259-70 Dated 08/01/2016 NOTIFICATION In exercise of the powers conferred under sub-section (2) of Section 61 of the Delhi Value Added Tax Act, 2004 read with sub-rule (1) of Ru...

Details of elected members to ICAI Central Council of WIRC, SIRC, NIRC, EIRC & CIRC

No.54-EL(1)/14/2015 08/01/2016

Council of the ICAI is pleased to notify for general information the names (in alphabetical order), membership numbers and places of the members, who have been elected to the Twenty Third Council of the Institute from the constituencies as given below:-...

Delhi VAT: Conditions for downloading Central Statutory forms online

No.F.3(556)/Policy/VAT/2015/1271-82 08/01/2016

The facility of auto-downloading of the forms shall not be available to the dealer for the tax period in cases in which the ratio of sale to purchase, including stock transfer and local transactions, falls below 45%. The statutory forms in such cases shall be available for auto-downloading on the basis of sale and purchase of next quarter...

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February 2024