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Archive: 29 January 2016

Posts in 29 January 2016

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7050 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Import of Capital Goods not permitted under EPCG Scheme for generation/transmission of power

January 29, 2016 3682 Views 0 comment Print

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-2020, the Central Government hereby makes the following amendments in the Foreign Trade Policy (FTP) 2015-2020 with immediate effect.

IEC code can now be applied with only Two Documents

January 29, 2016 14212 Views 4 comments Print

This notification only two documents are required to be uploaded /submitted along with the digital photograph while applying for IEC. Further, applications for IEC/ modification in IEC can be made only in online mode by applicants through digital signatures with effect from 1.4.2016.

Notification No. 4/2016-Customs (ADD), dated 29th January, 2016

January 29, 2016 433 Views 0 comment Print

Notification No. 4/2016-Customs (ADD) Central Government, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 133/2008-Customs, dated the 12th December, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 853 (E), dated the 12th December, 2008, namely:-

Payments made as reimbursement towards shared technology services not subject to TDS u/s 195

January 29, 2016 1856 Views 0 comment Print

The ITAT Kolkata in the case of M/s AT & S India P. Ltd. held that the reimbursement made to holding co. by its subsidiary towards the share technology services is not taxable in the hands of receiving co. (holding co.) because the reimbursement is not an income for the holding co.

TP: Temporary price differentials occurring due to fluctuation in treatment charges should be ignored

January 29, 2016 647 Views 0 comment Print

In the case of Hindalco Industries Ltd. -Vs- The Addl. Commissioner of Income tax, there were several grounds on which the appeal was made, both by the revenue as well as the assessee. The major ground being of transfer pricing has been discussed hereunder.

Is the three-digit CIBIL score a big deal?

January 29, 2016 1960 Views 0 comment Print

The CIBIL score is an integral part of every individual’s financial life, and is viewed seriously by lenders today. What a score does, in a nutshell, is indicate a borrower’s creditworthiness to a bank or financial institution, which is taken into consideration while determining whether to accept or reject a loan or credit card application.

Simultaneous penalty on firm & partners restricted to abetment

January 29, 2016 3292 Views 1 comment Print

Bombay High Court held that Simultaneous penalty can be imposed both on the partners and partnership-firm under Section 112 (a) where the charge on the firm is of acting or omitting to act rendering the goods liable for confiscation and the notice issued to the partner makes out a separate case of abetment on his part.

Sec.69A–Deeming provision cannot be initiated based on suspicion

January 29, 2016 2743 Views 0 comment Print

Suspicion and doubt may be the starting point of an investigation but cannot, at the final stage of assessment, take the place of relevant facts, particularly where a deeming provision is sought to be invoked.

MCA invite Comments on Draft NCLT related Rules under Companies Act, 2013

January 29, 2016 1100 Views 0 comment Print

283 Sections of the Companies Act, 2013 have already been commenced. Remaining sections related to functioning of NCLT/NCLAT and certain other authorities are yet to be notified. In view of the Supreme Court order dated 14 th May, 2015, the process for constitution of NCLT/NCLAT has been undertaken and these bodies are likely to be set up shortly.

Burden of proving unjust enrichment is on Revenue

January 29, 2016 3181 Views 0 comment Print

It was held that when the assessee has provided the required documents for justifying that the incidence of tax has not been passed on, it is for the department to show by adducing some material that the incidence of tax has been passed on.

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