"29 January 2016" Archive

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

Notification No. 35/2015-2020-DGFT (29/01/2016)

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....

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IEC code can now be applied with only Two Documents

Notification No. 34/2015-2020-DGFT (29/01/2016)

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....

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

Notification No. 4/2016-Customs (ADD) (29/01/2016)

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 ...

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Recovery of out of pocket costs incurred by society from ultimate beneficiaries of grant not taxable in the hands of society

ITO Vs Haryana Renewable Energy (ITAT Chandigarh)

The ITAT Chandigarh in the case of Haryana Renewable Energy held that recovery of a part of cost from ultimate customers by the society working for funding the projects from government grant being in nature of reimbursements cannot be taxed in the hands of society....

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

DCIT Vs M/s AT & S India Pvt . Ltd. (ITAT Kolkata)

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....

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

Hindalco Industries Ltd. Vs The Addl. CIT (ITAT Mumbai)

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....

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Kerala HC stays Retrospective Provisions of Payment of Bonus (Amendment) Act, 2015

United Planters Association of Southern India Vs UOI (Kerala High Court)

Hon'ble Kerala High Court in the case of The United Planters Association of Southern India Vs. Union of India, Stayed the Operation and Implementation of Payment of Bonus (Amendment) Act, 2015 to the extent the same gives retrospective from 01.04.2014...

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Is the three-digit CIBIL score a big deal?

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 applic...

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FAqs on SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Regulation 2(1)(b) of Listing Regulations defines an ‘associate company’ to mean any entity which is an associate under the Companies Act, 2013 or under the applicable accounting Whether both conditions have to be met or either of the two?...

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

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...

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Posted Under: DGFT |