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Archive: 16 February 2016

Posts in 16 February 2016

Guide for power Generation, Transmission & Distribution in SEZs

February 16, 2016 1988 Views 0 comment Print

Power Guidelines for power Generation, Transmission and Distribution in Special Economic Zones (SEZs) were issued on 27th February, 2009 and subsequently replaced by the guidelines issued on 21st March, 2012.These guidelines were further reviewed and guidelines dated 21st March, 2012 were withdrawn vide letter dated 6th April, 2015.

Draft Companies (Indian AS) Amendment Rules, 2016

February 16, 2016 1434 Views 0 comment Print

1. The draft Companies (Indian Accounting Standards) Amendment Rules, 2016 has been placed on the Ministry’s website at www.mca.gov.in. It has been decided to invite suggestions/comments on the above draft.

Draft Companies (Accounting Standards) amendment rules 2016

February 16, 2016 1768 Views 0 comment Print

The draft Companies (Accounting Standards) Amendment Rules, 2016 has been placed on the Ministry’s website at www.mca.gov.in. It has been decided to invite suggestions/comments on the above draft.

Notification No. 26/2016-Customs (N.T.) Dated- 16/02/2016

February 16, 2016 3451 Views 0 comment Print

Notification No. 26/2016-Customs (N.T.) Central Board of Excise and Customs hereby appoints officers mentioned in column 5 to act as a Common Adjudicating Authority to exercise powers and discharge duties conferred or imposed on officers mentioned in column (4) of Table below in respect of cases mentioned in column (3) of said Table for purpose of adjudication of show cause notices mentioned herein, namely:-

6 Expectation of Salaried Class from Union Budget 2016

February 16, 2016 4677 Views 1 comment Print

The reimbursement of medical expenses upto Rs.15000/- in a F. Y. is exempted since F. Y.1997-98. Although the cost of medical treatment is increasing day by day, the Govt .has not increased the limit in 18 years.

S. 80IC: 100% deduction allowed on every substantial expansion

February 16, 2016 13868 Views 1 comment Print

ITAT Delhi held in the case of M/s Tirupati LPG Industries Ltd. vs. JCIT that a plain reading of Sec.80-IC (8)(v) which defines the term initial assessment year read with Sec.80-IC(8)(ix) which defines the term substantial expansion makes it clear that there is no restriction on more than one substantial expansion being undertaken by an assessee.

Penalty u/s 271AAA not tenable where no search conducted

February 16, 2016 888 Views 0 comment Print

ITAT Delhi held in the case DCIT vs. M/s. Sam India Abhimanyu Housing that the AO initiated the penalty proceedings u/s 271AAA when the present assessee is not covered u/s 132 i.e. search conducted on the Assessee.

Excess Cenvat due to calculation mistake is not wrong availment

February 16, 2016 3335 Views 0 comment Print

In the case of M/s. TNT (INDIA) PVT LTD Versus Commissioner of Central Excise and Service Tax BANGALORE-III, it was held that where the credit taken was based on the documents where service tax on the input services was paid in excess mainly on account of wrong calculation by the appellant.

ST applies on C&F Agent Services despite non clearing from factory

February 16, 2016 1446 Views 0 comment Print

In the case of Somani Agencies Vs. CCE & ST, Indore, it was held that the definition of clearing and forwarding agent nowhere requires the clearing to be effected from the factory and even if the assessee is not clearing the goods from the factory

Intimating dept on adjustment of excess ST paid is only procedural

February 16, 2016 1867 Views 0 comment Print

In the case of M/s. L & T Sargent & Lundy Limited V/s. Commissioner of Central Excise & S.T., Vadodara, it was held that the requirement under Rule 6(4A) and 6(4B) of the Service Tax Rules, 1994 to intimate the department regarding adjustment of excess service tax paid

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