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Archive: 11 March 2016

Posts in 11 March 2016

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

May 15, 2024 7356 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.

SEBI FAQs on Voluntary Adaption of Aadhar based e-KYC Process

March 11, 2016 1555 Views 0 comment Print

Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service offered by UIDAI as per the aforementioned SEBI Circular?

Valuation of imported Set top boxes for CVD assessment

March 11, 2016 1096 Views 0 comment Print

Reference has been received in Board regarding assessment of CVD payable on set top boxes (STBs), when imported by a Direct to Home (DTH) broadcasting service provider and where STBs are provided free of cost to the consumers of DTH service.

Classification of Wireless microphone sets/systems for import duty

March 11, 2016 943 Views 0 comment Print

It has been brought to the notice of the Board that wireless microphone sets/systems consisting of one or more wireless microphones and a wireless receiver are not being uniformly classified under Customs Tariff Act, 1975.

Notification No. 8/2016-Customs (ADD) Dated: 11/03/2016

March 11, 2016 2062 Views 0 comment Print

In exercise of the powers conferred by sub-section(1and sub-section (5) of section 9A of the Customs Tariff Act, 1975(51 of 1975), read with rules 18, 20 and 23 of the Customs Tariff(Identification, Assessment and Collection of Anti-dumping Duty on Dumped

CBEC instruct officials to solve Grievances Published in Newspapers

March 11, 2016 1690 Views 0 comment Print

I am directed to forward herewith a copy of OM No. 11019/4/2015 PG-C1 dated 11.02.2016 received from Department of Administrative Reforms and Public Grievances on the above mentioned subject, for necessary action.

Lump sum alimony is a capital receipt and therefore not taxable

March 11, 2016 6664 Views 0 comment Print

The Bombay High Court held that the monthly alimony amounted to taxable income in the hands of the assessee. However, the lump sum alimony was in the nature of capital receipt.

Reopening without disposing Assessee’s objections, not valid

March 11, 2016 2065 Views 0 comment Print

Bombay High Court held In the case of M/s. Bayer Material Science Pvt. Ltd. vs. DCIT that the draft Assessment order was passed on 30th March, 2015 without having disposed of the Assessee’s objections to the reasons recorded in support of the impugned notice.

Reopening without alleging non-production of material facts is invalid

March 11, 2016 1594 Views 1 comment Print

It remains undisputed that in the reasons recorded by the AO, there is no allegation, much less any specific one, regarding any alleged failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment.

S. 40(a)(iii): No specified period for TDS deposit in claiming salary expenses

March 11, 2016 8902 Views 0 comment Print

Delhi High Court held In the case of ANZ Grindlays Bank Ltd. vs. DCIT that absence of a provision similar to sec. 40(a) (i) does not mean that the Assessee would also be disentitled to claim deduction on account of salaries in the year to which such expenses pertained even though

Sales commission Cenvat amendment: Prospective or retrospective?

March 11, 2016 11257 Views 2 comments Print

Assessee and Department have been involved in tug of war on cenvat credit on inputs, input services and capital goods. The assessee attempting to avail credit of every possible input / capital goods /input service by liberally interpreting their definitions and department denying the Cenvat credit by following the principle of literal interpretation. Cenvat Credit on sales commission has always been a sensitive issue since dawn.

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