"11 March 2016" Archive

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

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?...

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Posted Under: SEBI |

Valuation of imported Set top boxes for CVD assessment

Circular No. 1020/8/2016 - CX (11/03/2016)

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. ...

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Classification of Wireless microphone sets/systems for import duty

Circular No. 09/2016-Customs Duty (11/03/2016)

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....

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

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

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 ...

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CBEC instruct officials to solve Grievances Published in Newspapers

F.No.C-30013/8/2016 Ad.IV-A (11/03/2016)

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....

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Reopening without disposing Assessee’s objections, not valid

M/s. Bayer Material Science Pvt. Ltd. Vs DCIT (Bombay High Court)

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....

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Reopening without alleging non-production of material facts is invalid

M/s. Apeejay Education Society & others Vs ACIT (ITAT Amritsar)

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....

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

ANZ Grindlays Bank Ltd. Vs DCIT (Delhi High Court)

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...

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Sales commission Cenvat amendment: Prospective or retrospective?

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 int...

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Posted Under: SEBI |

Taxability of Consortium Members (Joint Ventures in case of EPC & Turnkey Projects)

Navneet Singal Clarification on Taxability of Consortium Members (Joint Ventures in the case of EPC contracts and Turnkey Projects) Recently the CBDT has issued a circular to clarify the taxability in the case of Consortium Members. Development in the area of infrastructure has caused a steep increase in the number of big projects in Indi...

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Posted Under: SEBI |