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Archive: 22 April 2016

Posts in 22 April 2016

S. 263 Revision for starting fishing & roving enquiries not valid

April 22, 2016 1840 Views 0 comment Print

ITAT Mumbai held In the case of M/s. Rachana Finance & Investments Pvt. Ltd. & M/s. Repute Properties Pvt. Ltd. vs. CIT that in the present case, the order of AO may be brief but that by itself is not a sufficient reason to hold the order of assessment as erroneous and prejudicial to the interest of the revenue.

Sec.153A Addition without incriminating material w.r.t. completed assessments not valid

April 22, 2016 1873 Views 0 comment Print

It is held that Completed assessments can be interfered with by the AO while making the assessment under Section 153 A only on the basis of some incriminating material unearthed during the course of search or requisition of documents or undisclosed income or property discovered in the course of search which were not produced or not already disclosed or made known in the course of original assessment.

SC and ST (Prevention of Atrocities) Amendment Rules, 2016

April 22, 2016 18088 Views 0 comment Print

Some of the important provisions are: (i) Completion of investigation and filing of charge sheet in the court within sixty days. (ii) Provision of relief for offences of rape and gang rape (This provision has been introduced for the first time.) (iii) Delinking requirement of medical examination for getting relief amount for non-invasive kind of offences against women like sexual harassment, gestures or acts intended to insult the modesty of women, assault or use of criminal force with intent todisrobe, voyeurism, stalking.

IRS (Customs and Central Excise ) Group ‘A’ Rules, 2016

April 22, 2016 16759 Views 0 comment Print

(1) There shall be constituted a Service known as the Indian Revenue Service (Customs and Central Excise) Group ‘A’ consisting of persons appointed to the Service under rule 5. (2) All the posts included in the Service shall be classified as Group ‘A’ posts.

CBEC: Reg. delay in preparation & filing of counter reply to court cases

April 22, 2016 1063 Views 0 comment Print

It has come to the notice of the Board that in a number of cases where O.As/WPs/SLPS were filed before the Courts/CATs against the Departments, there have been inordinate delays in filing counter replies especially in those cases where the jurisdictional CCs/DGs have not been made respondents. This has led to adverse orders and indictments from the Courts/Tribunal and imposition of fines on the department.

Excise Duty on jewellery: Govt forms sub-committee of HLC

April 22, 2016 2527 Views 0 comment Print

Imposition of Central Excise duty on jewellery Constitution of sub-committee of the High Level Committee – regarding- In continuation to the Circular No. 1021/9/2016-CX dated 21.03.2016, issued vide F. No. 354/25/2016-TRU, the composition of the Sub-Committee referred to therein would be as under:

Delay in Re-crediting Bond value at destination Air Cargo Complex

April 22, 2016 742 Views 0 comment Print

Presently, importers were facing a problem regarding the clearance of products not specified under the Legal Metrology Act, 2009 as the Customs officers were insisting presentation of registration documents from importers on products which do not fall under the purview of the Legal Metrology Act, 2009 and rules made thereunder. In this regard, Central Government […]

Maharashtra Value Added Tax (2nd Amendment) Rules, 2016

April 22, 2016 4300 Views 0 comment Print

Following amendments have been made in the Maharashtra Value Added Tax Rules, 2005 which is effective from 01 .04.2016: Rule 8 (Application for registration of dealers liable to tax) Any dealer liable to pay tax shall (including voluntary registration) submit a registration application electronically on in Form 101 along with Form 105 (to be submitted […]

MVAT- CST Act- Govt notifies Form IIIE & Form V(B)

April 22, 2016 7924 Views 0 comment Print

In exercise of the powers conferred by sub-sections (3) and (4) of section 13 of the Central Sales Tax Act, 1956 (Act No.74 of 1956), and of all other powers enabling it in this behalf; the Government of Maharashtra is hereby pleased to make the following rules further to amend the Central Sales Tax (Bombay) Rules, 1957, namely :‑

Common Mistakes by CA Final Students in Audit & Law Papers

April 22, 2016 22117 Views 0 comment Print

CA Kamal Garg Common Mistakes Committed by the CA Final Students in Audit and Law Papers Q. No.: Questions asked on FB Page[1] Wrong Answer(s) given by Students Correct Answer given by the Students Remarks 1. Mr. X, a person resident in India, was found to have holding unaccounted assets in Panama. Advise about the […]

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April 2016