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Archive: 05 May 2016

Posts in 05 May 2016

Benefit under Incremental Export Incentivisation Scheme

May 5, 2016 1156 Views 0 comment Print

Clarification regarding benefit under Incremental Export Incentivisation Scheme(IEIS) notified vide Notification No. 27 dated 28th December, 2012.

Computation of Book Profit for Ind AS Compliant Companies

May 5, 2016 13090 Views 1 comment Print

Central Board of Direct Taxes (CBDT) constituted MAT- Ind AS Committee to suggest framework for computation of book profit for purposes of levy of Minimum Alternate Tax (MAT) under Section 115JB of the Income-tax Act, 1961 for Indian Accounting Standards (Ind AS) compliant companies in the year of adoption and thereafter.

Corroborative evidence should be correlated to prove clandestine clearance

May 5, 2016 1831 Views 0 comment Print

it was held that in order to prove clandestine removal of excisable goods, the department should take reasonable steps and provide correlated corroborative evidence to prove that the assessee has made cladenstine removal of goods.

DVAT- Appointment of officers to assist VAT, Govt of NCT of Delhi

May 5, 2016 937 Views 0 comment Print

Governor of the National Capital Territory of Delhi is pleased to appoint the following officers, with effect from the date of assumption of charge to assist the Commissioner of Value Added Tax, Government of National Capital Territory of Delhi, in the administration of the said Act, namely:-

Department cannot reject certificate issued by competent authority

May 5, 2016 2614 Views 0 comment Print

It was held that the Department cannot reject the certificate issued by the competent authority. In case the certificate was obtained by mis-representation or not presenting full facts the only option left to the department is to approach the competent authority with all the evidences to modify/cancel the certificate issued already.

Notification No. 26/2016- Central Excise (N.T), Dated 5th May, 2016

May 5, 2016 3415 Views 0 comment Print

( j) Infrastructure Cess leviable under sub-clause (1) of clause 159 of the Finance Bill, 2016, which clause has, by virtue of the declaration made in the said Finance Bill under the Provisional Collection of Taxes Act, 1931 (16 of 1931), the force of law.

Notification No. 25/2016-Central Excise (N.T), Dated 5th May, 2016

May 5, 2016 1759 Views 0 comment Print

Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i), vide number G.S.R. 882(E), dated the 24th December, 2008, namely :-

Source of fund not relevant for proving unjust enrichment

May 5, 2016 1129 Views 0 comment Print

It was held that the unjust enrichment can’t be proved by establishing the source of funds out of which the excise duty has been paid. Further it was held that in the case of State owned Undertakings which are funded, controlled and monitored by the State Government, the doctrine of unjust enrichment will not arise.

CENVAT allowed on fabrication of capital goods – CESTAT

May 5, 2016 4267 Views 0 comment Print

It was held that CENVAT credit on various items used in the fabrication of capital goods can be availed. In the present case, the assessee provided sufficient evidence to prove the usage of different items in the installation of capital goods.

Lok Sabha Passes Finance Bill 2016

May 5, 2016 33175 Views 1 comment Print

As per the reports received by us Finance bill 2016 is passed by Lok Sabha today . Finance bill 2016 was having 128 clauses proposing amendment to Income Tax Act, 1961. Finance bill 2016 was presented in Lok Sabha by Finance Minister Arun Jaitley  on 29th February 2016. Bill passed by Lok Sabha has 47 […]

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