"27 February 2017" Archive

Section 68: Identity and credit worthiness of creditors not establishes with mere Submission of Name and address not sufficient

M/s. Malnad Finance Corporation (R) Vs Asst. Commissioner of Income Tax (ITAT Bangalore)

In the present case, the assessee has failed to carry out his obligations and hence, the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness after receiving the names and addresses of the creditors. ...

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Deduction U/s. 80IB cannot be denied for low electricity Consumption when majority of work is Manual

ITO Vs M/s.Padmavati Arts (ITAT Ahmedabad)

First ground of the assessee for claiming the deduction under section 80IB was that it had started production in Asstt.Year 2004-05. Asstt.Year 2006-07 is the third year. Deduction under section 80IB was granted in Asstt.Year 2005-06 in a scrutiny assessment. ...

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Credit not to be reversed when inputs shown as scrap at lesser value and not written off

Whether reversal of Cenvat credit is required on the inputs which are shown as scrap & value of such inputs was shown at lesser value and not written off in the books of account?...

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Posted Under: Income Tax |

No SSI Exemption on manufacturing own Goods with 3rd Party Brand

M/s Hindustan Machines Vs CCE (CESTAT Delhi)

In as much as the brand name owner M/s Hindustan Machines has been held to be entitled to the benefit of Notification, the other units using the said brand name would become entitled to the benefit of SSI exemption Notification as they are not hit by para 7 of the Notification....

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Goods used in Rail cleaning does not amount to transfer to Railways

VPSSR Facilities Vs Commissioner of Value Added and ANR. (Delhi High Court)

The petitioner (Contractor) impugns the order dated 30.06.20 14 passed by the Commissioner Valued Added Tax holding that the chemicals/Solvents used in the process of cleaning, amounted to sale of goods and the moment the chemicals were poured on the property of the Contractee, even though used for the purposes of cleaning, amounted to de...

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Aadhaar number mandatory for Stipend to Persons with Disabilities

Notification No. S.O. 640(E) (27/02/2017)

Aadhaar number mandatory for Stipend to Persons with Disabilities defined under the Right of Person With Disabilities (RPwD) Act, 2016 under the Scheme of National Career Services Centres for Differently Abled (Erstwhile Vocational Rehabilitation Centre for Handicapped)...

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Aadhaar number mandatory for Stipend to SC / ST Trainees

Notification No. S.O. 639(E) (27/02/2017)

Aadhaar number mandatory for Scheme of Stipend to Trainees under the Scheme of Welfare for the Scheduled Castes and the Scheduled Tribes Job-seekers through Coaching, Guidance and Vocational Training implemented by the National Career Services Centres for the Scheduled Castes and the Scheduled Tribes (Erstwhile Coaching cum Guidance Centr...

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Aadhaar number mandatory for Scheme of National Career Services

Notification No. S.O. 638(E) (27/02/2017)

S.O. 638(E).—Whereas, the use of Aadhaar as identity document for delivery of services or benefits or subsidies simplifies the Government delivery processes, brings in transparency and efficiency, and enables beneficiaries to get their entitlements directly in a convenient and seamless manner and Aadhaar obviates the need for producing ...

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Rajeev Kher to discharge functions of Chairperson CAT

Notification No. S.O. 686(E) (27/02/2017)

Central Government hereby authorised Shri Rajeev Kher, the senior-most Member in the Competition Appellate Tribunal , to discharge functions of Chairperson in Tribunal for a period of six months with effect from the 12th day of December, 2016 or until further orders, whichever is earlier....

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SEBI (Settlement of Administrative and Civil Proceedings)(Amendment) Regulation, 2017

Notification No. SEBI/LAD/NRO/GN/2016-17/036 (27/02/2017)

Settlement Notice: Except in cases which are excluded from settlement, a settlement notice indicating the substance of the charges and probable actions may be issued in advance of the notice to show cause so as to afford an opportunity to file a settlement application, within fifteen calendar days from receipt of the settlement notice....

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