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In view of the above observations, the view taken by the First Appellate Authority, that deposit under Section 35F (i) cannot be made from CENVAT Credit Account, is not the correct appreciation of law so long as the CENVAT Credit is permissible for utilisation as per Rule 3(4) of the CENVAT Credit Rules, 2004. Accordingly, appeal filed by the appellant is allowed by way of remand to the ld.Commissioner(Appeals) to decide the appeal on merits without insisting on any further pre-deposit. All issues are kept open. Appellant be granted adequate opportunity of hearing to present their case. Both sides are at liberty to produce evidences in their favour.
HC held that that it was inappropriate and illegal on the part of Director General, Income Tax (Exemptions) not to take a decision on Assessee’s application filed for seeking approval as required under Section 80IB(7)(c).
Hc held that opinion that such a huge tax evasion cannot be so lightly permitted on account of any hyper-technicality. The concept of lift or piercing of corporate veil, as sometimes referred to as cracking the corporate shell, is applied by the Courts sparingly
CBEC Partner Connectivity Protocol – Solution for CBEC field formations managed by Custodians (under the HCCAR, 2009) requiring IT infrastructure and connectivity with CBEC Data Centre
The financial sector in India is currently experiencing a golden age, and its biggest driver is the effort to move toward a less-cash economy. With reports suggesting that around 95% of all the transactions in the country were made using cash until very recently, it is a well-known fact that the life blood of the Indian economy has been cash.
In 1959, Arthur Bonner wrote a telling piece Indias masses: The Public Cant be reached. Chronicling challenges of public governance in a newly independent country, Bonner highlighted lack of effective communication as a serious barrierfor developing nationhood and a common purpose.
Prime Minister Narendra Modi is beginning to be described as the most powerful head of government India has had since the heyday of Indira Gandhi. Even senior opposition leaders are now acknowledging this, with one of the senior most from the Congress party recently describing him as the most dominant political leader.
What kind of great power will India be? Is greatness an index of raw power – economic, military and political — or is it variable of a countrys ability to punch above its weight? While tipping one’s hat to the already robust debate in New Delhi’s strategic community about India’s future as a leading power,
In a slow-growth global economy, India has seized the growth baton and emerged as a key driver of global growth. In the next decade, in terms of incremental PPP GDP growth, India’s contribution could equal about 60% of China’s and 180% of the US’ contribution.
India is one of the mega diversity countries in the world with different types of forests. Officially 20 per cent of geographical area in the country is under forest cover. The National Forest Policy (1988) aims to increase the forest cover to one third.
