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Archive: 03 May 2017

Posts in 03 May 2017

ITBA- Conversion of Case from Limited to Complete Scrutiny – Reg.

May 3, 2017 2904 Views 0 comment Print

The following processes forming a part of the Assessment module are now available to the users in ITBA: (A) Reference to Valuation Officer and (B) Conversion of Case from Limited to Complete Scrutiny.

Anti-dumping duty on Viscose Filament Yarn import from China

May 3, 2017 1509 Views 0 comment Print

Seeks to extend the levy of anti-dumping duty, imposed on Viscose Filament Yarn originating in or exported from China PR under notification No. 23/2012-Customs (ADD), dated 04.05.2012, for a further period of one year i.e. upto and inclusive of 03.05.2018.

Master Circular on IRDAI (Investment) Regulations, 2016

May 3, 2017 11076 Views 0 comment Print

The Authority, to enforce IRDAI (Investment) Regulations, had issued various Circulars and Guidelines at different times. This Master Circular covers all Circulars, Guidelines which are effective to date, to serve as one stand point reference. While due care had been taken to prepare this Master Circular, users may point out inconsistencies, through Life Insurance Council or General Insurance Council, which will be addressed in subsequent versions

IRDA: Conditions to adopt existing health insurance products

May 3, 2017 978 Views 0 comment Print

Offering Existing Health Insurance Products that are in Compliance with IRDAI (Insurance Services by Common Service Centers) Regulations, 2015 as CSC Insurance Products, for distribution through Common Service Centers JCSC)

IRDA clarifies on Classification of General Insurance Products as Retail or Commercial

May 3, 2017 5718 Views 0 comment Print

General insurance products that are classified as both Retail and Commercial need to be distinguished from one another with a suitable name change or pre fix or suffix as the case may be and need to have a separate Unique Identification Number (UIN). All the insurers, therefore, shall resubmit the list of existing products being sold both as Retail and Commercial on or before 1St October, 2017. The required UIN for the product will be allotted by the Authority through BAP.

Mobilization advances cannot be treated as Loans & Advances and not subject to TP

May 3, 2017 18657 Views 0 comment Print

ITAT Hyderabad has held in the case of DCIT Vs. M/s. Lanco Infratech Limited held that Mobilisation/ trade advance has been wrongly treated as trade receivable. It is not to be subjected to TP. It cannot be re-characterised as receivables. Moreover, advances given as part of contract work does not require any special addition, when […]

No Service Tax on Service provided by Club to its Members

May 3, 2017 5412 Views 1 comment Print

There are no operative legislative provisions of the Act legitimising the levy and collection of service tax from the appellants, for providing Club or association service, in so far as these relate to any services provided to members of these appellants.

A Bank Should Be Something One Can “Bank” Upon

May 3, 2017 2454 Views 1 comment Print

I wish to try and simplify the mechanics of how a bank works, why we put our savings into banks, what does a bank do with our savings, when should we question which bank are we banking with, and why when such questions are asked en masse, is there a banking crisis and economic growth comes to a screeching halt.

Politician Mother disowns 3rd Child to avoid disqualification

May 3, 2017 1749 Views 0 comment Print

The appellant had approached this Court, aggrieved by the proceedings initiated against her for disqualification on the ground of having three children, the third child having born after the cut-off date.

No Penalty if Quantum Appeal been decided in favour of Assessee

May 3, 2017 3552 Views 0 comment Print

Since the very basis for levy and upholding of penalty under section 271C of the Act by the authorities below for assessment years 2000- 01 and 2002-03 to 2004- 05 does not survive, the orders levying/upholding the aforesaid penalty are not sustainable.

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