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Archive: 16 August 2017

Posts in 16 August 2017

Government fixes ceiling prices of Knee Implants (Upto 69% Price Reduction)

August 16, 2017 885 Views 0 comment Print

Government fixes ceiling prices of Knee Implants; People of India to save Rs.1500 crore per annum It is a step to prevent Unethical Profiteering and ensure Affordable and Quality Healthcare for the Last Man: Shri Ananthkumar Overcharging of Knee Implants would be strictly monitored and penalized “Walking the talk of Prime Minister, Shri Narendra Modi’s […]

Reg. IGST exemption to temporary import of goods

August 16, 2017 3282 Views 0 comment Print

Seeks to supersede Notification No. 27/2002- Customs dated 1st March, 2002 and to provide exemption to temporary import of goods from Customs duty leviable under First Schedule to the Customs Tariff Act, 1975 and from the whole of the integrated tax leviable under sub-section (7) of section 3 of the Customs Tariff Act, 1975 subject […]

India @70 reflects shades of ever changing economic reality

August 16, 2017 546 Views 0 comment Print

India @70 has moved with the world, evolving into a strong nation that has traversed different economic ideologies with some of the policies even turning upside down in the last seven decades.

Planning Commission to NITI Aayog Making strategies for transforming India

August 16, 2017 900 Views 1 comment Print

The NITI Aayog, established in 2015, is one of Indian democracy’s youngest institutions. It has been entrusted with the mandate of re-imagining the development agenda by dismantling old-style central planning.

Clarification on submitting Bank certificate evidencing receipt of payment in freely convertible currency

August 16, 2017 1149 Views 0 comment Print

Clarification on requirement of submitting Bank certificate evidencing receipt of payment in freely convertible currency under Notification No. 45/2001-CE (NT) dated 26.06.2001 for export to Bhutan for specified Hydroelectric Projects- req.

Order No. 137/2017 Promotion & posting of officers to Principal CIT grade

August 16, 2017 2310 Views 0 comment Print

ORDER NO, 137 OF 2017 Consequent upon the approval of ACC the following officers are, hereby, promoted to the grade of Principal Commissioner Of Income Tax (level 15 in the pay matrix Rs 1 82,200 – 2,24,100) w e f the date of assumption of charge of the post or until further orders –

Guidelines for provisional release of seized imported goods pending adjudication U/s. 110A of Customs Act, 1962

August 16, 2017 30648 Views 1 comment Print

While provisional release of seized imported goods under Section 110A of the Customs Act, 1962 may normally be considered by the competent adjudicating authority upon a request made by the owner of the seized goods, provisional release shall not be allowed in the following cases —

CBEC amends Notification No. 45/2001-CE (NT) dated 26 June, 2001

August 16, 2017 2064 Views 0 comment Print

In paragraph 2 under heading, Procedure, against S.N. (3), in item (i) after the words, alongwith bank certificate evidencing receipt of payment in freely convertible currency, the words, in case of Bhutan, it is in Indian Rupees, shall be inserted.

Adjudicating Authority only can decide on Benami nature of property

August 16, 2017 534 Views 0 comment Print

Kailash Assudani Vs CIT (Madhya Pradesh High Court) High Court held that It is the Adjudicating Authority who is to decide the question of Benami nature of the property. The proceedings under Section 24 of the Act contemplates the issuance of show cause notice as to why the property specified in the notice should not […]

Penalty proceedings liable to be quashed for Inconsistency in recording of satisfaction and levy of penalty

August 16, 2017 1467 Views 0 comment Print

Where specific charge for the levy of penalty was not mentioned in the notice issued under section 274 read with section 271(1)(c) and there was vagueness in the recording of satisfaction, the penalty proceedings were liable to be quashed.

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