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Archive: 26 April 2018

Posts in 26 April 2018

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1119 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7671 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

No Penalty on CHA for Unknowingly attempting to clear prohibited goods

April 26, 2018 2235 Views 0 comment Print

These appeals are directed against Order-in-original passed by the Commissioner of Customs, New Custom House, whereby Ld. Commissioner imposed penalty of Rs. 2 lacs under Section 114(i) of Customs Act, 1962 on CHA, M/s. Daroowala Brothers and Company and also imposed penalty of Rs. 1.5 lacs on Shri. Pervez Irani.

Assessment U/s. 153A: No incriminating material found, no addition can be made

April 26, 2018 1866 Views 0 comment Print

As there was no incriminating material found during search, no addition could be made because on the date of search no regular assessment was pending.

Excise duty not payable on fatty acid / soap stock generated as bye-product during manufacture of refined palm oil

April 26, 2018 534 Views 0 comment Print

Brief facts are that the appellants are manufacturers of Refined Palm Oil and are registered with the Central Excise Department. Show cause notice was issued alleging that they have cleared fatty acid or soap stock without payment of duty.

Life insurance and tax benefits

April 26, 2018 2739 Views 1 comment Print

Your life is your ultimate investment and the well-being of your family is your principal asset. And when you invest in Max life insurance policies you ensure an economically secured future for your beloved ones. There is a common perception that the premium which is paid towards the life insurance policies is completely free of […]

Charitable trust- Set-off of loss of earlier years against current year income is application of Income

April 26, 2018 4299 Views 0 comment Print

Excess expenditure in earlier years can be adjusted against income of subsequent years and such adjustment would be application of income for subsequent years and therefore, AO was directed to allow the claim of assessee.

Tribunal cannot modify Limitation laid down in Statute or Notification for Claiming Refund

April 26, 2018 1596 Views 0 comment Print

The appellant is registered with Service Tax Department for rendering Business Auxiliary Services. They filed a refund claim of service tax paid on various services provided by their service providers for export of Indian milling wheat during the months of October, 2012 to December, 2012 in terms of Notification No. 41/2012- ST dated 29.6.2012. Service tax is governed by Chapter V of the Finance Act, 1994, as amended.

E Proceeding- centralised issuance of notice

April 26, 2018 2841 Views 0 comment Print

In furtherance of introducing e – proceedings by The Finance Act, 2018 by the government, CBDT by way of notification (Notification No. 12/2018-Income Tax) makes centralized issue of notice u/s 133C electronically & replies to it also to be filed in e form. The Centralised Communication Centre shall issue notice to any person requiring him […]

Can allotment letter date be taken as date of acquisition?

April 26, 2018 15258 Views 6 comments Print

Generally, the flat buyers purchase the flats under a letter of allotment and subsequently enter into an agreement for sale after some time. Sometimes the time difference between the letter of allotment and date of agreement is more than one year or it may be in two different financial years. When such flat is sold the issue arises is what should be the date of acquistion i.e. the date of letter of allotment or date of agreement?

Insolvency in NCLT- Defects, Listing & Admission of an Application

April 26, 2018 7488 Views 0 comment Print

There can be 3 stages of an application under IBC before NCLT i.e defect, listing and admission under IBC

Draft Indian Valuation Standard 201: Scope of Work, Analyses and Evaluation

April 26, 2018 3900 Views 0 comment Print

This Standard prescribes the basis for: (a) determining and documenting the scope/terms of a valuation engagement, responsibilities of the valuer and the client; (b) the extent of analyses and evaluations to be carried out by the valuer; and (c) responsibilities of the valuer while relying on the work of other experts.

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