"26 June 2018" Archive

Constitute Recovery Cell for cases where recovery is not made: CBEC

Circular No. 1066/5/2018- Central Excise (26/06/2018)

Commissionerates should constitute a Recovery Cell as laid down in the aforesaid Circular, and only those cases where recovery is not made by Departmental efforts and action needs to be taken for recovery by attachment and sale of property of the defaulter, as laid down In section 142 of the Customs Act. should be transferred to the Recov...

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Expense on improving the quality of existing products are revenue expenditure

CIT Vs Arvind Products Ltd. (Gujarat High Court)

CIT Vs Arvind Products Ltd. (Gujarat High Court) Assessee who was engaged in manufacturing textile products, had expended the amount in question for product development undertaken by a sister concern of the assessee on its behalf. The research work did not involve development of a new product or even a new technique or technology to [&hel...

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TDS on fees paid for marketing service rendered outside India

Onprocess Technology India Pvt. Ltd. Vs DCIT (ITAT Kolkata)

It was submitted by the assessee that the fees were paid for marketing service rendered outside India and hence, did not become chargeable to tax in India requiring tax deduction u/s. 195 of the Act....

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Section 80D Deduction for Mediclaim Insurance Premium

Section 80D: Deduction Under Section 80D for Mediclaim Insurance Premium to Individual, HUF, Senior Citizens....

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ITAT restricts addition for Bogus purchases to 5% of purchase

Shri Sanjay H Shah Vs ITO (ITAT Mumbai)

Where AO was of view that assessee had made bogus purchase on the ground that no proof of transportation and lorry receipt was filed, however, AO was not justified in making addition of 25% of purchase amount and addition was to be restricted to 5% of purchase....

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Compliance Calendar for SME & SME– ITP Listed Companies

1. Compliance Calendar for SME & SME – ITP Listed Companies under SEBI (Listing Obligations and Disclosure Requirement) (Amendment) Regulations (LODR) QUARTERLY COMPLIANCE SR.NO REGULATION REFERENCE FREQUENCY PERIOD COVERED DATE BY WHICH TO BE FILED MODE OF FILING 1. 13(3) – Statement Grievance Redressal Mechanism Quarterly Ap...

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Posted Under: Excise Duty |

Procedure for Incorporation of Section 8 Company

In India, there are following 3 legal forms exist for an NGO or Non-Profit Organizations: 1. Trusts, 2. Societies, 3. Section 8 Companies...

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Posted Under: Excise Duty |

AAR cannot decide eligibility to claim Transitional Input Tax credit

In re NSL Mining Resources India Private Limited (GST AAR Andhra Pradesh)

In re NSL Mining Resources India Private Limited (GST AAR Andhra Pradesh)  1) Whether Excise duty , CVD and SAD paid on Capital Goods purchased prior to July 1st July 2017 on which CENVAT credit has not been claimed earlier, can be claimed U/s 140(2) of the CGST Act, 2017 in the absence of registration […]...

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Transport facility by School is incidental to main object of education

Delhi Public School Ghaziabad Vs ACIT (ITAT Delhi)

Challenging the order dated 02.03.2015 in Appeal No 98/13-14/GZN/63 for the assessment year 2010-11 passed by the learned Commissioner of Income-tax (Appeals), Muzaffarnagar (for short hereinafter called as the learned CIT(A)), the assessee preferred this appeal....

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Prerequisites of a Tax Invoice For Claiming ITC

We have come across cases wherein the tax invoice on the basis of which input tax credit (ITC) is availed do not contain all the particulars as stipulated by law. As an example place of supply or SAC is not stated. Issue for the present article is whether ITC can be validly claimed on such defective invoices ?...

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Posted Under: Excise Duty |