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"25 September 2018" Archive

HC explains ‘application of income’ vs. ‘diversion of income by overriding title’

PCIT Vs M/s. Chamundi Winery and Distillery (Karnataka High Court)

PCIT Vs M/s. Chamundi Winery and Distillery (Karnataka High Court)  It is clear that the Courts and the Tax Authorities can look into the real purpose of the commercial arrangements and transactions to reach the truth and the transactions having the sole purpose of tax avoidance may be held to be having no effect on […]...

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Service Tax not payable on Agency Commission Paid by RBI to Banks

Canara Bank Vs Commissioner of Central Excise & Service Tax (LTU) (CESTAT Bangalore)

Canara Bank Vs Commissioner of Central Excise & Service Tax (LTU) (CESTAT Bangalore) FULL TEXT OF THE CESTAT JUDGMENT M/s. Canara Bank, the appellant, is a banking company and a body corporate, conducting their operations in India. It was alleged by the Department that the appellants were acting as the agents for the Reserve Bank [&he...

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Negligence in filing Form-32 by CS constitutes Misconduct: AA

Sital Prasad Swain Vs Disciplinary Committee (Authority For Advance Ruling)

Sital Prasad Swain Vs Disciplinary Committee (Appellate Authority) It is pained to note that none of the parties filed the original minute books or the resolution passed which are the subject matter relevant to the filing of two forms i.e. Form-32 filed for the appointment of Shri Bishender Singh as an Additional / Promoter Director [&hel...

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CESTAT condones delay of 23 Days subject to payment of cost to Kerala CM Relief Fund

M/s Parvatiya Plywood Pvt. Ltd. Vs. CGST, CC & CE, Dehradun (CESTAT Delhi)

We find that delay is explained to some part. However, in the interest of justice, we condone the delay subject to payment of cost of Rs. 5000/- payable in ‘Kerala Chief Minister Relief Fund’ on or before 1st November, 2018...

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Section 54 Exemption allowed on House Property acquired Outside India for A.Y. 2014-15 and for earlier A.Ys.

Income Tax officer Vs Arshia Basith (ITAT Bangalore)

ITO Vs Arshia Basith (ITAT Bangalore) we find that the assessment year in this appeal is 2014-15 and the provision in section 54F comes w.e.f. 01.04.2015 according to which it was clarified that the residential house is to be acquired only in India meaning thereby before this amendment it was not clear as to whether […]...

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No 100% deduction on ‘substantial expansion’ for remaining 5 A.Ys U/s. 80IC in HP

Commissioner of income tax Vs M/s. Classic binding industries (Supreme Court of India)

CIT Vs Classic Binding Industries (Supreme Court)  In the instant case, we are concerned with the assessees who had established their undertakings in the State of Himachal Pradesh. Sub-section (3), as noted above, mentions the period of 10 years commencing with the initial Assessment Year. Sub-section (6) puts a cap of 10 years, which is...

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Companies (Registered Valuers and Valuation) Third Amendment Rules, 2018

F .No.1 /27/20-CL-V-(Part) 25/09/2018

1. (1) These rules may be called the Companies (Registered Valuers and Valuation) Third Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette....

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DGFT allows export of remnant of chemicals by OPCE officials after testing

Notification No. 34/2015-2020-DGFT [S.O. 4975(E)] 25/09/2018

Note below Category 1A in Appendix 3 (SCOMET items) to Schedule - 2 of ITC (HS) Classification of Export and Import Items, 2018 has been included to allow export of remnant of chemicals falling under Category 1A by the officials of the OPCW after testing / analysis....

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Notification No. 49/2018-Customs (ADD) Dated: 25.09.2018

Notification No. 49/2018-Customs (ADD) [G.S.R. 924 (E)] 25/09/2018

CBIC Seeks to amend Notification No. 12/2017-Customs (ADD) dated 11th April, 2017 vide Notification No. 49/2018-Customs (ADD) Dated: 25.09.2018...

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Notification No. 48/2018-Customs (ADD) Dated: 25.09.2018

Notification No. 48/2018-Customs (ADD) [G.S.R. 923 (E)] 25/09/2018

CBIC Seeks to amend Notification No. 28/2018-Customs (ADD) dated 25th May, 2018 vide Notification No. 48/2018-Customs (ADD) Dated: 25.09.2018...

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