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Archive: 22 October 2018

Posts in 22 October 2018

Penalty u/s 272A(1)(c) can be levied for non-compliance of Section 131(IA)

October 22, 2018 8289 Views 0 comment Print

Young Indian Vs ADIT (ITAT Delhi) It is the submission of the ld. counsel for the assessee that the provisions of section 131(1) and provisions of section 131(1A) are different and since the provisions of section 272A(1)(c) prescribe levy of penalty for non-compliance to provisions of section 131(1) only and since there is no provision […]

No Service Tax on Restoration & Painting of Cylinders as ‘Maintenance and Repair Service’

October 22, 2018 1149 Views 0 comment Print

M/s. R.K. Cylinders Vs Commissioner Of Central Tax (CESTAT Bangalore) Going by the activity undertaken by the appellants as per the tender agreement, it is seen that he is not covered under (i) as above. Moreover, he is not a manufacturer of cylinders or he is not any person authorized by a manufacturer. It is […]

How to avoid a loan rejection despite low credit score

October 22, 2018 1095 Views 0 comment Print

What is a credit score? What is the importance of it? How is it determined? For knowing the use of anything, these questions are a must ask! A credit score is the three digit number valuing from 300 – 900 where 300 is considered as the lowest score and 900 is considered as highest.

S. 10B STPI Commissioner approval should be construed as Board approval

October 22, 2018 1908 Views 0 comment Print

As per section 10B for an undertaking to be eligible as 100% Export Oriented Undertaking, it should fulfill the following conditions: i) The undertaking must have approved by the Development Commissioner ii) The approval so granted by the Development Commissioner should be subsequently ratified by the Board of Approval for Export Oriented Unit (EOU) Scheme.

Highly technical equipment cannot be differentiated into smaller parts

October 22, 2018 654 Views 1 comment Print

Hindustan Aeronaurics Ltd Vs Commissioner of Customs (CESTAT Bangalore) It is evident by the submissions of the appellant that the impugned part is not only a mere sting or wire or rope but is part of A90B100 which consists of other units. It was not correct on the part of the department to isolate a minor part […]

Release detained goods on furnishing of security other than bank guarantee or cash: P&H HC

October 22, 2018 906 Views 0 comment Print

M/s. Modern Insecticides Limited Vs State Of Punjab And Others (Punjab and Haryana High Court) Section 129(1)(c) of the Act provides that goods can be released on furnishing of security as prescribed. Section 129(2) of the Act provides for application of Section 67(6) of the Act, which in turn has been referred to in Rule […]

Appeal filed with ITAT signed / verified by ex-director of company not valid

October 22, 2018 2781 Views 0 comment Print

UB Ostan (India) Private Limited Vs ITO (ITAT Mumbai) It is clearly evident that an appeal u/s 253 to the Tribunal is required to be filed in prescribed Form No. 36 and the same is to be signed by the persons specified in Sub-rule (2) of Rule 45. As per Sub-rule (2) of Rule 45, […]

PMS Fees deductible from Capital Gain

October 22, 2018 23721 Views 1 comment Print

Joy Beauty Care (P) Ltd. Vs DCIT (ITAT Kolkata) Ld. CIT(A) had accepted that the gains on sale of shares through Portfolio Management Services (PMS) providers to be taxed under the head capital gains. Against these findings of the Ld. CIT(A), the revenue has not preferred the appeal before us as per the material available […]

Addition for Bogus capital Gain cannot be made merely based on Statement of Assessee

October 22, 2018 939 Views 0 comment Print

CIT Vs Pooja Agarwal (Rajasthan High Court) One of the main reasons for not accepting the genuineness of the transactions declared by the appellant that at the time of survey the appellant in his statement denied having made any transactions in shares. However, subsequently the facts came on record that the appellant had transacted not […]

Total Expense Ratio & Performance Disclosure for Mutual Funds

October 22, 2018 1770 Views 0 comment Print

A. Transparency in TER- In order to bring transparency in expenses, reduce portfolio churning and misselling in mutual fund (MF) schemes, the following shall be adhered to:

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October 2018