Department was not justified in cancelling the certificate of entitlement of assessee-company and denying refund of tax paid on purchase of raw material and intermediate products as since the date when the actual production started, assessee did not have the eligibility certificate, they continued to discharge tax liability as a normal dealer and claimed input tax credit by adjusting the same against output tax liability and on account of retrospective grant of eligibility certificate, assessee became liable for full amount of output tax liability, therefore, the department was directed to work out the amount of refund that assessee would be entitled to and adjust the same towards outstanding dues.
Assets received by the retiring partners of a firm through family arrangement did not amount to ‘transfer’ for the purpose of imposing capital gain, and therefore, the reconstitution of firm would not attract Section 45(4).
We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are aware the Ind AS recommended by the ICAI, are prescribed by the Central Government, under Section 133 of the Companies […]
Sonka Publication (India) Pvt. Ltd. Vs Union of India & Ors. (Delhi High Court) In this case, a question to be asked is whether the books in question merely help the child in improving the child‘s handwriting by providing space in a book by copying from a written text or does it pose questions to […]
Notification No. 15/2019-Customs- Seeks to further amend notification No. 50/2017-customs dated 30th June 2017 to postpone the implementation of increased customs duty on specified imports originating in USA from 16th May, 2019 to 16th June, 2019. MINISTRY OF FINANCE (Department of Revenue) Notification No. 15/2019-Customs New Delhi, the 14th May, 2019 G.S.R. 361(E).—In exercise of […]
Procedure for claiming MEIS benefits for exports realized under Para 2.52 (b) of the FTP and for exports in which e-BRC is not generated by banks has been notified. Government of India Ministry of Commerce & Industry Department of Commerce Udyog Bhawan, New Delhi Public Notice No. 8/2015-20-DGFT Dated the 14th may, 2019 Subject: Amendment in […]
As it has been observed that applications could not be filed by the STEs till 30.4.2019 and since the STEs have requested to extend the time limit to submit the applications; the last date for filing applications for import of feed-grade Maize (corn) under the TRQ scheme at 15% Customs duty meant only for poultry firms on actual user basis, by the STEs is hereby extended till 31st May 2019.
Practical Difficulties – MCA Updates (DPT-3, MSME-1, DIR-3 KYC, Demat of Public Company) FAQ’S – DPT-3- One Time 1. Which information are required to filed according to Rule 16A in e-form DPT-3:- As per New Rule 16A, Every Company has to file e-form DPT-3 with ROC containing following Information: √ Every Outstanding Loan (Not Considered […]
Creation/ modification of charge are one of crucial activity for Loan from Bank/ financial institutions etc. When Companies Act, 2013 introduced at that time Charge satisfaction form required to be submitted with ROC within 30 days of satisfaction otherwise Company have to file application of compounding with Regional Director. However, by Companies Amendment Act, 2017 […]
It is noticed that the Assessing Officers of Groups are, sometimes, giving examination order to verify compliance of RE-44/2000, which may entail opening of the packages and examination. Thus, the very purpose of facilitation for examination by RMS, gets defeated in case of such consignments. It is, therefore, instructed that the Assessing Officers should strictly refrain from giving such examination order which results into opening and examination of the import consignments.
