"31 October 2019" Archive

SAD refund – Generic description of imported goods in sale invoices when correct

PP Products Ltd. Vs Commissioner of Customs (Madras High Court)

Observing that the adjudicating authority had not come to the conclusion that the product sold was entirely different and there was nothing on record to disbelief the Chartered Accountant’s certificate stating that both the products were one and the same, Madras High Court has allowed the appeal against the CESTAT Order denying SAD refu...

Read More

Catalyst consumed in final product cannot be extended exemption available to goods for setting up, running, repair or maintenance of plant

Nayara Energy Ltd. Vs C.C. Kandla (CESTAT Ahmedabad)

Nayara Energy Ltd. Vs C.C. Kandla (CESTAT Ahmedabad) CESTAT Ahmedabad has had held that the catalyst ‘Petromax- MD’, consumed in the final product and not required for setting up of the plant or required for running, repair and maintenance of the plant, was not eligible for the benefit of exemption which provided that the good...

Read More

Tariff Notification No. 79/2019-Customs (N.T.) Dated: 31.10.2019

Notification No. 79/2019-Customs (N.T.) (31/10/2019)

Tariff Notification No. 79/2019-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Poppy Seeds, Areca Nut, Gold and Silver- Reg Government of India Ministry of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) Notification No. 79/2019-CUSTOMS (N.T.) New Delhi, 31st October, 2019 ...

Read More

Extension in date of Sea Cargo Manifest and Transhipment Regulations, 2018

Notification No. 78/2019-Customs (N.T.) [G.S.R. 819(E).] (31/10/2019)

In the Sea Cargo Manifest and Transhipment Regulations, 2018, in regulation 15, in sub-regulation (2), for the figures, letters and word 1st November, 2019, the figures, letters and word 16th February, 2020 shall be substituted...

Read More

Import, trading & re-export of rough diamonds by notified entities

Circular No. 36/2019-Customs (31/10/2019)

Representations have been received from the Gems and Jewellery Export Promotion Council for setting up a Special Notified Zone at Surat in lines with the Special Notified Zone at Bharat Diamond Bourse, Mumbai permitted vide Circular No. 17/2015 dated 26.05.2015. It has been submitted that Surat is the hub for diamond cutting and polishing...

Read More

Exposure Draft of IRDAI (Insurance Surveyors and Loss assessors) (Amendment) Regulations 2019

Ref. No: IRDAI/SURV/Regl-1/18-19 (31/10/2019)

Exposure Draft of IRDAI (Insurance Surveyors and Loss assessors) (Amendment) Regulations 2019 is prepared for carrying out amendment of the existing Insurance Regulatory and Development Authority of India (Insurance Surveyors and Loss Assessors) Regulations, 2015 in the following indicative areas:...

Read More

Eligibility Criteria for availing of DPD Scheme by Importers– reg

Public Notice No. 93/2019-JNCH (31/10/2019)

To avail DPD facility, importers shall furnish an additional information in the Annexure-A (copy enclosed), wherein they shall mention one time default stacking code for their future import Consignments i.e. whether DPD-DPD or DPD-CFS, and if DPD-CFS, preferred CFS Name & Code....

Read More

Disclosure of divergence in Asset Classification and NPA Provisioning

Circular No. CIR/CFD/CMD1/120/2019 (31/10/2019)

In consultation with RBI, it has been decided that the listed banks shall make disclosures of divergences and provisioning beyond specified threshold, as mentioned in aforesaid RBI notifications, as soon as reasonably possible and not later than 24 hours upon receipt of the Reserve Bank’s Final Risk Assessment Report (‘RAR’), rather...

Read More

TRO can order personal summons & Assessee can appear with consultant

Maulikkumar Vinodkumar Patel Vs TRO (Gujarat High Court)

Maulikkumar Vinodkumar Patel Vs TRO (Gujarat High Court) In this case it was held that TRO has powers to order personal summons, Penadancy of recovery proceedings before TRO entitles invoking of  Section 131, Requirement of Rule 83 of Schedule II and S. 131 requiring attendance of witness gets fulfilled when assesse appears before TRO. A...

Read More

Valuation – Substantial mark-up in supply of imported goods to customers when not indicates under-valuation of imports

M/s. Voith Turbo Pvt. Ltd. Vs Commissioner of Customs (Imports) (CESTAT Mumbai)

M/s. Voith Turbo Pvt. Ltd. Vs Commissioner of Customs (CESTAT Mumbai) CESTAT Explains when Substantial mark-up in supply of imported goods to customers when not indicates undervaluation of imports Considering the nature of business of the appellant/importer and that the overheads involved in the business activity were bound to influence t...

Read More

Office Order No. 230/2019: Additional Charge in Pr. CCIT/CCsIT grade

Office Order No. 230/2019 (31/10/2019)

F.No. A-22011/2/2019-Ad.VI Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) North Block, New Delhi The 31st October, 2019 OFFICE ORDER NO. 230 OF 2019 The following officers in the grade of Pr. CCIT / CCsIT are, hereby, ordered to hold the charge(s) as indicated against their names, in addition...

Read More

President allows to withdraw funds from Consolidated Fund of UT of J&K to meet expenditure

Notification No. S.O. 3938(E) (31/10/2019)

Consequent upon the Proclamation issued on this, the 31st October, 2019, by me under section 73 of the Jammu and Kashmir Reorganisation Act, 2019 read with articles 239 and 239A of the Constitution and in pursuance of section 74 of the Jammu and Kashmir Reorganisation Act, 2019 and of all other powers enabling me in that behalf, I hereby ...

Read More

Govt invokes section 73 of Jammu and Kashmir Reorganization Act, 2019

Notification No. G.S.R. 817(E) (31/10/2019)

Constitution of India is not applicable to the Union territories and the provision in case of failure of constitutional machinery in case of Union territory of Jammu and Kashmir is governed by section 73 of the Jammu and Kashmir Reorganization Act, 2019...

Read More

Appeal against CESTAT Order on violation of exemption condition lies before HC

Commissioner of Customs Vs M/S Motorola India Ltd. (Supreme Court of India)

Commissioner of Customs Vs M/s. Motorola India Ltd. (Supreme Court) 3-Judge Bench of the Supreme Court has held that an appeal against the CESTAT Order, involving violation of conditions of Customs exemption notification, would lie before the High Court and not the Supreme Court. Remanding the matters back to the High Court, the Apex Cour...

Read More

No concession GST Rate benefit on Business purpose work of Government Entities

In re GVS Projects Private Limited (GST AAR Andhra Pradesh)

In re GVS Projects Private Limited (GST AAR Andhra Pradesh) 1. Whether APSPDCL & APEPDCL is a Government authority/ Government Entity or not? The Applicant Contractees i.e. APSPDCL and AEPDCL are Government Companies i.e. wholly owned by the Government of Andhra Pradesh. When a copy of Audited Annual Accounts of M/s APSPDCL and APEPDC...

Read More

Status of several measures announced by FM to boost Economy

The Finance Minister, Smt. Nirmala Sitharaman had announced several short and long-term measures to boost economy on 23.08. 2019, 30.8.2019 and 14.09.2019. Out of these a total number of thirty-two measures were announced on 23.08.2019 to boost the economy. Out of these, thirteen (13) announcements have been fulfilled....

Read More
Posted Under: Custom Duty |

TAR/ ITR Due date extended for J&K & Ladakh to 30th Nov 2019

F.No. 225/306/2019-ITA-II (31/10/2019)

Extension of due date for filing of Income-tax Returns (ITR)/Tax Audit Reports (TAR) to 30th November, 2019 in respect of Union Territory of Jammu and Kashmir and Union Territory of Ladakh F.No. 225/306/2019-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes North Block, ITA-II Division New ...

Read More

CBIC notifies jurisdiction of Jammu Commissionerate over UT of J&K & Ladakh

Notification No. 51/2019–Central Tax [G.S.R. 820(E).] (31/10/2019)

Seeks to amend notification no. 2/2017- Central Tax in order to notify jurisdiction of Jammu Commissionerate over UT of J&K and UT of Ladakh vide Notification No. 51/2019–Central Tax dated: 31st October, 2019....

Read More

Govt extends EPF act provisions to establishments of J&K

Notification No. S.O. 3962(E) (31/10/2019)

Central Government hereby extends provisions of Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 to apply to the establishments, employing ten or more persons and covered under the provisions of the erstwhile the Jammu and Kashmir Employees’ Provident Funds and Miscellaneous Provisions Act, 1961. MINISTRY OF LABOUR AN...

Read More

DGFT amends Conditions for refund of deemed export drawback

Notification No. 28/2015-2020-DGFT [S.O. 3963(E)] (31/10/2019)

Refund of drawback on the inputs used in manufacture and supply under the said category can be claimed on 'All Industry Rate' of Duty Drawback Schedule notified by Department of Revenue from time to time provided no CENVAT credit has been availed by supplier of goods on excisable inputs or on 'Brand  Rate Basis' upon submission of docume...

Read More

Refund of drawback of Duty paid on inputs also allowed on All Industry Rate

Public Notice No. 40/2015-2020-DGFT (31/10/2019)

Rate of Drawback- Normally, drawback may be allowed as per All Industry Rate fixed by DoR in the Drawback Schedule where no CENVAT credit has been availed by supplier of goods. However, an application in ANF- 7A, along with documents prescribed in ANF-7A & Appendix-7E, may be made to RA or DC concerned, as the case may be, for fixation of...

Read More

Inconsistency between Section 44AB and Form 3CD Audit Report Utility

This article wishes to bring to the notice of the concerned authorities a major inconsistency that exist between the provisions of section 44 AB and the Audit Report Utility available in the Income Tax E filing website....

Read More
Posted Under: Custom Duty |

Salient features of new GST returns & Form GST ANX-1 & GST ANX-2

Circular No. 27/2019-2020 (31/10/2019)

To simplify the process and procedure of filing Of return across various categories of taxpayers, the GST Council in its 31st meeting has decided that a New Return System under GST would be introduced for taxpayers. The important salient features of new returns are as under:...

Read More

LUT Facility extension for MSME and Small scale units who supply to primary suppliers supplying to Exporters or SEZ Units

In the erstwhile Central Excise and Service Tax regime the benefit of claiming export exemption was also available down the line to MSME and small scale suppliers of goods and services who supply goods and/or services to the primary suppliers supplying to exporters and sez’s....

Read More
Posted Under: Custom Duty |

New GST Rules regarding 20% Formula for Input Credit – Is History repeating itself?

CBIC issued notification no 49/2019 dated 09-10-2019, amending the rules for claiming Input Tax Credit wherein the government has capped the ITC that a registered person can claim....

Read More
Posted Under: Custom Duty |

Registration of NGO under Section 8 of Companies Act, 2013

Steps for Registration of Registration of NGO under Section 8 of Companies Act, 2013- 1. Reserve Name under RUN: First steps while registering any type of NGO is selection of name. It should be identical/unique (you can use Noun instead of adjective while choosing name) from others and don’t forgot to use Foundation, Forum, Association,...

Read More
Posted Under: Custom Duty |

Assessment not valid if AO fails to consider deduction/exemption claimed

Sri Deepak Dhanaraj Vs ITO (Karnataka High Court)

Sri Deepak Dhanaraj Vs ITO (Karnataka High Court) In this case AO has not whispered about the revised return filed by the assessee except observing that the returns filed by the assessee were invalidated being defective returns. If that being the position, no opportunity was provided to the petitioner under section 139(9) of the Act [&hel...

Read More

Last Minute Suggestions to CA Final/Inter Aspirants Appearing In Nov 2019

CA Final Exams will commence from 01st Nov 2019 and all of you whether appearing for Group 1 or Group 2 or Both Groups must be going through mixed emotions. Some must be excited; some must be scared but most of you must be nervous. Yes, it’s CA Final, Yes, it’s one of the toughest […]...

Read More
Posted Under: Custom Duty |

Penalty cannot be levied on ground which was not raised

Sh. B.R.Sharma Vs ITO (ITAT Delhi)

In this case assessee was asked to explain penalty on one count, whereas Penalty has been levied on other count. This itself called for quashing of penalty order passed by AO for all years under consideration. Therefore, penalty order was quashed and set aside....

Read More

All transactions in penny stocks cannot be regarded as bogus for SCAM in some penny stocks

Shri Vijayrattan Balkrishan Mittal Vs DCIT (ITAT Mumbai)

Shri Vijayrattan Balkrishan Mittal Vs DCIT (ITAT Mumbai) The issue for consideration before us is whether in such cases, the legal evidence produced by the assessee has to guide our decision in the matter or the general observations based on statements, probabilities, human behavior and discovery of the modus operandi adopted in earning a...

Read More

AO justified in sending notice at address mentioned in PAN database

PCIT Vs. M/s I­-Ven Interactive Limited (Supreme Court)

Mere mentioning of the new address in the return of income without specifically intimating the Assessing Officer with respect to change of address and without getting the PAN database changed, is not enough and sufficient....

Read More

DISRUPTION. Is it happening in your organisation? let’ think and Overcome

DISRUPTION. Is it happening in your organisation? let’ think and Overcome. What is disruption? Why it is so much in vogue nowadays? What all type of Disruption currently we are facing? Will its effect continue for long? Why we are not able to overcome this? By the definition disruption simply means disturbance or problems which int...

Read More
Posted Under: Custom Duty |

Disallowance U/s. 40(a)(ia) cannot be made for non-compliance with requirements of Section 194C(7)

CIT Vs M/s. Sri Parameswari Spinning Mills Private Limited (Madras High Court)

Whether the Tribunal is correct in not confirming the disallowance under Section 40(a)(ia) made by the Assessing Officer when the assessee did not comply with requirements of Sub-Section 7 of Section 194C read with Rule 31A?....

Read More

Search Posts by Date

November 2020
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30