"February, 2020" Archive

Fable of tumbling Indian SEZ

This explains the whole anatomy of the declining interests of exporters in investing in Special Economic Zone (SEZ).  Let's have a glimpse on the current situation of SEZ....

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Posted Under: Custom Duty |

Delay in filling TRAN-1- Benefit cannot be extended if no effort made by Appellant to file

Jagadamba Hardware Stores Vs Union of India (Chhattisgarh High Court)

In the given case the relief sought for by the petitioner in the present writ petition is for issuance of a writ to the respondents granting permission to the petitioner to submit TRAN-1 form electronically by opening electronic portal or in the alternative allow the petitioner to tender the form manually and thereafter the petitioner's c...

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Discounts/Incentives-GST Implications

1. In many industries (e.g. automobiles, FMCG, etc.) various kinds of discounts/incentives are given to the distributors on achieving certain sales targets. Issue therefore for discussion and analysis is whether such discounts/incentives can be considered as a separate consideration against any services supplied by such distributors. 2. A...

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Posted Under: Custom Duty |

IGST refund allowed even if CG imported under EPCG Scheme for the period of 01.07.2017 to 12.10.2017

IGST refund allowed even if CG imported under EPCG Scheme for the period of July 1, 2017 to October 12, 2017 The Hon’ble HC, Gujarat in the matter of M/S Prince Spintex Pvt Ltd v. Union of India [R/Special Civil Application No. 20756 of 2018 dated February 3, 2020] allowed refund of IGST paid on […]...

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Posted Under: Custom Duty |

What is Non Banking Financial Company (NBFC)

In this article, I have tried to cover important questions relating to Non Banking Financial Company (NBFC) in question and answer mode. I hope you grab and increase your knowledge by reading this article. Article  explains What is a Non Banking Financial Company (NBFC), Are there different types of Non Banking Financial Company (NBFC), ...

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Posted Under: Custom Duty |

PoEM – A New Direction to Indian International Taxation Regime

Place of Effective management means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole are, in substance, made....

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Posted Under: Custom Duty |

SPICe+ New Company Incorporation Procedure wef 23.02.2020

Article contains Significant Features of SPICe+, SPICe+ Procedure To Incorporate A New Company W.E.F. 23rd February, 2020, Forms Linked To SPICe+ and  Steps To Upload SPICe+. Pursuant to Companies (Incorporation) Amendment Rules, 2020 MCA has taken another initiative for the speedy incorporation of the Company in order to promote the eas...

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Posted Under: Custom Duty |

‘Nimbooz’ cannot be classified as ‘Lemonade’ : CESTAT Chennai

Ms. Pepsico India Holdings Pvt. Ltd. Vs Commissioner of Central Excise (CESTAT Chennai)

The appellant is engaged in the manufacture of aerated water and beverages which are sold under the brand 'Nimbooz' from March 2009 onwards. The issue under consideration is classification of 'Nimbooz'....

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Only a member of ICAI can file appeal before Appellate Authority

Neville Nadir Mistry Vs Board of Discipline (Appellate Authority of ICAI)

Neville Nadir Mistry Vs Board of Discipline (Appellate Authority) only a member of the Institute can file an appeal before the Appellate Authority if he is aggrieved by any order as provided under Section 21 A(3) or Section 21B(3) of the Chartered Accountants Act, 1949. During the course of arguments, the complainant conceded that under [...

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Subsidy under TUFS scheme was capital receipt and not taxable

PCIT Vs Nitin Spinners Ltd. (Rajasthan High Court)

In the given case the issue under consideration is that the amount claimed as capital receipts, by the assessee are taxable and have to be treated as income or not?...

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