"17 August 2022" Archive

CBDT amends Income Tax Rule 17 and FORM No.10

Notification No. 96/2022-Income Tax 17/08/2022

CBDT vide Notification No. 96/2022-Income Tax | Dated: 17th August, 2022 amends Income Tax Rule 17. Exercise of option etc. under Explanation 3 to the third proviso to clause (23C) of section 10 or section 11 and amends FORM No.10 – Statement to be furnished to the Assessing Officer/Prescribed Authority under clause (a) of the Expl...

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Certificate of Inspection for export of Rice to EU Countries/States

Notification No. 27/2015-2020 [S.O. 3879(E).] 17/08/2022

The Notification No. 61/2015-20 dated 23.03.2022 is amended to the extent that export of Rice (Basmati and Non-Basmati) to EU member states and other European Countries namely United kingdom, Iceland, Liechtenstein, Norway and Switzerland only will require Certificate of Inspection from EIA/EIC. Export to remaining European countries (exc...

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Advanced Guide To Securities Transaction Tax

Article explains History of Securities Transaction Tax (STT), Why STT is introduced, On Which securities STT it is charged, How STT is charged, Person Responsible for collecting and paying STT, Non-Applicability of STT, Income Tax on shares on which STT Paid and Can we avoid STT? What is Securities A security is a tradable financial [&hel...

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Posted Under: Income Tax |

List of documents for claim of drawback by exporter/CHA

Public Notice No. 53/2022- JNCH 17/08/2022

procedure of processing drawback claims under section 74 of the Customs Act, 1962, including drawback claims for export of goods imported and cleared under RMS....

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Drawing a line between General Tax Exemption & Exemption for a beneficial purpose

SC in Government of Kerala vs Mother Superior Adoration Convent has tried to draw a line between a General Tax Exemption and Exemption for a beneficial purpose....

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Posted Under: Income Tax |

Applicability of amended provisions pertaining to Auditor’s Report on Annual Filing for F.Y. 2021-22

The MCA vide its Notification No. G.S.R. 206(E), dtd. 24th March, 2021, notified a new set of Rules i.e., Companies (Audit and Auditors) Amendment Rules, 2021 to further amend the existing Companies (Audit and Auditors) Rules, 2014. The said notification came into force w.e.f. 1st April, 2021. 1. Insertion of clauses (e), (f) & (g) [&...

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Posted Under: Income Tax |

Addition based on baseless estimated past savings unjustified

Surendra Nath Singh Vs ITO (ITAT Varanasi)

Held that estimating past savings as Rs. 6,00,000, without any basis, instead of Rs. 9,03,900 and also ignoring the evidences produced for the same. Addition of the same deleted....

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Refractory bricks used for re-lining of furnace are eligible for EPCG scheme

Jai Balaji Industries Limited Vs Commissioner of Customs (Port) (CESTAT Kolkata)

Held that refractory bricks required for re-lining of the furnace are covered within the definition of capital goods and hence eligible for EPCG scheme as per notification no. 102/2009- Cus dated 11.09.2009...

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Allegation of clandestine removal without corroborative evidence is unsustainable

Scan Sponge Iron Limited Vs Commissioner of Central Excise (CESTAT Kolkata)

Held that allegation of clandestine removal only on the basis of incriminating statements, which were retracted, in absence of corroborative evidence is unsustainable....

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Rejection of request for conversion of free shipping bills to advance authorization scheme shipping bills not justified: CESTAT

Carboline India Pvt. Ltd. Vs Commissioner of Customs (CESTAT Chennai)

Neha Agrawal Carboline India Pvt. Ltd. Vs Commissioner of Customs (CESTAT Chennai) Facts: i. The appellant had exported ‘Paint for fire proofing THERMO Lag 3000 SP’ vide 2 shipping bills dated 18.04.2018 and 02.05.2018. ii. Two Advance authorisations (AA) dated 09.04.2018 & 02.05.2018 were obtained for duty free import of raw mate...

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September 2022