Notification No. 3/2016-Customs (ADD) Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 10/2010-Customs, dated the 19th February, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 91(E), dated the 19th February, 2010, except as respect things done or omitted to be done before such rescission.
Notification No. 2/2016-Customs (ADD) Seeks to levy definitive anti-dumping duty on Melamine, originating in, or exported from the Peoples Republic of China, for a period of five years.
Notification No. 1/2016-Customs (ADD)Seeks to levy definitive anti-dumping duty on Mulberry Raw Silk (not thrown) of grade 3A and below, originating in, or exported from the Peoples Republic of China, for a period of five years.
Co-operative banking is being aided and encouraged by the State Governments vide the various provisions of State Co-operative Societies Acts. A co-operative bank is a co-operative society, which is union of persons established according to the principles of equality, the number of whose members is unlimited and the purpose of which is, by joint performance of economic acts, to improve the financial position of its members or the condition under which they carry on their profession,
A Protocol to amend the existing Double Taxation Avoidance Convention was signed by the Government of India and the Government of Armenia on the 27th day of January, 2016 in New Delhi.
One of the significant steps taken by Central Board of Direct Taxes to boost investment sentiments among MNCs is the landmark Framework Agreement signed with the Revenue Authorities of USA in January, 2015. This agreement was finalised under the Mutual Agreement Procedure (MAP) provision contained in the India-USA Double Taxation Avoidance Convention (DTAC).
In the Case of Sapient Consulting Limited vs. DCIT, ITAT Delhi relying upon the order of Jurisdictional High Court held that framing the assessment in the name of non-existent entity is not a procedural irregularity curable u/s 292B of the Act or under any other provision of the Act but it is a jurisdictional defect and hence any order passed in the name of ‘dead person’ is void ab-initio.
In the case of Shashi Gupta vs. ITO, the Delhi Tribunal while considering the effective date of transfer of immovable property for the purpose of taking benefit of time limit specified u/s 54 of the Act considered the date of ‘agreement to sell’ of an immovable property as effective date of transfer of property
In the case of Shree Hari Agro Industries Ltd. Vs. DCIT, the Kolkata Tribunal on the issue of disallowance of alleged excess consumption claim of chemical ‘Hexane’ held that The AO has to compute income from business according to the books of accounts of the Assessee.
In the Case of M/s GMR Energy Ltd vs. Commissioner of Customs, Bangalore, Hon’ble Supreme Court while dealing with the appeal of the assessee and of the revenue held that Rules 4 and 9 of the Custom Valuation Rules, 1988 would only apply in case imported goods are sold for export to India.
