Delhi High Court held In the case of Shri Parasram Industries Pvt. Ltd. vs. ITO that the present case is related to change of opinion. This is so, because in the questionnaire, the AO specifically raised the issue with regard to the validity of shareholdings.
Apex industry body ASSOCHAM has urged the Finance Ministry to keep all services provided for agricultural produce outside service tax ambit. Services like warehouse management, security, laboratory testing and others that are essential to secure storage of agri-produce should be included in the negative list or in the list of exempted services, recommended The Associated Chambers of Commerce and Industry of India (ASSOCHAM) in its pre-budget memorandum submitted to the FinMin.
It was held that CENVAT credit of inputs and input services used for production of electricity captively consumed is allowed. Further no reversal of CENVAT credit is required under Rule 6 of CENVAT credit rules,2004.
F.No. CCI/CD/Amend/Comb.Regl./2016 In exercise of the powers conferred by section 64 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations further to amend the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, namely:-
Now, in addition to ports/ICDs notified by DGFT from time to time, export of finished leather, Wet Blue and EI Tanned Leather would also be permitted through ICD at Kheda by utilising the facilities regarding drawal of samples and its testing and certification available at the Regional Centre of CLRI at Ahmedabad on call basis.
Agson Global Pvt. Ltd. Vs. Income Tax Settlement Commission (Delhi HIgh Court) This is a nascent issue tested for the first time by any High Court in India with far reaching effects as regards the power to direct a special audit.
Indirect taxes compliance has posed problems to assessees over the years and more so since the introduction of service tax and negative list based taxation from 2012. A parallel development has been the introduction of new Companies Act 2013 along with changes in reporting requirements for auditors thereunder.
Raj Hans Towers Pvt. Ltd. -Vs- ITO (ITAT Delhi) There is no tangible material, which come to the possession of the AO to lead to the conclusion that there was an escapement of income from assessment.
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 came into force with effect from 1st July, 2015. The Act provided for a one time compliance window to declare assets held abroad and pay due taxes and penalty on the value of assets declared.
Circular No. 01/2016-Customs Duty Board has now decided that the facility of 24×7 Customs clearance for specified imports viz. goods covered by ‘facilitated’ Bills of Entry and specified exports viz. factory stuffed containers and goods exported under free Shipping Bills will be made available at Krishnapatnam Sea port in Nellore, Andhra Pradesh. This would be the 19th Sea port in the country where 24×7 facility would be in operation.
