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Anti-dumping duty on Abendazole, originating in, or exported from China

December 14, 2015 387 Views 0 comment Print

Notification No. 62/2015-Customs (ADD) Seeks to levy definitive anti-dumping duty on Abendazole, originating in, or exported from the Peoples Republic of China, for a period of five years

Concessional customs duty on Motor Car Engine, gear box and parts thereof on import from Japan

December 14, 2015 489 Views 0 comment Print

Notification No. 57/2015 – Customs Seeks to further amend Notification No. 69/2011-Customs, dated 29th July, 2011 so as to provide a concessional rate of basic customs duty in respect of tariff item 84082020 [engines of a kind used for the propulsion of motor vehicles – of cylinder capacity exceeding 250 cc] and 87084000 [gear box and parts thereof, of motor vehicles], w.e.f. 1st of January, 2016 at 5.94% and 8.13%, respectively, when imported under the India-Japan Comprehensive Economic Partnership Agreement (IJCEPA)

Sodexo Vouchers are not liable for Octroi or LBT :SC

December 13, 2015 10557 Views 0 comment Print

In the case of Sodexo SVC India Private Limited. Vs The State of Maharashtra and Others, Bombay High Court has held that Sodexo meal vouchers are utility goods- Octroi & LBT can be levied on the same. Sodexo has preferred an appeal against the verdict in Supreme Court

ICAI Election 2015- Estimated date of Vote Counting announced

December 13, 2015 2982 Views 0 comment Print

I wish to inform you that the counting of votes for election to the twenty third Council and twenty second Regional Councils will commence from 20th December, 2015. The venue for the Counting will be Institute’s premises at ICAI Bhawan, A-29, Sector 62, NOIDA – 201 309.  The counting will start at 10.00 A.M. on each day and […]

Presumption of existence of an international transaction not allowed in transfer pricing provision

December 13, 2015 1769 Views 0 comment Print

Delhi High Court held In the case of Maruti Suzuki India Ltd. (MSIL) vs. CIT that the transfer pricing adjustment is not expected to be made by deducing from the difference between the ‘excessive’ advertisement

Disallowance u/s 14A while computing book profit u/s 115JB permitted, covered in explanation to Sec.115JB (2)

December 12, 2015 11290 Views 0 comment Print

ITAT Mumbai held In the case of DCIT vs. Viraj Profiles Ltd. that section 14A provides that it mandates disallowance of expenditure ‘in relation’ to the income which does not form part of the total income while clause (f) in explanation1 to Section 115JB (2) mandates disallowance of expenditure ‘relatable’

Anti-dumping duty cannot be charged for gap period, the period between lapse of provisional duty & imposition of final duty: SC

December 12, 2015 2373 Views 0 comment Print

Supreme Court held In the case of Commissioner of Customs vs. M/S. G.M. Exports & Others that the final anti-dumping duty only incorporates the provisional anti-dumping duty within itself, but in the manner provided by Rule 13 of Anti-dumping rules.

No review power vest with ITAT, only authorized to amend his order for mistake apparent from records u/s 254 (2)

December 12, 2015 1639 Views 0 comment Print

ITAT Mumbai held In the case of Shakti Cable Industries vs. ITO that it is clear that the words mistake apparent from record, as appearing in the section 254(2) has a special meaning and definite connotation.

Mark to market loss on foreign currency derivatives transaction being a non-speculation loss not covered u/s 43(5)

December 12, 2015 6432 Views 0 comment Print

ITAT Mumbai held In the case of Inventurus Knowledge Services Pvt. Ltd. vs. ITO that it is clear that the eligible transactions in derivatives carried out through recognized stock exchanges are exempted from the purview of speculation transactions u/s 43(5) provided other conditions are satisfied.

Empanelment of Concurrent Auditors with Central Madhya Pradesh Gramin Bank

December 12, 2015 2890 Views 0 comment Print

Central Madhya Pradesh Gramin Bank EMPANELMENT OF CONCURRENT AUDITORS Central Madhyapradesh Gramin Bank Intends to empanel Chartered Accountant firms for conducting concurrent audit work for its 51 Branches. Last Date : Dec 15, 2015 Address: Central Madhya Pradesh Gramin Bank, Head Office:800/19,South Civil Lines CHHINDWARA(M.P.)480001 Download File for Full Details

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