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

December 12, 2015 2832 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 1798 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 6639 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 3199 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

Whether payment in respect of ‘Swachh Bharat Cess’ shall be available as business expenditure u/s 37 or not ?

December 12, 2015 18590 Views 3 comments Print

What is Swachh Bharat Cess ? It is a Cess which shall be levied and collected in accordance with the provisions of Chapter VI of the Finance Act, 2015,called Swachh Bharat Cess, as service tax on all the taxable services at the rate of 0.5% of the value of taxable service.

Promoter : A Debatable Word

December 12, 2015 6570 Views 0 comment Print

As per Oxford Advanced Learner’s Dictionary, Promoter means a person or company that organizes or provides money for performance or an event. Promoter is a person (natural or artificial) who tries to persuade others about the value or importance of something. From legal definition, Promoter is a person or company that finances or organizes or involved in setting up and funding a new company.

Appointment of lawyer as Government Advocate is professional engagement by State Government and Additional Public Prosecutor/AGP doesn’t hold “civil post”.

December 12, 2015 10428 Views 0 comment Print

It seems to us that it would be an incorrect approach to start this process by considering the re-appointment or renewal of existing Government Counsels since that would dilute, nay, dissolve the discretion of the Government to appoint advocates whom they find trustworthy.

Income Tax : Trust Registration and Tax Rate

December 12, 2015 7401 Views 0 comment Print

Trust formed for charitable or religious purposes which are not intended to do commercial activities are allowed various benefits under the Income-Tax Act, inter-alia, exemption under section 11. The term religious purpose is not defined under the Income-Tax Act. However, Section 2(15) of the Act defines charitable purpose to include relief of the poor, education, medical relief, preservation of environment (including watersheds, forests and wildlife) and preservation of monuments or places or objects of artistic or historic interest, and the advancement of any other object of general public utility.

CBI arrests JCIT from Mumbai for accepting alleged bribe of Rs. 5 Lakh

December 12, 2015 2541 Views 0 comment Print

The Central Bureau of Investigation has arrested a Joint Commissioner of Income Tax, Piramal Chambers, Mumbai for demanding & accepting a bribe of Rs. 5 lakhs from the Complainant. According to reports the public service official is identified as M Jhagran who was holding the highest public service office since last couple of years.

Is It Possible To End The Corruption?

December 12, 2015 1213 Views 0 comment Print

Corruption is in the human system from the ancient times. The first corruption happened when Adam on the advice of Satan disobeyed the Creator and ate the forbidden fruit of Eden. Corruption refers to the process in which a person makes a favor to another person expecting a favor in return. However, the term connotes […]

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