Notification No. 51/2015-Customs (ADD) – seeks to further amend notification No. 12/2012-Customs dated 17.03.2012 so as to increase the basic customs duty on wheat [CTH 1001 19 00 and 1001 99 10] from the present rate of 10% to 25% for a period up to and inclusive of 31.03.2016
Notification No. 50/2015-Customs (ADD) Seeks to further amend notification No. 27/2011-Customs dated 01.03.2011 so as to reduce the export duty on export of Iron Ore by MMTC Limited (only NMDC origin) to Japan and South Korea under the Long Term Agreement (LTA), from 30% to 10%, upto and inclusive of 31.03.2018.
Margin Collection and Enforcement: All applicable margins shall be collected by Exchanges before start of trading on the next trading day.
ITAT Jaipur held In the case of M/s Brothers Pharma Pvt. Ltd. vs. ITO that the case laws referred by the CIT (A) are squarely distinguishable on the ground that there was a written off either by the assessee or bilaterally
In the case of ACIT Vs. Shri JugalKishore K. Agrawal, ITAT Ahmedabad on the basis of revenue observation and after going thought the case file, held that if there is no nexus between the interest income earned and interest paid, then interest paid cannot be allowed within preview of section 57(iii).
The Council, at its Special (347th) meeting, held on October 14, 2015, has decided to withdraw the following five Guidance Notes on Accounting as the same are no longer relevant in the present day context in view of the requirements of the Companies Act, 2013: GN(A) 3 (Issued 1982) – Guidance Note on Treatment of […]
Notification No. 49/2015-Customs (ADD)- Seeks to levy definitive anti-dumping duty on imports of Front Axle Beam and Steering Knuckles for medium and heavy commercial vehicles, originating in or exported from the People’s Republic of China for a period of five years.
Notification No. 48/2015-Customs (ADD) Seeks to levy definitive anti-dumping duty on imports of Plain medium Density Fibre Board of thickness 6 mm and above , originating in or exported from the People’s Republic of China, Malaysia, Thailand and Sri Lanka for a period of five years
In any value added tax system, credit of tax paid at input stage is eligible for adjustment against output liability. Cenvat credit rules have also been formulated based on the same principles (though have been made very complicated). One can follow a broad principle by looking at Profit & Loss Account that if credit side of P&L has some income on which service tax/excise duty has not been charged, they may not be entitled to take full credit of taxes paid on expenditure incurred by them in their business and may be falling within clutches of Rule 6 of Cenvat Credit Rules.
ITAT Jaipur held In the case of Balbir Singh vs, ACIT that it is not open for the AO to make addition on estimation basis without verifying that said expenses are genuine or not. Mere fact that payments were made in cash on self made vouchers
