In the case of CCE V/s M/s. Essel Propack Ltd. it was held that Rule 9 is a procedural aspect which cannot deny the claim of the respondents to avail of such CENVAT Credit which they are, otherwise, admittedly, entitled to and hence CENVAT credit is allowed on the basis of TR-6 challan.
Delhi High Court In the case of Mool Chand Khairati Ram Trust vs DIT (Exemptions) held that Assessee would not be entitled to exemption under Section 11 of the IT Act if its activities are outside the scope of its objects, even if its activities are charitable in nature.
In the case of CIT Vs. MGF Automobiles Ltd., Delhi High Court upheld the order of the ITAT that the additions could have been made by the AO only if some incriminating document was found during search.
The issue of “One Rank One Pension” (OROP) has been pending for nearly four decades. It is a matter of deep anguish that the various governments remained ambivalent on the issue of OROP. In February 2014, the then Government stated that OROP would be implemented in 2014-15
The Committee, after deliberations, decided that IBA shall write to member banks requesting to consider Cost Accountants / Firms of Cost Accountants for Stock Audit, Risk Based Internal Audit and Other Operations.
The Article covers notes for CA FInal Students appearing for November 2015 examination and are also useful for others. Articles Covers the topic 1. Audit Report 2. Cost audit 3. CARO and amendment in Professional Ethics related regulations.
The fact that GST is destination based taxation is widely acknowledged. India would be implementing Dual GST which would be CGST and SGST and Inter State Transactions would be governed by IGST which would be equal to CGST and SGST.
Goods and Services Tax would be a comprehensive indirect tax on manufacture, sale and consumption of goods and services throughout India, to replace taxes levied by the Central and State governments.
ITAT Chennai held In the case of ACIT vs. Sh. R. Paneerselvam (Individual) that normally, the sale price mentioned in the menu card would be the sale price of the liquor. However, the fact is that the liquor shops are giving discount on the liquor sold to their corporate guests, walk in customers, etc. for various reasons.
The purpose of a benchmarking study is to select comparable transactions by rationally deriving arm’s length price based on the financial data of selected comparable. On one side the comparables selected by assesses are rejected in many cases particularly of loss making companies and on the other hand high margin comparables are cherry picked and applied.
