No effort or any arguments have been advanced by the Revenue to justify that the expenses were unreasonable and excessive. In the absence of any justification for making a 5% disallowance of the total expenses for royalty
Revenue challenged the order passed by ITAT which confirmed the order of CIT (A) that expenditure incurred i.e. payment of royalty for technical knowhow in terms of Technical Collaboration Agreement (TCA Agreement) is an allowable expenditure as no benefit was obtained by the Assessee for the period beyond the relevant assessment years.
A Division Bench of Allahabad High Court on 31-7-2015 directed the CESTAT to ensure that the circuit bench of the CESTAT shall function at Allahabad atleast 7 days in a month till a regular Bench is established.
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The anti-dumping duty imposed under this notification shall be effective for a period of five years (unless revoked, superseded or amended earlier) from the date of publication of this notification in the Official Gazette and shall be paid in Indian currency.
NOTIFICATION NO. 37/2015 Regarding anti dumping duty on Viscose Staple Fibre excluding Bamboo fibre thereof, originating in, or exported from, People’s Republic of China and Indonesia
Notification No.73/2015 – Customs (N.T.) Dated the 6th August, 2015 CBEC hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 7th August, 2015
Notification No 17 /2015-20 Dated : 6 August, 2015 Export of Rice Bran oil in bulk has been exempted from the prohibition on export of edible oils. Also, the quantity ceiling on export of organic edible oils has been removed.
Reference is invited to Ministry of Finance, Department of Expenditure O.M. No. 21(2)/2008-E.II(B) dated 29th August, 2008 regarding grant of Transport Allowance to Central Government employees, consequent upon implementation of the recommendations of the Sixth Central Pay Commission (6th CPC).
Revenue challenged the order passed by ITAT majorly on three grounds. Firstly, on ground of adopting value of property as per the value provided by registered valuer instead of value adopted by AO on the basis of report of DVO.
