There is no quarrel on the point that the assessee, being an insurance company is not required to prepare its accounts as per Parts II & III of Schedule VI of the Companies Act, 1956. Sub-section (2) of section 211 are required every profit and loss accounts of the Companies shall be prepared as per the requirement of Part II of Schedule VI.
In all foreign countries operation was carried out through assessee’s branches which was a permanent establishment situated outside India. Hence, the income attributable to these branches cannot be taxed in India. This issue has also been decided in favour of the assessee by Tribunal in assessee’s own case for assessment year 1997-98. Therefore, appeal filed by the department was to be dismissed.
It is an accepted position that the Appellate Tribunal does not have any power to review its own orders under the provisions of the Act. The only power which the Tribunal possesses is to rectify any mistake in its own order which is apparent from the record.
In the instant case, there is no notification or official document suggesting that either the Interministerial Committee, or any other officer or agency was nominated to perform the duties of the Board (constituted under section 14 of the IDR Act), for purposes of approvals under section 10-B.
In this case, the service tax itself was concededly paid on 3.3.2009, i.e., before the show cause notice which was issued on 12.3.2009. The Order in Original confirmed the said demand for Rs. 3,54,37,986/- which had been so deposited.
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Those who had paid tax as per the provisions and classification existing prior to 1-6-2007 and those who opted for payment of tax under the provisions of rule 3 ibid and paid tax after exercising the option belonged to different classes and, therefore, the impugned circular or the provisions of rule 3(3) ibid were not discriminatory.
Appellant’s signatory director of the applicant company was abroad during the time when the orders were received from the superintendent, and when the orders were served on the consultant. It is the submission of the ld. Counsel that the appellant company or the director was not aware of the receipt of the passing of the order.
Post service tax valuation rules, the said rules provides for inclusion of free material supplied by service recipients and has been directing the assessee in other cases to deposit some amount of the Service Tex liability for the period post service Tax valuation rules as a condition to hear and dispose the appeal.
Core Investment Companies (CICs) invest primarily in group companies, in different sectors of the economy. Being holding companies they need to invest in both financial and non-financial activities. It has therefore been decided to issue a separate set of Directions to CICs with regard to their overseas investments.