Section 5A of the Central Excise Act, 1944 – Power to grant exemption from duty of excise – Exemption to specified excisable goods. NOTIFICATION NO. 1/2011-CENTRAL EXCISE, DATED 1-3-2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the excisable goods of the description specified in column (3) of the Table below and falling under Chapter, heading, sub-heading or tariff item of the First Schedule to the Central Excise Tariff Act, 1985 ( 5 of 1986), specified in the corresponding entry in column (2) of the said Table, from so much of the duty of excise leviable thereon under the said Central Excise Act, as is in excess of the amount calculated at the rate of 1% ad valorem :
Mayfair Resorts Vs. CCEC, Ludhiana – The assessee is registered with the Service Tax Department under the category ‘Mandap Keeper’. During audit for the period of 2004-05, it was noticed by the Department that the assessee surrendered Rs.35 lacs to the Income Tax Department as additional taxable income on the said amount being found cash at the premises of the assessee and the assessee being unable to explain the source of income. According to the department, since only business of the assessee was providing service of ‘Mandap Keeper’, the amount represented proceeds of services provided by the assessee. Accordingly, amount was treated as subject to service tax vide order-in-original dated 28.1.2009. On appeal, the said order was set aside on the ground that without making any enquiry and in absence of any statutory presumption, the department could not treat the amount as representing proceeds of services provided by the assessee. The view taken by the Tribunal to this effect in Kipps Education Centre Bathinda Vs. CCE Chandigarh 2009(13) STR 422 was followed. The said order has been affirmed by the Tribunal.
The Delhi Police, in compliance of the directions of Hon’ble Delhi High Court in Writ Petition (Crl.) No. 468/2010 “Court on Its Own Motion Versus State” dated 06.12.2010, has implemented the system of uploading and viewing the FIRs registered in Delhi on its website www.delhipolice.nic.in in within 24 hours of registration except the FIRs declared sensitive by the Addl. CP/DCP of the district concerned.
Rule 4 in Part A of the Fourth Schedule to the Income-tax Act provides for conditions which are required to be satisfied by a Provident Fund for receiving or retaining recognition under the Income-tax Act. One of the requirements of rule 4 [clause (ea)] is that the establishment shall obtain exemption under section 17 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (EPF & MP Act).
Services provided by air-conditioned restaurants having a license to serve alcoholic beverages in relation to serving of food and/or beverages. Short-term accommodation provided by a hotel, inn, guesthouse, club or campsite, or any other similar establishment for a continuous period of less than three months.
Budget 2011- Major proposals about Central Excise duty Note: Changes come into effect immediately unless otherwise specified.Major proposals about Central Excise duty are the following: A. General:The First Schedule to the Central Excise Tariff Act, 1985 is being amended vide clause 70 of the Finance Bill to give effect to Tariff changes relating to Union Excise duties.
The Government has decided to get a fresh study conducted on unaccounted income/ wealth both inside and outside the country brining out the nature of activities engendering money laundering and its ramifications on national security. The proposal was approved by the Government in January, 2011. The study will be conducted by three national institutes with inputs from various ministries/ departments. The institutes have been finalized and the study will be assigned to them after making necessary provisions. The institutes will be given a time frame of eighteen months to complete the study.
Indian Economy on Higher Growth Path; Resilient to Both External and Domestic Shocks:FM. Increase in International Crude Oil and Other Commodity Prices is a Matter of Concern. Emphasizes Need to Step up Investment in Agriculture Sector Both by Private and Public Sector to Achieve 4% Growth. Calls for Increase in Private Sector Savings . Infrastructure Financing a Big Challenge and Requires Innovative ideas and New Models . Manufacturing Sector Productivity Needs to be Increased . Finance Minister addresses 83rd AGM of FICCI
The WPI inflation in mineral oils increased to 16.7 per cent in January 2011 from 7.9 per cent in the corresponding period last year. This is mainly because of the rise in crude oil prices (Brent) in international market, which rose to US $96 per barrel in January 2011 from US $77 per barrel in January 2010 and US $45 per barrel in January 2009. The weighted contribution to overall inflation of mineral oils (weight 9.36%) was 19.7 per cent in January 2011 compared to 9 per cent in January last year.
Delhi bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of DCIT v. Select Holiday Resorts Pvt. Ltd. (ITA Nos. 1184 & 2460/Del/2008) (Judgment Date: 23 December 2010, Assessment Years: 2004-05 & 2005-06) held that where a parent company merged with its subsidiary, the benefit of brought forward and set off of losses under Section 79 of the Income-tax Act, 1961 (the Act) claimed by the amalgamated company, cannot be disallowed on the grounds that there was a change in the shareholding of more than 51 percent of the share capital of the subsidiary company since there was no change in control and management of amalgamated company pre and post merger.
