A larger bench of CESTAT in the case of Indica Laboratories Vs CCE, Ahmedabad 2007(213) ELT 20(T-LB), has held that quantity discount, bonuses etc. are applicable for the valuation of goods under section 4 of the Central Excise Act, 1944 and not in case of goods valued under Section 4A.
It has been brought to the notice of the Board that there are divergent practices regarding classification of PXI Controllers, Input/Output Modules, Signal Converters and Chassis and its parts. Essentially, PXI Controllers are designed for measurement and automation applications, which require high performance and a rugged industrial form. Further, Input/Output Modules are tailored
Assocham General Secretary D S Rawat said today that the proposed clusters would provide jobs to 6 lakh people, directly and indirectly. Rawat, who was talking to reporters here after releasing the Assocham’s study report on ‘Cluster Development for
Companies seeking exemption from disclosure norms before tapping the capital market can only do so with the prior consent of market regulator Securities and Exchange Board of India (SEBI), the Supreme Court has ruled. The apex court’s direction cam
Auditors will be asked to track the end-use of loans given to corporates when they start annual bank audits in a couple of months. The Institute of Chartered Accountants of India (ICAI), the country’s accounting regulator, has decided to ask member
When we measure the creativity of young children, virtually all of them will record as being ‘highly creative’. However, only a small percentage of adults register as being ‘highly creative’. What happened? Schools have crushed creativity. We were
After a gap of 25 years, the government has set the ball rolling again for estimating black money in India as well as the causes of its generation and has sought proposals from national institutes on the subject. Finance Minister Pranab Mukherjee has asked four institutes to send their suggestions for undertaking a study to estimate the quantum and nature of unaccounted money in the country.
It was stated in the DGFT Public Notice No. 57 dated 21.4.2010, that Export of “Cotton yarn including Melange Yarn” appearing at DEPB entry Sl. No. 78 of the Product Group “Textiles” shall not be entitled for DEPB benefit from immediate effect. Thereafter references have been received from Trade and Industry and Regional Authorities of DGFT seeking to know whether export of cotton yarn shall be entitled for DEPB benefit @ 1.5% under DEPB entry Sl. No. 22D of the Misc. Products (Product code 90).
Non-resident individuals and organisations need to have a Permanent Account Number (PAN) number if they receive an income and need to file returns in India. PAN is issued by the Income Tax (IT) Department to all assessees and quoting of PAN is compulsory in all returns filed with the IT department.
The AAR held that the ‘source of income’ for hire charges of a vessel is to be determined having regard to the place where the agreement for hire was executed and the place where the vessel was delivered/situated at the time of entering into the agreement. In the present case, since at the time of renewal of the agreements the vessels were situated in India, the hire charges pertaining to that period are taxable in India.
