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Extension of ad-hoc appointments of ITOs to ACIT grade for 2014-15

July 12, 2018 828 Views 0 comment Print

Order No. 110 of 2018 – Extension of ad-hoc appointments of Income Tax Officers to the grade of ACIT for the vacancy year 2014-15 – reg

Transfer of an undertaking in consideration of allotment of shares is exchange not sale

July 12, 2018 8925 Views 0 comment Print

Challenging the order,dated 16/02/2015,of CIT(A)-51,Mumbai, the assessee has filed the present appeal.Assessee-company,engaged in the business of manufacturing of aluminium caps, metal containers,petrochemicals etc., filed its return of income on 15/11/2007,declaring total income at Rs.NIL

Addition U/s. 68 rw section 56: Addition for share premium in excess of Fair Value

July 12, 2018 3216 Views 0 comment Print

Sunrise Academy of Medical Specialities (India) (P.) Ltd Vs  ITO (Kerala High Court) (DB)  Any premium received by a Company on sale of shares, in excess of its face value; if the Company is not one in which the public has substantial interest, would be treated as income from other sources, as seen from Section […]

S. 254(2) Tribunal cannot condone delay in filing MA but HC can

July 12, 2018 3588 Views 0 comment Print

Though the Tribunal has no power u/s 254(2) to condone delay in filing the MA, the High Court has power under Articles 226 and 227 of the Constitution of India to do substantial justice by condoning the delay.

No service tax on Election Photo ID preparation under Photography Services

July 12, 2018 3525 Views 0 comment Print

Ms. Webel Technology Ltd. Vs Commissioner of Service Tax (Calcutta High Court) Petitioner was awarded two contracts for preparation of Electoral Photo Identity Card (EPIC). The petitioner has suffered the impugned show-cause notice calling upon the petitioner to pay service tax as according to the department, the preparation of EPIC includes taking of photographs of voters […]

S.54 Assessee to offer exemption claimed to tax on return of money given to builder

July 12, 2018 1287 Views 0 comment Print

Suhas Vasantrao Joshi Vs DCIT (ITAT Ahmedabad) If an assessee booked a flat under self-finance scheme of DDA or any other similar situated institutions, then it would be construed that the assessee has fulfilled conditions enumerated in section 54 and would be entitled for the exemption. In the present case also the assessee has booked […]

Manufacturer can claim Terminal Excise Duty Refund on supply of Goods to 100% EOU

July 12, 2018 8025 Views 1 comment Print

In the instant case supplies of goods were made by the petitioner to other divisions of MSSL which had a status of EOUs. The pivotal point is that the FTP 2009-2014 conferred a right on the petitioner, who, admittedly, was a DTA supplier, at the relevant point in time, to seek refund of TED, as the supplies had been made to 100% EOUs, albeit, under a non-ICB route.

DGFT prohibits Import of Oxytocin

July 12, 2018 765 Views 0 comment Print

Notification No. 19/2015-2020- Central Government, hereby amends policy conditions of following Exim Codes as under:Import of Oxytocin, is Prohibited

Vishakhapatnam port added for import of new vehicles

July 12, 2018 636 Views 0 comment Print

Vishakhapatnam port is being added to the list of 15 esting ports/ICDs, thereby taking the total number of ports/ICDs to 16, for importing new vehicles.

Provisions for Compounding of Offences under GST are Very Stringent

July 12, 2018 2475 Views 0 comment Print

Calcutta High Court modifies bail conditions for GST evasion accused. Analysis of court order on stringent provisions, tax determination, and compounding under GST Act

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