Harekrishna Metallics Pvt. Ltd. Vs State of Karnataka (Karnataka High Court) Section 4[3] of the Karnataka Electricity [Taxation on Consumption] [Amendment] Act, 2013 deals with the payment of tax. In terms of sub-section [3] of Section 4, the incidence of tax is on the consumption. The consumption of electricity relates to every person generating electricity […]
A perusal of sub-section (2) of section 72A read with rule 9C reveals that condition of minimum level of production is to be seen at the end of four years and in case of non-fulfillment of the same set-off of accumulated losses and unabsorbed depreciation, already claimed, would be chargeable to tax as income of the fourth year as per sub-section (3) of section 72A.
It is well settled law that to avail the exemption of duty under any Notification, the Rules and Regulations and the conditions prescribed therein have to be strictly adhered and there is no place for equity or intendment in the interpretation of the taxing By holding that the Rules of 1996 are only procedural or directory in nature, the learned Tribunal has frustrated the very purpose of Rules 3 and 4 in question by holding that the Assessee is entitled to the exemption for import made on 28.6.2003.
In re Ajay Kumar Dabral (GST AAR Uttarakhand) What is the classification of the service provided by Garhwal Mandal Vikas Nigam (GMVN) to M/s Ajay Kumar Dabral in accordance with notification No. 11/2017 Central Tax (Rate)? What is the Rate of GST on given service for which royalty is being paid? (i) The services rendered […]
In re Kuldeep Singh Batola (GST AAR Uttarakhand) What is the rate of duty on Licensing Services for the right to use minerals including its exploration and evaluation? For which royalty is being paid in terms of notification No. 11/2017 Central Tax (Rate)? The services rendered by M/s GMVN to the applicant during the period […]
The revised SAF envisages initiation of corrective action by the UCB and/or supervisory action by the Reserve Bank on breach of the specified thresholds (triggers) in respect of the specified financial parameters/indicators. The actions mentioned in the following paragraphs may be taken on breach of the specified thresholds.
Notification No. 3/2020-Customs (N.T./CAA/DRI)- Appointment of common adjudicating authority by Director General, Revenue Intelligence. Ministry Of Finance (Department of Revenue) (Central Board of Indirect Taxes and Customs) (Directorate Of Revenue Intelligence) Notification No. 3/2020-Customs (N.T./CAA/DRI) New Delhi, the 6th January, 2020 S.O. 123(E).—In pursuance of notification No. 60/2015-Customs (N.T.), published vide number G.S.R. 453(E), dated […]
In re Gubba Cold Storage Private Ltd. (GST AAR Telangana) Q1. What are tax implications in GST regime using leased premises for Cold Storage purpose of agriculture produce on Leasing Charges. Ans: Taxable @ 18%. Q2. What are tax implications in GST regime on Cold Storage Leased on rent for storage with or without preservation […]
Relaxation of time-Compounding of Offences under Direct Tax Laws (Income Tax)-One-time measure-Extension of Timeline- Circular No. 1/2020-Income Tax Dated 3rd January, 2020.
Authority has notified IRDAI (Insurance Intermediaries) (Amendment) Regulations, 2019 for allowing 100% Foreign Direct Investment in insurance intermediaries. One of the conditions specified in the said regulation is that the insurance intermediary that has majority shareholding of foreign investors shall take prior permission of the Authority for repatriating dividend.
