It is a settled position that period of limitation of penalty proceedings under section 271D and 271E of the Act is governed by the provisions of section 275(1)(c) of the Act. Therefore, the limitation period for the imposition of penalty under these provisions would be the expiry of the financial year in which the proceedings, in the course of which action for the imposition of penalty has been initiated, are completed, or six months from the end of the month in which action for imposition of penalty is initiated, whichever period expires later.
It has been brought to notice of CBDT that there are conflicting interpretations of various High Courts on the issue whether the limitation for imposition of penalty under sections 271D and 271E of the Income tax Act, 1961commences at the level of the Assessing Officer (below the rank of Joint Commissioner of Income Tax.) or at level of the Range authority i.e. the Joint Commissioner of Income Tax./Addl. Commissioner of Income Tax.
Board had specified the following categories of cases which can be transferred to the Call Book, namely, i. Cases in which the department has gone in appeal to the appropriate authority, ii. Cases where injunction has been issued by Supreme Court/ High Court/ CEGAT, etc. iii. Cases where audit objections are contested. (stands rescinded vide Circular No. 1023/11/2016-CX, dated 8.4.2016)
Excisability of bagasse and similar other by-products or wastes arising during the course of manufacture of an excisable product has been an issue under dispute. Following circulars/instruction have been issued from time to time on the subject:-
In order to increase the transparency in the dealings between the stock broker and the clients in commodity derivatives market, it has been decided to align the provisions relating to the proprietary trading carried out by the stock brokers of commodity derivatives exchanges in line with the securities market.
All about 1) Changes in the rate of tax under the Maharashtra Value Added Tax Act (MVAT), 2002 2) Modifications in the Composition Schemes 3) Entry Tax on slabs of marbles and granite in a brief.
The Central Government has , by Circular No. 1026/14/2016-CX dated 23rd April, 2016, extended the time limit for taking Central Excise registration of an establishment by a jeweller up to 01.07.2016. However, the liability for payment of Central Excise duty is with effect from 1st March, 2016. The assessee jewellers may make the payment of Excise Duty for the months of March, 2016, April, 2016 and May, 2016 along with the payment of Excise Duty for the month of June, 2016.
Imposition of Central Excise duty on jewellery Constitution of sub-committee of the High Level Committee – regarding- In continuation to the Circular No. 1021/9/2016-CX dated 21.03.2016, issued vide F. No. 354/25/2016-TRU, the composition of the Sub-Committee referred to therein would be as under:
With a view to rationalising foreign investment regime for Alternative Investment vehicles and to facilitating foreign investment in collective investment vehicles for real estate and infrastructure sectors, it has been decided, in consultation with the Government of India, to allow foreign investment in the units of Investment Vehicles registered and regulated by SEBI or any other competent authority.
In order to streamline procedures for issuance of debt securities on private placement basis and enhance transparency to discover prices, it has been decided to lay down a framework for issuance of debt securities on private placement basis through an electronic book mechanism.
