Central Board of Direr Taxes vide instruction no. 7/2014 dated 26.09.2014, by virtue of its powers under section 119 of the Act, in suppression of earlier instructions/ guidelines on this subject, hereby directs that tile cases selected for scrutiny during the Financial Year 2014-2015 under CASS, on the basis of Either AIR data or CIB information or for non reconciliation with 26AS Data,
In the Budget 2014-15, excise duty on Polyester Staple Fibre (PSF) and Polyester Filament Yarn (PFY) manufactured from plastic waste or scrap or plastic waste including waste polyethylene terephthalate (PET) bottles (which was already exempt w.e.f. 08.05.2012) has been exempted retrospectively w.e.f. 29.06.2010 to 07.05.2012 [section 110 of the Finance (No. 2) Act, 2014 refer]
Another measure that would assist international passengers and in turn create a good image of the Department and our country would be through “Help Desks”. Admittedly, PROs perform this function today, but it is important to
Kind attention is invited to the judgment of Hon’ble Supreme Court in case of M/s Super Synotex India Ltd. [2014-TIOL-19-SC-CX] on the issue of abatement of sales tax under an abatement scheme where the assesse was allowed to retain 75% of the sales tax collected from the buyer and was required to deposit only the remaining 25% with the State Government.
Attention is invited to this Department’s O.M. of even number dated 10th October, 2013 wherein the authorised travel agents namely M/s Balmer Lawrie & Company Limited (BLCL), M/s Ashok Travels & Tours (ATT) and Indian Railways Catering and Tourism Corporation Ltd. (IRCTC), were allowed to levy ‘Facilitation Fee’ @ Rs. 100/- per ticket for domestic sector and Rs. 300/- per ticket for international sector for air travel, wherein Government of India bears the cost of air passage.
CBDT hereby lays down the following procedure and criteria for manual selection of returns/cases for scrutiny during the Financial-year 2014-2015:- a) Cases involving addition in an earlier assessment year in excess of Rs. 10 lakhs on a substantial and recurring question of law or fact which is confirmed in appeal or is pending before an appellate authority.
Your attention is invited to Circular no. 20/2009 -Cus dated 19.06.2009 on disposal of refrigerant gases. Looking into the difficulties faced by the field formations in disposal of refrigerant gases, a fresh circular on the issue is proposed to be issued to address the issue. Copy of the draft circular is enclosed below.
4. For this purpose, tax effect means the difference between the tax on the total income assessed and the tax that would have been chargeable had such total income been reduced by the amount of income in respect of the issues against which appeal is intended to be filed (hereinafter referred to as disputed issues). However the tax will not include any interest thereon, except where chargeability of interest itself is in dispute. In case the chargeability of interest is the issue under dispute, the amount of interest shall be the tax effect. In cases where returned loss is reduced or assessed as income
in the opening paragraph, after the words, “initial setting up of a project for the generation of power”, the words, brackets and letters “or generation of compressed bio-gas (Bio-CNG)” shall be inserted;
Attention is drawn to Steel and Steel Products (Quality Control) Order 2012 dated 12.03.2012 and Steel and Steel Products (Quality Control) Second (Amendment) Order 2014 dated 31.03.2014 which enforce quality control on all grade of CRGO steel sheets and strips.
