Daily Archives: October 14, 2015

Disclosure of Accounting policy regarding investments involving significant funds and dividend

By | October 14, 2015

A company is engaged in trading of fast moving consumable goods. It has invested more than 50% of its net worth in the shares of other companies. Dividend income on those investments constitutes a significant portion of the total income of the company. The company has not disclosed its accounting policy regarding those investments and… Read More »

Dealers of SIM cards can not take credit of service tax paid by telecom companies

By | October 14, 2015

Dealers of SIM Cards /Recharge vouchers cannot be regarded as  recipients of telecom services provided by telecom companies; hence, said dealers cannot take input service credit of service tax paid by telecom companies CESTAT, NEW DELHI BENCH Omar Agencies (Hutch) v. Commissioner of Central Excise, Allahabad JUSTICE G. RAGHURAM, PRESIDENT AND R.K. SINGH, TECHNICAL MEMBER… Read More »

Nizral Shampoo meant to cure disease of dandruff is a medicament not a cosmetic preparation for use on hair

By | October 14, 2015

Issue Assessee manufactured ‘Nizral Shampoo’ containing 2 per cent Ketoconazole and classified same as ‘medicament’ under Heading 3003.10 (duty 16 per cent) . Department argued that it was a mere normal shampoo and ‘preparation for use on hair’ and therefore, liable to duty at 24 per cent under Heading 3305.99  HELD : Product was classifiable… Read More »

Supreme Court has power to reduce interest on delayed payment even below rate fixed under bond

By | October 14, 2015

Mere because, as per bond, assessee had agreed to pay interest at 24 per cent per annum, that would not take away right of Supreme Court to reduce rate of interest if ends of justice so warrant; hence, on facts, rate was reduced to 9 per cent SUPREME COURT OF INDIA Commissioner of Customs, Hyderabad… Read More »

Time period to file declaration of Annual Return of Assets and Liabilities by public servants extended by 6 months

By | October 14, 2015

MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (Department of Personnel and Training) NOTIFICATION New Delhi, the 12th October, 2015 G.S.R. 776(E).––In exercise of the powers conferred by sub-section (1) read with clause (k) and clause (l) of subsection (2) of section 59 read with section 44 and section 45 of the Lokpal and Lokayuktas Act,… Read More »

Cars donated to Police Dept is CSR exp hence disallowable under section 37(1)

By | October 14, 2015

Expenditure incurred by car-manufacturer on gifts of cars to State police department was held not an eligible expenditure under section 37(1) as it was found not incidental to carrying on business and there was no commercial expediency in incurring this expenditure IN THE ITAT CHENNAI BENCH ‘B’ (THIRD MEMBER) Hyundai Motor India Ltd. v. Deputy… Read More »

sitting fees payable to a director who participates in a meeting through video conferencing

By | October 14, 2015

 Is sitting fees payable to a director who participates in a meeting through video conferencing? Yes, sitting fee is payable to a director who participates in a meeting through any of two modes viz. in person or through video conferencing or any other audio visual means. Rule 4 of the Companies (Appointment and Remuneration of… Read More »

Government to Unveil New Income Tax Tool to Check PAN Transactions History

By | October 14, 2015

NEW DELHI:  The government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail. The digital and smart platform is called the Income Tax Business Application-Permanent Account Number… Read More »

SEBI issued Format of uniform Listing Agreement

By | October 14, 2015

Securities and Exchange Board of India CIRCULAR No. CIR/CFD/CMD/6/2015 Dated- October 13, 2015 To All Listed Entities All the Recognised Stock Exchanges Dear Sir/Madam, Sub: Format of uniform Listing Agreement 1. The requirement of executing a listing agreement with the Stock Exchange is specified under different regulations related with initial issuance of capital, the details… Read More »

BUSINESS PROCESSES FOR GST ON REFUND PROCESSES

By | October 14, 2015

REPORT OF THE JOINT COMMITTEE ON BUSINESS PROCESSES FOR GST ON REFUND PROCESSES Empowered Committee of State Finance Ministers New Delhi- – August, 2015 Contents of the Report/Index 1.0 Introduction 2.0 Situations where refund would arise (A) Excess Payment of Tax due to mistake or inadvertence (B) Export (including deemed export) (C) Finalization of Provisional… Read More »