Daily Archives: October 16, 2015

LOKPAL AND LOKAYUKTAS (REMOVAL OF DIFFICULTIES)

By | October 16, 2015

LOKPAL AND LOKAYUKTAS (REMOVAL OF DIFFICULTIES) SECOND AMENDMENT ORDER, 2015 ORDER NO.SO 2794(E) [F.NO.407/12/2014-AVD-IV(B) I], DATED 12-10-2015 Whereas the Central Government, in exercise of the powers conferred by sub-section (1) of section 62 of the Lokpal and Lokayuktas Act, 2013 (1 of 2014), made the Lokpal and Lokayuktas (Removal of Difficulties) Order, 2014 (hereinafter referred… Read More »

Distribution of lottery tickets is not liable to service tax : Sikkim HC

By | October 16, 2015

Facts (1)       Assessee was engaged in business of sale of paper and online lottery tickets organized by Government of Sikkim. (2)       Section 65B(44) defines service. It excludes transaction in money or actionable claim. An Explanation was inserted vide Finance Act, 2015 to restrict the meaning of transaction in money or actionable claim. Explanation… Read More »

Net realisable value cannot be replaced with realisable value

By | October 16, 2015

A soap manufacturing company has valued its stock of finished goods at cost or realisable value whichever is lower and other items of inventory, like raw materials, work-in-progress and spare parts, at cost. It has disclosed its accounting policy regarding valuation of inventory in the financial statements appropriately. Whether the company’s accounting policy regarding valuation… Read More »

80% of staff member of COMPAT have working knowledge of Hindi

By | October 16, 2015

RULE 10 OF THE OFFICIAL LANGUAGE (USE FOR OFFICIAL PURPOSES OF THE UNION) RULES, 1976 – WORKING KNOWLEDGE OF HINDI – MORE THAN EIGHTY PER CENT STAFF MEMBERS OF COMPETITION APPELLATE TRIBUNAL UNDER MINISTRY OF CORPORATE AFFAIRS ACQUIRED WORKING KNOWLEDGE OF HINDI NOTIFICATION NO. SO 2761(E) [NO.E-11016/1/2010-HINDI], DATED 14-5-2015 In pursuance of sub-rule (4) of… Read More »

Section 206C Seller Need not take the Declaraton in Form 27C from buyer at moment of sales

By | October 16, 2015

Facts of the Case :- Assessing Officer opined that when it effected sale of wood pulp, assessee was obliged to collect tax at source under section 206C . He thus, concluded that assessee was in default for short collection within meaning of section 206C(6A) . HELD since as per section 206C(IB), obligation of assessee to… Read More »

Secondment of employees by Foreign Co held to be Service PE and not taxable as Fees for Technical Service

By | October 16, 2015

MORGAN STANLEY INTERNATIONAL INCORPORATED VS DDIT,MUMBAI ITAT,ITA NO. 6882/MUM/2011            ISSUE INVOLVED :- Whether secondment of employees to India by assessee to render their services to Indian subsidiary companies, would constitute assessee’s service PE in India to be taxable in terms of Article 7 or the salary cost of said employees… Read More »

Amendment in the Principal Notification No. 61/94-Custosm(N.T) dated 21.11.1994

By | October 16, 2015

[To be published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i)] Government of India Ministry of Finance Department of Revenue (Central Board of Excise and Customs)  Notification No. 99/2015-Customs (N.T.)  New Delhi, the 15th October, 2015          G.S.R. …..(E).- In exercise of the powers conferred by clause (a) of sub-section (1)… Read More »

Rate of exchange of conversion of foreign currency with effect from 16th October 2015

By | October 16, 2015

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF EXCISE AND CUSTOMS) Notification No. 101/2015 – Customs (N.T.)  Dated the 15th October, 2015  In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Central Board of… Read More »