CENVAT CREDIT (FOURTH AMENDMENT) RULES, 2015 – AMENDMENT IN RULE 6 NOTIFICATION NO.21/2015-C.E. (N.T.), DATED 7-10-2015 In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) and section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to… Read More »
Parties to appeal cannot produce additional evidence of their own but if Tribunal so requires, same can be produced on recording of reasons by Tribunal IN THE ITAT AMRITSAR BENCH Income-tax Officer v. Pankaj Dutta A.D. JAIN, JUDICIAL MEMBER AND B.P. JAIN, ACCOUNTANT MEMBER IT APPEAL NO. 104 (ASR.) OF 2011 [ASSESSMENT YEAR 2002-03] MARCH… Read More »
Issue : ‘every month or part thereof’ appearing in Section 201(1A)- does it mean a calendar month or part thereof, or does it mean a ‘period of one month’ or part thereof. ? There is no dispute that the expression ‘month’ is not defined for the purpose of section 201(1A) nor there is any direct… Read More »
Car insurance For every car owner, motor insurance is definitely a big headache. But if treaded carefully, you can not only save, but also get added benefits for the same price. Here’re tips that you can refer to while you renew your car insurance. Compare different policies before buying car insurance It may seem like a… Read More »
UTTARAKHAND VALUE ADDED TAX (AMENDMENT) ACT, 2015 – AMENDMENT IN SECTIONS 4, 6, 35, 50, 53 AND 58 NOTIFICATION NO.102/XXXVI(3)/2015/22(1)/2015, DATED 31-3-2015 An Act further to amend the Uttarakhand Value Added Tax Act, 2005— Be it enacted by the Uttarakhand Legislative Assembly in the Sixty sixth year of the Republic of India, as follows:— Short… Read More »
Whether an independent director may continue to be so appointed for a maximum period of 10 years, or whether he can continue to be an independent director for maximum two terms, even if each such term is less than 5 years. Answer: MCA vide its clarification no. 14/2014 dated 9th June, 2014 has clarified that while appointment… Read More »
Facts of the Case :- Assessee credited Rs.2,24,96,669/- to the account of Telefonaktiebolaget L.M. Ericsson, Sweden (hereafter ‘TLME’) in the books . The said a mount was credited on account of royalty payable ; however, the said entry was subsequently reversed, as according to the Assessee, the payment of royalty to TLME was not permissible as… Read More »
Where assessee’s entire sales are below cost owing to international market prices being very low, sales to related parties cannot be value on basis of ‘cost plus method’ and are to be valued as per best judgment principle at ‘price charged from unrelated parties’ SUPREME COURT OF INDIA Tamil Nadu Petroproducts Ltd. v. Commissioner, Central… Read More »
Central Government notifies the general conditions for grant of license for cultivation of opium poppy in the crop year 2015-16 The Central Government vide Notification No. 1/2015-Narcotics Control-1 dated 5th October, 2015 has notified the general conditions for grant of license for cultivation of opium poppy on account of the Central Government during the Opium… Read More »
Whether while computing taxable income under head ‘Income from house property’, payment of brokerage for arrangement of lease could be reduced from rent received for determination of actual rent ? Held: No IN THE ITAT MUMBAI BENCH ‘D’ Radiant Premises (P.) Ltd. v. Assistant Commissioner of Income-tax, Cir. 3 (3), Mumbai B.R. BASKARAN, ACCOUNTANT MEMBER… Read More »