Facts of the Case :- Assessing Officer allowed interest on interest on refund to assessee . Subsequently he recalled his order granting interest by resorting to proceedings under section 154, on basis of subsequent decision of Supreme Court . Whether fact that decision on a question of law on which judgment was based had… Read More »
Where Assessing Officer by rectification order, withdrew interest granted to assessee-company on refund by holding that no interest was payable to assessee , It was observed in certain judicial decisions of High Court that assessee was entitled to interest on refund under section 244A in respect of self assessment tax paid , as said issue was… Read More »
(RMC) is not same as Concrete Mix (CM); hence, exemption under Notification No. 4/CE dated 1-3-1997 available on on-site manufacture of CM for use in construction, cannot be extended to RMC SUPREME COURT OF INDIA Larsen & Toubro Ltd. v. Commissioner of Central Excise A.K. SIKRI AND ROHINTON FALI NARIMAN, JJ. CIVIL APPEAL NOS. 6930-6931… Read More »
whether the manufacturer/exporter is entitled to rebate of the excise duty paid both on the inputs and on the manufactured product, when excise duty is paid on a manufactured product and also on the inputs which have gone into manufacturing the product and such manufactured product is exported? Word “or” in Rule 18 of the… Read More »
AMENDMENT TO PREVENTION OF MONEY LAUNDERING (MAINTENANCE OF RECORDS) RULES, 2005 – ADDITIONAL DOCUMENTS FOR LIMITED PURPOSE OF PROOF OF ADDRESS CIRCULAR DBR.AML.BC.NO.104/14.01.001/2014-15, DATED 11-6-2015 Please refer to Rule 14(i) and proviso to Rule 2(d) at Sr.No.4 of Annex to our circular DBOD.AML.BC.No.26/14.01.001/2014-15 dated July 17, 2014, on the applicability of ‘simplified measures’ to verify… Read More »
PREVENTION OF MONEY LAUNDERING (MAINTENANCE OF RECORDS) AMENDMENT RULES, 2015 – AMENDMENT IN RULES 2, 9 & 10 AND INSERTION OF RULE 9A NOTIFICATION NO.4/2015 [P.12011/5/2011-SO(ES.CELL)]/GSR 544(E), DATED 7-7-2015 In exercise of the powers conferred by sub-section (1) read with clauses (i), (j), (jj), (jjj) and (k) of sub-section (2) of section 73 of the… Read More »
FOREIGN INVESTMENT IN INDIA MASTER CIRCULAR NO.15/2015-16, DATED 1-7-2015 Foreign investment in India is governed by sub-section (3) of Section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time. The regulatory framework and instructions issued by the Reserve Bank have… Read More »
INVESTMENT IN COMPANIES ENGAGED IN TOBACCO RELATED ACTIVITIES A.P. (DIR SERIES 2015-16) CIRCULAR NO.2, DATED 3-7-2015 Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to Annex A of Schedule 1 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA.20/2000-RB… Read More »
Where assessee failed to verify genuineness of opening and closing balance of labour charges payable or furnish details called for by Assessing Officer, rejection of books of account was justified IN THE ITAT CHANDIGARH BENCH ‘A’ Income-tax Officer v. Ashok Kumar BHAVNESH SAINI, JUDICIAL MEMBER AND T.R. SOOD, ACCOUNTANT MEMBER IT APPEAL NO. 340… Read More »
Whether independent directors shall be included in the total number of directors for the purpose of sub-section (6) and (7) of section 152 of the Companies Act, 2013? Section 152(6) of the Companies Act, 2013 provides that unless the Articles of Association provide for retirement by rotation of all directors at every annual general meeting,… Read More »