Daily Archives: November 2, 2015

Market value of vacant land to be taken over by Govt can not exceed compensation amount ; Supreme Court

By | November 2, 2015

“Whether, for the purposes of Wealth Tax Act (hereinafter referred to as the ‘Act’), the market value of the vacant land belonging to the assessee should be taken at the price which is the maximum compensation payable to the assessee under the Urban Land Ceiling Act, 1962?” Held Yes  Assessing Officer was not justified in… Read More »

FIR can not be filed against assessee due to default in payment of service tax

By | November 2, 2015

Finance Act, 1994, being a special and complete Code, prevails over general provisions of IPC and, accordingly, for alleged non-payment of service tax, department cannot filed FIR under provisions of IPC HIGH COURT OF PUNJAB AND HARYANA Ajay Kumar Sandhu v. State of Haryana RAMESHWAR SINGH MALIK, J. CRM-M-NO. 29708 OF 2014 (O & M)… Read More »

Seller entitled for Compensation in case unduly delay by purchaser : Supreme Court

By | November 2, 2015

while dealing with a matter pertaining to specific performance of an agreement for sale of property, it was held that if the purchaser is entitled to claim compensation for deterioration, a fortiori the vendor should also be entitled to compensation for accretion in value of the subject matter of the agreement for specific performance, in case the execution thereof… Read More »

It is the prerogative of the Central Government to accept or reject th recommendations of the Wage Boards : Supreme Court

By | November 2, 2015

SUPREME COURT OF INDIA ABP Pvt. Ltd. & Anr. v. Union of India & Ors. [WritPetition (Civil) No. 246 of 2011], 7th February, 2014 while holding that the Justice Majithia Wage Boards for Working Journalists and Non-Journalist Newspaper and News Agency Employees followed certain well laid down principles and norms while making recommendations, it was furthe held that… Read More »

State govt must supply the electricity as assured to Industry: Supreme Court

By | November 2, 2015

It was held that “before laying down any policy which would give benefits to its subjects, the State must think about pros and cons of the policy and its capacity to give the benefits. Without proper appreciation of all the relevant factors, the State should not give any assurance, not only because that would be in violation of… Read More »

Bharat Bill Payment System (BBPS) Guidelines

By | November 2, 2015

RBI/2014-15/327 DPSS.CO.PD. No. 940 /02.27.020/2014-2015 November 28, 2014 Implementation of Bharat Bill Payment System (BBPS) – Guidelines Introduction 1. Bill payment is a major component of the retail payment transactions. The Committee to study the Feasibility of Implementation of GIRO based Payment Systems (Chairman: Shri G. Padmanabhan, Executive Director, RBI) (2013) had estimated that over… Read More »

Mere availing of services of non resident company for global market survey is not fees for Technical Services hence not TDS

By | November 2, 2015

Mere availing of services of non-resident company for global market survey to determine business prospects to carry out project in India is not ‘ Fees for Technical Services’ under India UK Treaty Income Tax Officer v. Skill Infrastructure Ltd.,  [ITAT Mum.] ITA No. 865-867 of 2011 Date of Decision:  July 29, 2015 Facts of the… Read More »

Cross examination of witness can not be denied: High Court

By | November 2, 2015

Summary of Point on  cross examination of the witnesses:- The Court finds that despite a specific request made by the Appellant for cross examination of the witnesses whose statements were recorded and were being relied upon by the Department, no serious attempts were made to secure their presence in the adjudication proceedings. A perusal of… Read More »

CENVAT Credit on Concrete sleepers used for laying railway line for movement of goods allowed

By | November 2, 2015

Concrete sleepers used for laying railway line for movement of goods between plant facilities installed within factory premises; and JO trucks for movement of nitrogen and oxygen gas cylinders within factory, are eligible for Cenvat credit as ‘input’ CESTAT, NEW DELHI BENCH Jindal Steel & Power Ltd. v. Commissioner of Central Excise, Raipur S.K. MOHANTY,… Read More »

Pradhan Mantri Jan Dhan Yojana Deposits now exceed Rs.25000 crore

By | November 2, 2015

PRESS INFORMATION BUREAU Government of India ***** Another Milestone achieved under Pradhan Mantri Jan Dhan Yojana (PMJDY) – Deposits in accounts now exceed Rs.25,000 crore; accounts having balances in them now exceed 60% New Delhi, October 13, 2015 Asvina 21, 1937 Deposits in accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY) have now… Read More »