Daily Archives: December 8, 2015

Vat/CST subsidy is to be included in transaction value under Section 4 of Central Excise Act

By | December 8, 2015

B2-Jaipur Zone – Assessment and valuation-Retention of Sales Tax Collected from Customers and Inclusion thereof in the Transaction Value: Issue: During the course of audit of certain units, it has been noticed that Government of Rajasthan has declared that the concerned manufacturer shall be eligible for Customized Package (a financial package) under Rajasthan Investment Promotion… Read More »

Valuation of Cement bags cleared to industrial consumers from depot will be made under Section 4 of the Central Excise Act and not under Section 4A

By | December 8, 2015

B1- Hyderabad Zone- Assessment and Valuation-Non-adoption of Section 4A-Valuationof Goods-Clearances made to Depots by Cement Manufacturers:- Issue: Cement in packaged form has been notified under Section 4A of the Central Excise Act, 1944 with effect from 17.3.2012. The assessee affixes a label on the bags removed to its depots clearly stating, “meant for industrial/institutional consumer”.… Read More »

Recall of Faulty Vehicles

By | December 8, 2015

At present there is no recall policy in the country. Ministry of Road Transport & Highways has initiated steps for bringing mandatory Recall Policy. A holistic approach is proposed in the upcoming draft Road Transport and Safety Bill 2014, the latest version of which is also hosted on the website of Ministry of Road Transport &… Read More »

How can AO reject the Books of accounts of Assessee

By | December 8, 2015

When can the Assessing Officer Reject the books of Accounts of the Assessee  under Income Tax Act 1961? As per Section 145(3) Where the Assessing Officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) has not been regularly followed by… Read More »

Discussion Paper on Convergence to Ind-As in Insurance Sector

By | December 8, 2015

Insurance and Regulatory Development Authority of India 07.12.2015 Discussion Paper on Convergence to Ind-As in Insurance Sector   This discussion paper covers the approach towards convergence towards Ind-AS in the insurance sector from the date which will be notified by the Authority separately. Definitions.—(1) In these regulations, unless the context otherwise requires — “Act” means the… Read More »

Section 40(a)(ia) applicable only to Outstanding expenses “payable” at the end of year :ITAT CHENNAI

By | December 8, 2015

IN THE ITAT CHENNAI BENCH ‘D’ DCS BPO (P.) Ltd. v. Assistant Commissioner of Income-tax CHANDRA POOJARI, ACCOUNTANT MEMBER AND CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER IT APPEAL NO. 3114 (MDS.) OF 2014 [ASSESSMENT YEAR 2008-09] JUNE  19, 2015 Ms. K. Hemalatha, CA for the Appellant. N. Madhavan for the Respondent. ORDER Chandra Poojari, Accountant Member… Read More »