Daily Archives: October 16, 2015

LOKPAL AND LOKAYUKTAS (REMOVAL OF DIFFICULTIES)

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 »

Net realisable value cannot be replaced with realisable value

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

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 »

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

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 »

Advance against Pledge of Gold jewellery /ornaments

RESERVE BANK OF INDIA RBI/2015-16/207 DCBR.BPD. (PCB/RCB).  Cir. No. 3/13.05.001/2015-16                                                    October 15, 2015 The Chief Executive Officers All Primary (Urban) Co-operative Banks/State/Central Cooperative Banks (St CBs/ CCBs) Dear Sir/Madam Advance… Read More »

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

[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 »

Issuance of Electronic Delivery Orders for Ease of Doing Business

Circular No. 24 /2015- Customs F.No. 450/226/2014- Cus IV Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, Dated: 14.10.2015 To All Chief Commissioner of Customs / Customs (Preventive) All Chief Commissioners of Customs and Central Excise All Commissioners of Customs All Commissioners of Customs and Central Excise Sir / Madam, Subject: Improving Ease of Doing Business – Issuance of Electronic Delivery Orders -regarding As part of Government’s initiatives for improving “Ease of Doing Business”, several facilitation measures are being taken by the Central Board of Excise & Customs. After consultation… Read More »

Service Tax on services provided in relation to remittance of money to India from overseas

[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. 19/2015-Service Tax  New Delhi, the 14th October, 2015 22 Asvina 1937 Saka  G.S.R. (E).- Whereas, the Central Government is satisfied that in the… Read More »

Running Collective Investment Scheme through private trust are also within the purview of SEBI

since the appellant has been running Collective Investment Scheme through the arrangement of a private Trust without obtaining registration from SEBI, no fault can be found with the decision of SEBI that the appellant is guilty of operating Collective Investment Scheme in violating of SEBI Act and the Collective Investment Scheme Regulations. Where the appellant… Read More »

Sale of property of liquidating company without proper publicity or fixing of reserve price of assets is illegal

Sale of property of company-in-liquidation in auction without proper publicity through advertisement or fixing any reserve price for assets could not be sustained particularly when property put in auction was of much higher valuation than price at which it was sold SUPREME COURT OF INDIA Tech Invest India (P.) Ltd. v. Assam Power & Electricals… Read More »

No reassessment because income remained untaxed due to non coordination between departmental officers

Facts of the Case :- Assessing Officer finalised assessment under section 143(3) .Assessing Officer issued notice under section 148 as Assessing Officer had reasons to believe that taxable income had escaped assessment . In reasons recorded by Assessing Officer, he stated that certain amounts remain untaxed because of non co-ordination between Departmental Officers.  However, it… Read More »