Monthly Archives: November 2015

Notification No. 135/2015-CUSTOMS (N. T.)

By | November 30, 2015

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 135/2015-CUSTOMS (N. T.) New Delhi, 30th November, 2015 9 Agrahayana, 1937 (SAKA) S.O…… (E).– In exercise of the powers conferred by sub-section (2) of section… Read More »

Preparation of Heritage Bye-Laws by India

By | November 30, 2015

Preparation of Heritage Bye-Laws National Monuments Authority (NMA) has so far not noticed any bye-laws for any protected monuments and protected area declared as of national importance. Preparation of heritage bye-laws for all the 3686 protected monuments and protected areas is under process. Since a number of agencies are involved in the process of preparing… Read More »

Export of Meat during last 3 years from India

By | November 30, 2015

As per Press release by Ministry of Commerce & Industry of Govt of India 30-November, 2015 There are 64 Abattoirs-cum-Meat Processing Plants/stand alone Abattoirs and 38 meat processing plants registered with Agricultural Processed Export Development Authority (APEDA) in the country at present. The quantity and value of meat exported from the country during each of… Read More »

India’s Ranking in Global Innovation Index

By | November 30, 2015

Ministry of Commerce & Industry of Govt of India 30-November, 2015               “The Global Innovation Index” (GII) is a publication brought out by Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO) as co-publishers, and their Knowledge Partners. The Confederation of Indian Industry (CII) was their knowledge partner from India for the year… Read More »

Roadmap for the implementation of GST

By | November 30, 2015

Roadmap for the implementation of GST in India (Extract from REPORT OF THE SELECT COMMITTEE ON THE CONSTITUTION ONE HUNDRED & TWENTY SECOND AMENDMENT) BILL 2014 PRESENTED TO THE RAJYA SABHA ON 22nd July, 2015 Objective of Introducing the GST In international arena GST is known for its end user consumption tax. The broad objectives of… Read More »

Govt Notify Land Ports Authority of India (Fees and Other Charges) Regulations, 2015

By | November 30, 2015

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF HOME AFFAIRS (Land Ports Authority of India) NOTIFICATION New Delhi, the 27th November, 2015 G.S.R. 906(E).—In exercise of the powers conferred by sub-section (1) read with clause (d) of sub-section (2) of section 35 and section 19 of the Land Ports Authority of India… Read More »

Conversion charges on factory land for using it for other commercial activities is revenue expenditure

By | November 30, 2015

The interest paid along with instalment towards conversion of charges of land cannot be treated as capital expenditure and the same cannot be held to be capital expenditure. IN THE ITAT DELHI BENCH ‘E’ Deputy Director of Income-tax v. Micron Instruments (P.) Ltd. G.D. AGRAWAL, VICE-PRESIDENT AND CHANDRAMOHAN GARG, JUDICIAL MEMBER IT APPEAL NO. 1227… Read More »

Only actual Bad debts are allowed as deduction and not doubtful debts

By | November 30, 2015

IN THE ITAT LUCKNOW BENCH ‘B’ Kanpur Electricity Supply Co. Ltd. v. Deputy Commissioner of Income-tax-VI, Kanpur SUNIL KUMAR YADAV, JUDICIAL MEMBER AND A.K. GARODIA, ACCOUNTANT MEMBER M.A. NO. 27(LKW) OF 2015 IT APPEAL NO. 311(LKW) OF 2014 [ASSESSMENT YEAR 2004-05] SEPTEMBER  2, 2015 Arvind Shukla, Adv. for the Applicant. Smt. Pinki Mahawar, D.R. for… Read More »

Notice issued prior to recording reasons for reassessment liable to set aside: Delhi High Court

By | November 30, 2015

Facts of the Case:- GKN Driveshafts (India) Ltd’s case , the Supreme Court had directed as under:— “However, we clarify that when a notice under Section 148 of the Income-tax Act is issued, the proper course of action for the noticee is to file return and if he so desires, to seek reasons for issuing… Read More »

Car AC kits and gas compressor to be classified separately is sold seperately

By | November 30, 2015

Brief Facts of the case The respondent in the present appeal, is a manufacturer of car air-conditioning kits. It classified the said goods under Item No. 5 of Heading 8415 of the Schedule to the Central Excise Tariff Act, 1985 (for short, ‘the Act’) for the purpose of availing the benefit of exemption as given… Read More »

5 Bills for consideration and passing in the Lok Sabha

By | November 29, 2015

Ministry of Parliamentary Affairs, Govt of India on 29-November, 2015 Lok Sabha to discuss incidents of intolerance on Monday; Rajya Sabha commitment to Constitution Government proposes 6 Bills in Lok Sabha, 4 in Rajya Sabha for passing during second week Bills relate to amending Prevention of Corruption, Electricity, Factories, Whistle Blowers Protection Acts The Lok… Read More »

Text of Prime Minister’s “ Mann Ki Baat ” programme on All India Radio

By | November 29, 2015

Prime Minister’s Office of Govt of India on 29-November, 2015 Text of Prime Minister’s “ Mann Ki Baat ” programme on All India Radio प्यारे देशवासियो, नमस्ते। दीपावली के पावन पर्व के दरम्यान आपने छुट्टियाँ बहुत अच्छे ढंग से मनायी होंगी। कहीं जाने का अवसर भी मिला होगा। और नए उमंग-उत्साह के साथ व्यापार रोज़गार… Read More »

Automobile cess held as excise duty eligible for export rebate

By | November 29, 2015

Facts of the case The assessee, a manufacturer of motor cycles/two wheelers, and claimed refund of  Automobile Cess, Education Cess on Automobile Cess and Secondary and Higher Education Cess (for short SHE Cess) on Automobile Cess paid along with customs duty on the goods exported outside the country Revenue Contention  Duties of excise collected under the… Read More »

Delay in filing TDS returns due to the non furnishing of PAN by deductees is reasonable cause

By | November 28, 2015

IN THE ITAT HYDERABAD BENCH ‘A’ (SMC) Assistant Commissioner of Income-tax (TDS), Circle 1 (1), Hyderabad v. Greater Hyderabad Municipal Corporation P.M. JAGTAP, ACCOUNTANT MEMBER IT APPEAL NOS. 155 TO 160 (H) OF 2015 [ASSESSMENT YEAR 2011-12] AUGUST  12, 2015 Prabhat Kumar Gupta for the Appellant. S. Rama Rao for the Respondent. ORDER 1. These… Read More »

BCAS Achieves Full Implementation of ICAO Recommendations

By | November 28, 2015

Govt of India, Ministry of Civil Aviation on 28-November, 2015 BCAS Achieves Full Implementation of ICAO Recommendations The Bureau of Civil Aviation Security, BCAS has fully met the target of implementation of security norms prescribed by the UN oversight body, ICAO (International Civil Aviation Organisation). The ICAO team recently conducted audit of Indian civil aviation… Read More »

DGCA got power to grant initial NOC for import of aircrafts

By | November 28, 2015

Govt of India ,Ministry of Civil Aviation on 28-November, 2015 Ministry of Civil Aviation delegates power to grant initial NOC/ In-principle approval for import or acquisition of aircrafts to DGCA The Ministry of Civil Aviation has decided to delegate the power to grant initial NOC/ In-principle approval for import or acquisition of aircrafts to the… Read More »

40,000 crores High Horse Power Modern Locomotive Joint Venture Factory Projects

By | November 28, 2015

Ministry of Railways of Govt of India on 28-November, 2015 Formal Contract Agreement Signing Ceremony For The Two Rs.40,000/- Crores High Horse Power Hi-Tech Best-In-Class Modern Locomotive Joint Venture Factory Projects (Electric Locomotive Factory At Madhepura And Diesel Locomotive Factory At Marhowra – Bihar) Will Take Place On 30.11.2015 In New Delhi. The formal contract… Read More »

Organ Donation : National Organ Transplant Programme

By | November 27, 2015

Ministry of Health and Family Welfare of Govt of India on 27-November, 2015 Need to dispel Myths, Misconception, Superstitions surrounding Organ Donation: J P Nadda Nationwide Registry for Organ and Tissue Donation launched While noting that donating organs is a gift of life and is an altruistic, egalitarian and essentially moral act, Shri J P… Read More »

Gurgaon and Bhopal get Best Road Safety Initiative Award

By | November 27, 2015

Ministry of Urban Development of Govt of India on 27-November, 2015 Gurgaon Police and Bhopal Traffic Police get Best Road Safety Initiative Award Raipur, Karnataka RTC, Rajkot, BEST Mumbai facilitated transport initiatives MoS for Urban Development Shri Babul Supriyo presents Urban Mobility India Awards Sikkim, Jaipur, Indore, Coimbattore and NOIDA commended for urban mobility initiative… Read More »

Pilot project for developing greenbelt along National Highways

By | November 27, 2015

Ministry of Road Transport & Highways of Govt of India on 27-November, 2015 NHAI approves pilot project for developing strategically designed greenbelt along National Highways NHAI has approved a pilot project submitted by National Environmental Engineering Research Institute (NEERI), Nagpur for undertaking scientific studies on designing greenbelts along national highways.  The project will be implemented… Read More »

Loan Assistance worth Rs. 5,536 crore to India for Chennai Metro Rail Project (IV) and Ahmedabad Metro Project

By | November 27, 2015

Ministry of Finance of Govt of India on 27-November, 2015 India and Japan exchange Notes for Japan’s Official Development Loan Assistance worth Rs. 5,536 crore to India for Chennai Metro Rail Project (IV) and Ahmedabad Metro Project The Notes were exchanged here today between Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of… Read More »

CBDT signs 11 more Unilateral Advance Pricing Agreements

By | November 27, 2015

Ministry of Finance of  Govt of India on 27-November, 2015 Central Board of Direct Taxes (CBDT) Signs 11 more Unilateral Advance Pricing Agreements (APAS) It has been the endeavor of the Government to foster an environment of co-operation in matters of taxation through predictability of laws and reduced litigation. In a major push towards providing… Read More »

Overwhelming response for Sovereign Gold Bond Scheme

By | November 27, 2015

By Press Information Bureau of  Government of India Ministry of Finance 27-November-2015 18:26 IST Overwhelming response received from the retail investors for Sovereign Gold Bond Scheme (SGB) ; 63,000 applications received for a total of Rs 246.20 crore by the Banks and Post Offices for 917 kgs of gold; Number of decisions taken to improve… Read More »

Date of failure is relevant for the purpose of Imposing penalty : Supreme Court

By | November 27, 2015

Facts of the Case :- Initial Summons to the Respondent was dated 23.7.2002.   (Thus SEBI’s summons to respondent to furnish required documents prior to 29-10-2002.) The Respondent sought time till 20.8.2002 to provide the documents and information sought by the Appellant, and thereafter sought further time till 31.8.2002 and then 30.9.2002.SEBI sent a reminder letter… Read More »

Depreciation is allowed even before the date of Inauguration if the Asset is ready to use

By | November 27, 2015

Facts of the Case The assessee-company was engaged in the business of publishing of news papers. As per the Director’s report the company has commenced its business on 27.10.2007. The assessee has claimed depreciation for an amount of Rs.3,45,43,794 which includes depreciation at the rate of 15% amounting to Rs.76,87,348 on opening WDV of plant and… Read More »

Income from project before commissioning are capital receipts : Supreme Court

By | November 27, 2015

Brief Facts of the Case ;- Assessee-company was in process of constructing and erecting its plant and had not started any business during relevant assessment years .Three heads under which the assessee has received certain amounts. These are the i) rent charged by the assessee to its contractors for housing workers and staff employed by… Read More »

Refund of Duty Drawback is Capital receipt if it was part of project cost:Delhi High Court

By | November 27, 2015

Facts of the Case The assessee in the relevant assessment year 2009-10 was in the process of setting up a thermal power generation plant at Maithon, Jharkhand. It applied to the Ministry of Power, Government of India for grant of mega power status which was under examination during the assessment year 2009-10. The project was… Read More »

Annual turnover of the stock broker for registration fee include the entire transaction ; Supreme Court

By | November 27, 2015

Issue :-  Interpretation of the term ‘annual turnover’ as it finds mention in the Explanation after paragraph 3 of Schedule III to the Securities & Exchange Board of India (Stock Brokers & Sub-brokers) Regulations, 1992 (for brevity, ‘the Regulations’). The aforesaid Explanation reads as follows : “Explanation. – For the purpose of paragraphs 1, 2 and… Read More »

Clarification for service tax on Seed Testing w.e.f 01.07.2012

By | November 26, 2015

Clarification regarding leviability of service tax in respect of Seed Testing with effect from 01.07.2012 Circular No.189/8/2015-Service Tax  F. No. 354/279/2015-TRU Government of India Department of Revenue Central Board of Excise & Customs New Delhi New Delhi, the  26th November, 2015 To Principal Chief Commissioners of Customs and Central Excise(All) Principal Chief Commissioners of Central… Read More »

Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks

By | November 26, 2015

Date : Nov 26, 2015 RBI releases ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks: September 2015’ The Reserve Bank of India today released the web publication ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks (SCBs)’ as on the last Friday of the quarter ending September 2015 (i.e. September 25, 2015).… Read More »

Category: RBI

Survey on International Trade in Banking Services 2014-15 Data Release

By | November 26, 2015

Date : Nov 26, 2015 The Reserve Bank of India today released, on its website, the data related to the 2014-15 round of Survey on International Trade in Banking Services. The annual survey on International Trade in Banking Services (ITBS) provides information on the branches/subsidiaries of Indian banks operating abroad and foreign banks operating in… Read More »

Online Returns to be submitted by NBFCs- Revised by RBI

By | November 26, 2015

RBI/2014-15/246 DNBS (PD).CC.No.03/03.02.02/2015-16 November 26, 2015 All Non Banking Financial Companies Dear Sir, Online Returns to be submitted by NBFCs- Revised Please refer to our Master Circular no DNBS.IT.CC.No.01/24.01.191/2015-16 dated July 01, 2015 on Returns to be submitted by NBFCs. 2. It has been decided to rationalize the returns’ to be submitted online through COSMOS… Read More »

Bank Finance to Factoring Companies criteria revised by RBI

By | November 26, 2015

RBI/2015-16/247 DBR.BP.BC.No.55/21.04.172/2015-16 November 26, 2015 All Scheduled Commercial Banks (Excluding RRBs) Madam/Dear Sir, Bank Finance to Factoring Companies Please refer to our circular DBOD.BP.BC.No.40/21.04.172/2012-13 dated September 11, 2012 on “Bank Finance to Factoring Companies”, in terms of which banks were advised that they can extend financial assistance to support the factoring business of Factoring Companies complying with… Read More »