Daily Archives: November 30, 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 »