Daily Archives: December 11, 2015

Govt will not constitute monitoring authority to regulate CSR by Companies

By | December 11, 2015

Welfare activities under the Corporate Social Responsibility (CSR) and the Companies Act, 2013 The provisions of Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and rules made thereunder have come into force with effect from 01.04.2014. The year 2014-15 was the first year of implementation of CSR policies by companies under… Read More »

CBDT Revised limit for filing Appeals by Income Tax department to Tribunal/High Court/Supreme Court

By | December 11, 2015

Circular No 21/2015 F No 279/Misc. 142/2007-ITj(Pt) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 10th December 2015 Revision of Monetary limits for filing of appeals by the department before Income tax Appellate Tribunal and High Courts and SLP before Supreme Court – measure for reducing… Read More »

Taxes paid twice can be claimed as refund

By | December 11, 2015

Facts of the case The petitioner company cleared its final product during the period between June, 2002 and September, 2002 on payment of excise duties totalling to Rs. 91,129/-. The petitioners due to a pure clerical error, paid the same amount of duty on same clearances all over again by debiting the amount in the… Read More »

Refund cannot be granted if refund application is time barred

By | December 11, 2015

Whether a refund claim in terms of Rule 57F(3) of the Central Excise Rules, 1944 read with Notification No.85/87-CE dated 01.03.87 in respect of credit of duty taken under Rule 57A of the Central Excise Rules, 1944 which remain unutilized in respect of those consignments which were exported and sailed prior to 21.05.89, made after… Read More »

Dishonour of Cheque :Not only Director but all persons in charge of conduct of Business are liable for prosecution

By | December 11, 2015

whether a person simply being a Director of a Company is liable to be prosecuted by virtue of the provisions of Section 141 NI Act or the person who at the time of offence was in charge of and was responsible to the company for the conduct of the business of the Company would be… Read More »

Provisions of section 40(a)(i) are not attracted on Depreciation

By | December 11, 2015

Facts of the Case are During assessment proceedings, the A.O. noticed that the assessee purchased “Foster’s Brand” and “Intellectual Property”, “Foster’s Brewing Intellectual Property” and Foster’s Trademarks from Foster’s Australia Ltd. for a consideration of Rs. 157,92,00,000/-. The assessee capitalized the said amount in its fixed assets schedule under the head “Trade Marks/Brands” and claimed… Read More »