Daily Archives: January 27, 2016

CA IPC Result Nov 2015 likely to be declared on 1.02.2016

By | January 27, 2016

Result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2015 is likely to be declared on Monday, the 1st February, 2016 around 4.00 P.M. – (25-01-2016) Source : THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA The result of the Chartered Accountants Intermediate (Integrated Professional Competence) Examination held in November, 2015 is likely… Read More »

Selling space for advertisement on Google Website is Adverstising Service

By | January 27, 2016

Held In the proposed activity, the applicant, even by merely providing /selling space for display or exhibition of an advertisement, would be providing a service to the advertisers/clients. From this angle as well, the applicant would be covered by the definition of advertising agency. AUTHORITY FOR ADVANCE RULINGS, NEW DELHI GOOGLE ONLINE INDIA (P.) LTD.… Read More »

Rs 1 Crore Fine was imposed on Google by Competition Commission of India

By | January 27, 2016

COMPETITION COMMISSION OF INDIA Consim Info (P.) Ltd. v. Google Inc., USA ASHOK CHAWLA, CHAIRPERSON DR. GEETA GOURI, ANURAG GOEL, M.L. TAYAL, AND S.L. BUNKER, MEMBER CASE NOS. 7 & 30 OF 2012 MARCH  26, 2014 Ravi Sekhar Nair and Sameer Gandhi for the Opposite Party. ORDER UNDER SECTION 43 OF THE COMPETITION ACT, 2002… Read More »

Employer not liable to deduct TDS @ 20% for non furnishing of PAN by Employees

By | January 27, 2016

Held TDS on salary shall be deducted in the manner specified under sec. 192 of the Act, after allowing basic exemption limit and deductions towards investments in savings scheme etc. Unlike other provisions of TDS, TDS on salary cannot be deducted by applying flat rate of tax on gross payment. Therefore, sec. 206AA provides for… Read More »

Central Registration Centre to Process applications for reservation of names under Companies act

By | January 27, 2016

[To be published in the Gazette of India, Extraordinary, Part ll, Section 3, sub-Section(ii) ] GOVERNMENT OF INDIA MINISTRY OF CORPORATE AFFAIRS Notification New Delhi, the 22 January 2016 S.O. (E) In exercise of the power-s conferred by sub-sections (1) and (2) of section 396 of the Companies Act ,2013 (18 of 2013) (herein after referred… Read More »

Time bound action plan to make public places accessible for Persons with Disabilities

By | January 27, 2016

Time bound action plan to make public places and transport accessible for Persons with Disabilities Accessibility Index, an aspirational educational benchmark- almost finalized While the government has recently launched several initiatives like Accessible India Campaign, the public and private sector should come together to ensure inclusion and mainstreaming of differently abled, said Shri Thaawarchand Gehlot,… Read More »

Ministry of Shipping to invest Rs 14225 crores on various Port Projects

By | January 27, 2016

Ministry of Shipping to invest Rs. 14,225 crores on various Port Projects In order to bring the Major Ports in India at par with its contemporaries across the world, Ministry of Shipping has been emphasizing on creation of additional capacities through development and construction of new berths/terminals, revamp of existing berths and terminals and other… Read More »

India and Armenia Sign Protocol amending DTAC

By | January 27, 2016

India and Armenia Sign Protocol amending the India-Armenia Double Taxation Avoidance Convention A Protocol to amend the existing Double Taxation Avoidance Convention was signed by the Government of India and the Government of Armenia here today. The Protocol amends the Double Taxation Avoidance Convention between India and Armenia that has been in existence since 9th… Read More »

Govt approves Increasing Authorized Share Capital of NSFDC

By | January 27, 2016

Increasing the Authorized Share Capital of the National Scheduled Castes Finance and Development Corporation The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi today gave its approval for enhancement of. Authorized Share Capital of the National Scheduled Castes Finance and Development Corporation (NSFDC), a Central Public Sector Enterprise (CPSE) working under the aegis… Read More »

India approves Rs 969 crore for Afghan Parliament Building in Kabul

By | January 27, 2016

Revised cost estimate of Rs.969 crore in connection with the Afghan Parliament Building in Kabul The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi today gave its ex-post facto approval for completion of the Afghan Parliament Building in Kabul by 31st December, 2015 at a revised project cost of Rs.969 crore. The project… Read More »

Govt approves raising of 17 Indian Reserve Battalions by J&K and LWE States

By | January 27, 2016

Cabinet approves raising of 17 Indian Reserve Battalions by J&K and LWE States The Union Cabinet under the Chairmanship of Prime Minister Shri Narendra Modi has approved the raising of 17 India Reserve Battalions (IR Bns) by Jammu & Kashmir and Left Wing Extremism (LWE) affected States. It includes five IR Bns in the state… Read More »

India Signs MOU’s for Cyber Security with Malaysia, Singapore and Japan

By | January 27, 2016

Signing of Memorandum of Understandings between Indian Computer Emergency Response Team with (i) CyberSecurity, Malaysia; (ii) Cyber Security Agency of the Republic of Singapore; and (iii) Japan Computer Emergency Response Team Coordination Center on Cooperation in Cyber Security The Union Cabinet chaired by the Prime Minister Shri Narendra Modi was today apprised of the Memorandum… Read More »

Utilization of dredged sand in Cochin Port

By | January 27, 2016

Utilization of dredged sand in Cochin Port Cochin Port Trust has approached KITCO to undertake a study for utilisation of dredged sand. Cochin Port Trust has been exploring methods of reducing the net expenditure on maintenance dredging. One of the suggestions in this regard was utilization of the material from the dredging. Approximately 21 million… Read More »

Refund of service tax paid on terminal handling charges by Exporters allowed

By | January 27, 2016

Jain Irrigation Systems Ltd. v. Commissioner of Central Excise, Mumbai M.V. RAVINDRAN, JUDICIAL MEMBER ORDER NOS. M/4872/2015/SMB AND A/3580-3581/2015/SMB APPLICATION NO. ST/MA(ORS.)/94578/2015 APPEAL NOS. ST/89895 AND 89901/2014 OCTOBER  28, 2015 Aqueel Sheeraji, Adv. for the Appellant. A.B. Kulgod, Asstt. Commr. (AR) for the Respondent. ORDER 1. These two appeals filed by the appellant are against… Read More »

Commission on sale of Bonds by Banks is held Business Auxiliary Services

By | January 27, 2016

CESTAT, MUMBAI BENCH Commissioner of Service Tax, Mumbai-I v. ICICI Bank Ltd. M.V. RAVINDRAN, JUDICIAL MEMBER AND C.J. MATHEW, TECHNICAL MEMBER ORDER NOS. A/2793-2794/15/STB APPEAL NOS. ST/349 AND 350/2011 AUGUST  6, 2015 S.S. Gupta, CA for the Appellant. Ms. P.V. Sekhar, Dy. Commissioner (AR) for the Respondent. ORDER C.J. Mathew, Technical Member – M/s ICICI… Read More »

Advances to family members of Shareholder not covered u/s 2(22)(e) i.e deemed dividend

By | January 27, 2016

whether the provisions of section 2(22)(e) of the Act could be invoked on the family members of the assessee who are not shareholders in the lending company and accordingly whether clubbing provision would be applicable for deemed income ? It is also observed that both the son and daughter of the assessee are not shareholders… Read More »

List of Transactions to be filed with Central Registry under SARFAESI Act

By | January 27, 2016

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 22nd January, 2016 G.S.R. 102(E).—In exercise of the powers conferred by sub-section (1) and clauses (c) to (g) of sub-section (2) of section 38 read with section 20 of the Securitisation and Reconstruction of Financial… Read More »

Financial difficulties is not an excuse for non payment of Service tax already collected from customers

By | January 27, 2016

CESTAT, MUMBAI BENCH Mohtamaan Industries v. Commissioner of Central Excise, Customs & Service Tax, Pune-I M.V. RAVINDRAN, JUDICIAL MEMBER AND C.J. MATHEW, TECHNICAL MEMBER ORDER NO. A/3647/2015/STB APPEAL NO. ST/18/2011 NOVEMBER  10, 2015 Makrand Joshi, Adv. for the Appellant. B. Kumar Iyer, Superintendent (AR) for the Respondent. ORDER C.J. Mathew, Technical Member – M/s Mohtamaan… Read More »

Depreciation on revalued assets allowed to successor if same was allowed to predecessor

By | January 27, 2016

IN THE ITAT MUMBAI BENCH ‘E’ Deputy Commissioner of Income-tax-7 (2), Mumbai v. Suyash Laboratories Ltd. N.K. BILLAIYA, ACCOUNTANT MEMBER AND SANJAY GARG, JUDICIAL MEMBER IT APPEAL NOS. 4003 & 4004 (MUM.) OF 2012 [ASSESSMENT YEARS 2005-06 & 2006-07] OCTOBER  14, 2015 Premanand J. for the Appellant. Vijay Mehta for the Respondent. ORDER N.K. Billaiya,… Read More »

Statement recorded by the Police not relevant for re-opening assessment

By | January 27, 2016

Held :- The sole reliance on the statement recorded by the police under section 161 of CrPC on 09.12.2009 itself was wrong because Section 161 of CrPC deals with examination of witness by police. It requires that the Investigation Officer may examine orally any person supposed to be acquainted with the facts and circumstances of… Read More »

President’s Rule imposed in Arunachal Pradesh

By | January 27, 2016

President’s Rule imposed in Arunachal Pradesh today Source: Ministry of Home Affairs 26-January, 2016 President of India has signed a Proclamation under article 356(1) of the Constitution, imposing President’s Rule in relation to the State of Arunachal Pradesh and keeping the Legislative Assembly of the State in suspended animation with effect from January 26, 2016. Taking… Read More »