Daily Archives: July 5, 2016

Anti-dumping duty on Purified Terephthalic Acid including its variants

By | July 5, 2016

Seeks to impose definitive anti-dumping duty on “Purified Terephthalic Acid” including its variants Medium Quality Terephthalic Acid (MTA) and Qualified Terephthalic Acid (QTA), originating in or exported from China PR, Iran, Indonesia, Malaysia and Taiwan, for a period of five years from the date of imposition of provisional anti-dumping duty 28/2016-Cus (ADD), dt. 05-07-2016

Shipbuilding Financial Assistance Policy Implementation Guidelines

By | July 5, 2016

Guidelines for Implementation of Shipbuilding Financial Assistance Policy The Ministry of Shipping has approved a set of guidelines for implementation of  its Shipbuilding Financial Assistance Policy. An institutional mechanism has also been created within the Ministry for redressal of grievances arising out of matters related to the said policy. The Shipbuilding Financial Assistance Policy was… Read More »

CBEC issues a Circular on recovery of confirmed demands during the pendency of stay application of duty

By | July 5, 2016

CBEC issues a Circular on recovery of confirmed demands during the pendency of stay application of duty Central Board of Excise and Customs (CBEC) has issued a circular dated 04.07.2016 on the issue of ‘’Recovery of confirmed demand of tax during the pendency of stay application’’ in relation to indirect taxes. Confirmed demand of tax… Read More »

TRAI releases Draft Telecom Consumers Protection (Tenth Amendment) Regulations (TCPR

By | July 5, 2016

TRAI releases Draft Telecom Consumers Protection (Tenth Amendment) Regulations (TCPR), 2016 for Comments of the Stakeholders Telecom Regulatory Authority of India (TRAI) has today released The Draft Telecom Consumers Protection (Tenth Amendment) Regulations, 2016 for public consultation inviting comments of the Stakeholders. The present regulatory regime governed by TCPR-2012 allows Telecom Service Providers to offer… Read More »

National Apprenticeship Promotion Scheme approved by Govt

By | July 5, 2016

Cabinet approves the National Apprenticeship Promotion Scheme The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved a National Apprenticeship Promotion Scheme. The Scheme has an outlay of Rs. 10,000 crore with a target of 50 lakh apprentices to be trained by 2019-20. The Scheme would be implemented by Director General of… Read More »

Revision of pension of BSNL Pensioners approved by govt

By | July 5, 2016

Cabinet approves Revision of pension of BSNL Pensioners Removing Anomalies The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the revision of pension of BSNL pensioners and family pensioners, who retired prior to 10.06.2013 by allowing the benefit of merger of 50% DA/DR with Basic Pay/ Pension, effectively amounting to 78.2%… Read More »

Interest Subvention Scheme for farmers approved by Govt

By | July 5, 2016

Interest subvention to Public Sector Banks, Private Sector Banks, Cooperative Banks, Regional Rural Banks and NABARD for providing short term crop loan to farmers The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Interest Subvention Scheme for farmers for the year 2016-17. The Government has earmarked a sum of Rs.… Read More »

No tax on Interest awarded on compensation for personal disability

By | July 5, 2016

IN THE INCOME TAX APPELLATE TRIBUNAL, AHMEDABAD A BENCH, AHMEDABAD Urvi Chirag Sheth ………………….Appellant Vs. Income Tax Officer Ward 5(2)(3), Ahmedabad ……………….Respondent S. 56(2)(vii)/ 145A: Interest awarded on compensation for personal disability does not have the character of “income” and cannot be taxed. CBDT requested to issue instructions to mitigate hardship of accident victims Clearly,… Read More »

ITAT bound by non-jurisdiction High Courts decisions also

By | July 5, 2016

IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR I.T.A. No.: 106/RPR/2016 Assessment year: 2010-11 R K P Company ………….…………….Appellant Vs. Income Tax Officer Ward 1, Korba ……..….…….…Respondent S. 40(a)(ia): When there are conflicting judgements of non-jurisdiction High Courts, the Tribunal is not permitted to choose based on its perception of what the correct law… Read More »

CSR expenditure is allowable business expense : ITAT

By | July 5, 2016

IN THE INCOME TAX APPELLATE TRIBUNAL RAIPUR BENCH, RAIPUR Assistant Commissioner of Income Tax Circle 1(1), Bilaspur ………….…………….Appellant Vs. Jindal Power Limited ……..….…….…Respondent Tanmar, Raigarh 496 107 I.T.A. No.99/BLPR/2012 Assessment year: 2008-09 S. 37(1): Expenditure on Corporate Social Responsibility (CSR), though voluntary, is allowable as business expenditure. Explanation 2 to s. 37(1) inserted w.e.f. 01.04.2015… Read More »