Daily Archives: July 5, 2016

Anti-dumping duty on Purified Terephthalic Acid including its variants

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

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

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

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 »

Changing names of High Courts of Bombay and Madras approved by Govt

Cabinet approves the High Courts (Alteration of Names) Bill, 2016 for enabling changing the names of High Courts of Bombay and Madras The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to introduce ‘The High Courts (Alteration of Names) Bill, 2016’ in Parliament. The High Courts (Alteration of Names)… Read More »

Revision of pension of BSNL Pensioners approved by govt

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 »

Change in CA syllabus under Revised Education &Training Scheme

July 4, 2016 FOR THE URGENT ATTENTION OF STUDENTS Change in syllabus under the Revised Education and Training Scheme Number of queries are being received from the students with respect to the proposed change in the curriculum of Education and Training of CA course as to what will happen if registration is done under the… Read More »

No tax on Interest awarded on compensation for personal disability

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

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

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 »