Daily Archives: August 5, 2015

Fast Track Exit Scheme Guidelines for Companies

By | August 5, 2015

Fast Track Exit Scheme Guidelines  for defunct companies under section 560 of the Companies Act, 1956 GENERAL CIRCULAR NO. 36/2011, DATED 7-6-2011 There are a number of companies, which are registered under the Companies Act, 1956, but due to various reasons they are inoperative since incorporation or commenced business but became inoperative or defunct later… Read More »

Fast Track Exit Scheme for Defunct Companies

By | August 5, 2015

1. What is Fast Track Exit Scheme (FTE) Mode? Ministry has issued Guidelines for “Fast Track Exit (FTE) Mode” to give opportunity to the defunct companies to get their names struck off from the register under Section 560 of the Companies Act, 1956 in time bound manner. 2. What is the date of implementation of… Read More »

CENVAT Construction of railway siding to transport coal to captive power plant

By | August 5, 2015

Question : Can the Assessee take cenvat Credit on  engineering consultancy service used for construction of railway siding which is constructed for transport of coal to captive power plant for generation of electricity ? Construction of railway siding is only to facilitate transportation of coal to assessee’s factory – Transportation of coal is necessary for generation… Read More »

Rs 420 Crore penalty on Hyundai by Competition Commission of India

By | August 5, 2015

CCI slaps 420 crores penalty on Hyundai for restricting supply of genuine spare parts in open market Opposite parties i.e. Hyundai Reva and Premier either specifically through their agreements or otherwise through understanding with their dealers, had restricted/prohibited sale of spare parts over counter, thereby resulting in prescribing exclusive distribution agreements and refusal to deal… Read More »

PIL to declare CPT course of ICAI as illegal quashed by Madras High Court

By | August 5, 2015

PIL to declare CPT course of ICAI as illegal quashed Chartered Accountants Act, 2006: Public Interest Litigation filed by former Head of Southern Region of ICAI praying for issuance of writ of certiorarified mandamus to quash proceedings of ICAI relating to grant of approval for registration of CPT on the ground that it was ultra vires… Read More »

Income declared in return by Mistake can not be taxed

By | August 5, 2015

Question: Whether Income declared in return by Mistake  can be taxed ? If a particular income is not chargeable to tax in hands of a person as per law, then same cannot be taxed merely on reason of such person inadvertently filing return declaring some income The judgment of the Hon’ble Supreme Court in ITO v.… Read More »

CBDT signs first rollback advance pricing agreement

By | August 5, 2015

The Central Board of Direct Taxes (CBDT) signed first unilateral rollback advance pricing agreement (APA) on Monday, four months after the rollback norms were notified in March this year. According to sources, the rollback deal was signed with a US firm for nine years, which includes protection against litigation for the past four years as… Read More »