IT/ILT : Where assessee company sold its stake in an Indian company to its foreign associate company, discounted cash flow method could be used for valuation of shares sold, due to non-applicability of other methods prescribed under section 92C(1)
Saturday, 25 May 2013
Educational institute can publishes magazines to pursue its objects
IT : Act of publishing educational magazines by assessee, which was running educational institutions, would not disentitle it to section 11 exemption
No penalty leviable if ST is paid before issuance of SCN and there is no suppression of facts by ass
ST : Where service tax along with interest is paid before issuance of show-cause notice and charge of suppression/intent to evade payment of service tax is not invocable, assessee is not liable to any penalty in view of section 73(3)
No sec. 14A disallowance if interest free funds outpace tax free investments
IT : Where interest free funds available with assessee were more than investment made in tax free securities, no disallowance under section 14A could be made
Credit isn’t available on canteen services to the extent exp. is recovered from employees
ST : Assessee is entitled to avail CENVAT Credit on inputs services in nature of expenses incurred on outdoor catering for canteen, but, credit will not be available on expenses recovered from employees on account of canteen services
No concealment penalty if capital gains offered by assessee were treated as business profits by AO
IT : Where assessee returned income in question as short term capital gain but Assessing Officer assessed said income as income from business, penalty under section 271(1)(c) was not leviable
Central Excise Notification No 07/2013 CE(NT) dated 23-05-2013
Central Excise : Seeks to allow duty free sale of goods manufactured in India to the International passengers or members of crew at the DFSs located at the arrival / departure hall of International Airports and specify the procedures relating thereto.
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30806.aspx
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30806.aspx
Central Excise Notification No 08/2013 CE(NT) dated 23-05-2013
Central Excise : Seeks to allow duty free sale of goods manufactured in India to the International passengers or members of crew at the DFSs located at the arrival / departure hall of International Airports and specify the procedures relating thereto.
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30807.aspx
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30807.aspx
Central Excise Notification No 09/2013 CE(NT) dated 23-05-2013
Central Excise : Seeks to allow duty free sale of goods manufactured in India to the International passengers or members of crew at the DFSs located at the arrival / departure hall of International Airports and specify the procedures relating thereto.
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30808.aspx
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30808.aspx
Services provided by data handling centre to banks are liable to service tax
ST/ECJ : I. Services relating to transfers of funds, advice on securities and management of deposits/purchase contracts/loans provided by data handling centres to banks, are liable to service tax
Central Excise Notification No 18/2013 dated 23-05-2013
Central Excise : Seeks to allow duty free sale of goods manufactured in India to the International passengers or members of crew at the DFSs located at the arrival / departure hall of International Airports and specify the procedures relating thereto.
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30804.aspx
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30804.aspx
Central Excise Notification No 19/2013 dated 23-05-2013
Central Excise : Seeks to allow duty free sale of goods manufactured in India to the International passengers or members of crew at the DFSs located at the arrival / departure hall of International Airports and specify the procedures relating thereto.
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30805.aspx
Click Here:http://www.eximguru.com/Notifications/seeks-to-allow-duty-free-30805.aspx
Services availed for market research and customer’s credit rating are eligible for input credit
ST : Management consultancy service relating to conduct of 'market research' and customers 'credit rating' in international market to improve their market abroad is eligible for input service credit
Additions for undisclosed investment merely because a land in vicinity fetched higher price was unte
IT : Where Assessing Officer made addition on account of undisclosed investment in purchase of agricultural land on basis that some of lands in village were sold at a higher price and sellers had given statements to Assessing Officer of having received higher sale consideration, addition was to be deleted
IRDA issues guidelines for Indian insurance companies seeking to open offices outside India
INSURANCE : Guidelines for Opening of Foreign Insurance Company
CBDT notifies “Gujarat Energy Research and Management Institute” as ‘Scientific Research Association
IT : Section 35(1)(ii) of the Income-Tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/Institutions - Gujarat Energy Research and Management Institute, Gandhi Nagar
CBDT notifies “Centre for DNA fingerprinting and Diagnostics” as ‘Scientific Research Association’
IT : Section 35(1)(ii) of the Income-Tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/Institutions - Centre for DNA Fingerprinting and Diagnostics, Hyderabad
Requirements to furnish hard copies of data of ‘Liberalized Remittance Scheme’ dispensed with for ba
FEMA/ILT : Liberalised Remittance Scheme for Resident Individuals - Reporting
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