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Dec 17, 2012

Time Limit to initiate proceedings u/s. 201(1)/201(1A) Prior to amendment of s. 201(3) vide Finance Act, 2009

Time Limit to initiate proceedings u/s. 201(1)/201(1A) Prior to amendment of s. 201(3) vide Finance Act, 2009

Posted: 17 Dec 2012 07:25 PM PST

In the instant case, while referring to the proviso in the newly inserted provisions of section 201(3) introduced by the Finance (No. 2) Act, 2009 with effect from 1-4-2010, the Assessing Officer concluded that he was competent to pass such orders for the aforesaid financial years at any time on or before 31-3-2011 while the Commissioner (Appeals),

Rajiv Gandhi Equity Savings Scheme – Whether Sufficient To Attract Investors In To Stock Market?

Posted: 17 Dec 2012 04:56 PM PST

In exercise of the powers conferred by sub-section (1) of section 80CCG of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the Rajiv Gandhi Equity Savings Scheme (RGESS). The purposes of the government behind such scheme are to provide tax benefits to investors investing...

All about Place of Provision of Service Rules 2012

Posted: 17 Dec 2012 02:43 AM PST

The new charging section, section 66B, enables taxation of only such services as are provided in taxable territory. Thus services that are provided in a non-taxable territory are not chargeable to service tax. Taxable territory has been defined in sub-section 52 of section 65B. It means the...

S. 66B – Taxability of services or charge of service tax

Posted: 16 Dec 2012 09:16 PM PST

TAXABILITY OF SERVICE The taxability of services or the charge of service tax has been specified in section 66B of the Act. To be a taxable a service should be – provided or agreed to be provided by a person to another in the taxable territory and should not be specified in the negative list. [...]

Brief on Negative List of Services

Posted: 16 Dec 2012 09:07 PM PST

NEGATIVE LIST OF SERVICES Service tax will be leviable on all services provided in the taxable territory by a person to another for a consideration other than the services specified in the negative list. There are seventeen heads of services (A to Q) that have been specified in the negative list:-...

Speed Post is not a valid mode of service u/s. 37C of Excise Act

Posted: 16 Dec 2012 08:45 PM PST

A copy of the order in original was sent to the assessee by speed post whereas the legal requirement under section 37C of the Central Excise Act, 1944 is to send it by registered post with acknowledgement due. The purpose of this kind of dispatch by registered post with acknowledgment due under...

Commissioner cannot assume jurisdiction u/s. 263 without recording the reasons

Posted: 16 Dec 2012 08:41 PM PST

We find that there is no reason whatsoever set out in the show cause notice as to why the Commissioner was of the view that the assessment order is erroneous and prejudicial to the interest of the revenue. Unless the Commissioner specifically sets out such reasons in the show cause notice, and...

Perpetual sole occupancy right given to a shareholder is deemed dividend u/s. 2(22)(a)

Posted: 16 Dec 2012 08:30 PM PST

The assessee has got the occupancy right in perpetuity as assessee can transfer his occupancy rights of the premises under consideration by way of sale to a third party subject to condition that transferee is to deposit the required amount of interest free security deposit with HPPL. The...

CENVAT Credit & Refund can be availed even without registration

Posted: 16 Dec 2012 08:28 PM PST

Insofar as requirement of registration with the department as a condition precedent for claiming Cenvat credit is concerned, learned counsel appearing for both parties were unable to point out any provision in the Cenvat Credit Rules which impose such restriction. In the absence of a statutory...

Telephone services at residence of workers are input services

Posted: 16 Dec 2012 08:25 PM PST

As regards telephone service, I find that the decision of the Tribunal in the case of ITC Ltd. v. CC&E [2009] 20 STT 110 (Chennai - CESTAT) took a view that such credit is admissible. In the absence of any contrary decision, I follow the same and hold that the appellants are eligible for...

ECB for low cost affordable housing projects

Posted: 16 Dec 2012 05:15 PM PST

It has been decided to allow ECB for low cost affordable housing projects as a permissible end-use,under the approval route. ECB can be availed of by developers/builders for low cost affordable housing projects. Housing Finance Companies (HFCs)/National Housing Bank (NHB) can also avail of ECB for...

Enlistment of agencies authorized to issue Certificate of Origin – Non-Preferential

Posted: 16 Dec 2012 04:58 PM PST

PUBLIC NOTICE NO. 37 (RE 2012)/2009-2014 NEW DELHI, DATED THE 17th DECEMBER, 2012 Subject: – Enlistment of agencies authorized to issue Certificate of Origin – Non-Preferential.           In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director...

Anti-dumping duty on imports of Cable Ties from China and Taiwan – Reg.

Posted: 13 Dec 2012 05:48 PM PST

Notification No. 56/2012-Customs (ADD) Seeks to modify final anti-dumping duty on imports of Cable Ties, originating in, or exported from the People's Republic of China and Taiwan and imported into India, imposed vide Notification No. 44/2009-Customs dated 30th April, 2009

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