India-Mauritius-DTAA and fiscal evasion convention amendment for prevention of fiscal evasion of tax and encouragement of mutual trade and investment.

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India-Mauritius-DTAA and fiscal evasion convention amendment for prevention of fiscal evasion of tax and encouragement of mutual trade and investment. Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 29th August, 2016. Subject: Notification of Protocol for amendment of the Convention for the avoidance of double […]

Excise duty refund for trade-turnover discounts not allowable unless duty passed on to the ultimate consumer – Supreme Court

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Excise duty refund for trade-turnover discounts not allowable unless duty passed on to the ultimate consumer  else it would result in unjust enrichment – Supreme Court ABCAUS Case Law Citation: 1004 2016 (08) SC Important Judgments cited: Mafatlal Industries Ltd. and Others Vs. Union of India And Ors., (1997) 5 SCC 536 Union of India and […]

Form 26AS amounts not income if not credited in books of accounts of the assesssee. Mere issue of TDS certificate does not establish any income-ITAT

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Form 26AS amounts not income if not credited in books of accounts of the assesssee. It is a well settled law that the bank account is not books of account of the assessee.  Mere issue of TDS certificate does not establish any income-ITAT. ABCAUS Case Law Citation: 1003 2016 (08) ITAT Assessment Year: 2010-11 Date […]

Higher GP rate adoption for mere fall in rate from preceding year. It cannot be a sole reason for choosing higher rate as per Assessing Officers convenience

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Higher GP rate adoption for mere fall in rate from preceding year. It cannot be a sole reason for choosing higher rate as per Assessing Officers convenience – ITAT ABCAUS Case Law Citation: 1002 2016 (08) ITAT Assessment Year: 2010-11 Date/Month of Judgment: July 2016 Brief Facts of the Case: The respondent assessee was engaged in […]

AO statutorily required to compute capital gain us 48 not 50C. Deduction us 54EC to be also not on deemed cost of consideration u/s 50C basis-ITAT

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AO statutorily required to compute capital gain us 48 not 50C. Deduction us 54EC also allowable on capital gain computed u/s 48 not on deemed cost of consideration u/s 50C-ITAT ABCAUS Case Law Citation: 1001 2016 (08) ITAT AY: 2009-10 Brief Facts of the Case: The appellant assessee had sold a property for a consideration […]

Additions u/s 28(iv) not apply to benefits received in cash-money. ITAT quashed additions made alleging customers advances opening balances as bogus

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Additions u/s 28(iv) not apply to benefits received in cash-money. ITAT quashed additions made by Assessing Officer alleging opening balances of customers advances as bogus. ABCAUS Case Law Citation: 1000 2016 (08) ITAT The Prelude: It has bee widely held in numerous judgments that additions u/s 68 can not be made towards opening balances. In a […]

Delinking of wrongly linked UANs. All such requests for delinking should be recommended by the concerned field office-EPFO Circular

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Delinking of wrongly linked UANs – EPFO  Employees’ Provident Fund Organisation Ministry of Labour & Employment, Govt. Of India Bhavishya Nidhi Bhawan, 14-Bhikaji Cama Place, New Delhi-110066 No. R-I/P-20/UAN/2014/Vol. II/456                                                   […]

Allahabad High Court local advocate engagement Rules 3 3A not unconstitutional nor ultra vires Section 30 of the Advocates Act 1961

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Allahabad High Court local advocate engagement Rules 3 3A not unconstitutional but valid. They are not ultra vires Section 30 of the Advocates Act 1961 – Supreme Court ABCAUS Case Law Citation: 999 2016 (08) SC Important Case Laws/judgments cited: Bar Council of India v. High Court of Kerala  (2004) 6 SCC 311 Pravin C. […]

Streamlining process of NOC Port Clearance Certificate voyage return-assessment of Foreign Shipping Companies (FSCs) – CBDT Circular 30/2016

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Streamlining process of NOC Port Clearance Certificate voyage return and assessment of Foreign Shipping Companies  Circular No. 30/2016 F. No: 500/05/2014-FTD-I Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes Foreign Tax & Tax Research Division – II FT & TR-V Section New Delhi, dated 26th of August, 2016 Subject […]

Revised guidelines for disposal of custom confiscated goods through Army Canteens/CSD, NCCF/Kendriya Bhandar etc. and discount

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Revised guidelines for disposal of custom confiscated goods through Army Canteens/CSD, NCCF/Kendriya Bhandar etc. and discount Circular No. 39/2016-Customs F.No.711/01/2006-Cus(AS)/Pt. Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, the 26th August, 2016 To All Principal Chief Commissioners/Chief Commissioners of Customs All Principal Chief Commissioners/Chief Commissioners of […]
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