Month: July 2016

Recovery of confirmed demands of excise during pendency of stay application. Important changes due to judgments. CBEC Circular 1035/23/2016-CX

Circular No.  1035/23/2016-CX F. No. 208/36/2012-CX.6 Government of India Ministry of Finance Department of Revenue Central Board of Excise and Customs New Delhi, dated the 4th Jul y, 20 16 To. The Principal Chief Commissioners! Chief Commissioners of Central Excise (All) The Principal Chief Commissioners/ Chief Commissioners  of …

Penalty u/s 271(1)(b) deleted for non compliance due to non-availability of accounting staff in September month for finalization of accounts

Penalty 2711b-Non compliance due to September Finalisation September being the month for finalization of accounts, the assessee’s explanation that there was nonavailability of accounting staff, cannot be doubted. Penalty u/s 271(1)(b) for non compliance of notices 143(2), 142(1) deleted by ITAT ABCAUS Case Law Citation: 964 2016 (06) ITAT …

SEBI – FAQ on Foreign Portfolio Investors

SEBI – FAQ on Foreign Portfolio Investors – 164 Question and answers  SEBI has issued a FAQ consisting of 164 questions and answers on Foreign Portfolio Investors to guide market participants on SEBI (Foreign Portfolio Investors) Regulations, 2014 The FAQ has been grouped into following headings: I. Transition from …

MCA-21 ROC Fee Refund Procedure FAQ

MCA-21 ROC Fee Refund Procedure FAQ 1. What is Refund Process The user is required to make various payments to avail MCA21 services. A number of instances have been observed where the users make multiple payments or incorrect payment or excess payment while using these services. In order …

No Additions solely on AIR information basis when the assessee denied reported transactions as the onus /burden shifted upon the AO – ITAT

Addition cannot be made solely on the basis of AIR information especially when the assessee denies the reported transactions and the onus/burden shifted upon the AO to rebut the accounts/contentions of the assessee – ITAT ABCAUS Case Law Citation: 963 2016 (06) ITAT Assessment Year: 2010-11 Date/Month of Judgment/Order: …

Double Taxation Avoidance Agreement DTAA between India and Cyprus. In-principle agreement reached on all pending issues – Press Release

DTAA between India and Cyprus – In-principle agreement reached on all pending issues  Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 1st July, 2016. Sub : Indo-Cyprus Double Taxation Avoidance Agreement An official level meeting between India and Cyprus took …

Income Declaration Scheme-Government assures complete confidentiality Scheme not be extended beyond 30th September 2016 – Press Release

Income Declaration Scheme: Government assures complete confidentiality Scheme not be extended beyond September 30 : Revenue Secretary Ministry of Finance Press Release dated 1st July, 2016 The Government has assured complete confidentiality to those declaring their income under the Income Declaration Scheme 2016.  Addressing a press conference in …

Bunker fuels Clearance-Indian Ship Vessel carrying containerized cargo. Exemption Procedure, Utilisation Certificate Submission and Recover. CBEC Circular

Circular No. 1034/22/2016-CX F. No. 83/1/20 15-CX.3 (Pt.) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs New Delhi, 1st July, 2016 To The Principal Chief Commissioners/Chief Commissioners of Central Excise & Service Tax (All); The Principal Chief Commissioners/Chief Commissioners of Customs (All); …