Production of Paratha, Samosa, Dhokla etc is manufacture U/s. 10B In the present case, we find that the assessee uses various materials like flour, ghee, oil etc. for the production of various items. The production is done by following a particular set process. The various raw materials when consumed lose their individual and independent identity and a different...  |
| Trend of judgments of Supreme court in cheque dishonour cases Recently the Supreme Court in M/s Laxmi Dye Chem Vs State of Gujarat & Ors set aside the order of high court of which quashed the Complaints filed before the trial court u/s 138 of the Negotiable Instruments Act,1881(NI Act) for dishnour of cheques.  |
| Seller is an agent of Government or not-two opposite verdicts Recently Punjab & Haryana High Court in Gheru Lal Bal Chand vs State of Punjab has held that no liability can be fastened on the purchasing registered dealer on account of non-payment of tax by the selling registered dealer in the treasury unless it is fraudulent, or collusion or connivance...  |
| FM launches Rajiv Gandhi Equity Savings Scheme Finance Minister Mr. P Chidambaram has launched an equity scheme called Rajiv Gandhi Equity Savings Scheme, or RGESS, in an attempt to lure new investors to the stock market. Chidambaram said the finance ministry would come up with the necessary changes to the scheme as suggested by the Securities...  |
| Scheme of Arrangement under Companies Act, 1956 – Revised requirements for Stock Exchanges & Listed Companies All of us must have gone through the provisions of recently issued circular dated February 4, 2013 by SEBI. The said circular is issued in exercise of the powers conferred under Section 11 and Section 11A of the SEBI Act, 1992 read with Rule 19(7) of SCRR, 1957.  |
| Department should not take coercive steps until disposal of stay petition by Tribunal Customs, Excise and Service Tax Appellate Tribunal the third respondent herein, is requested to dispose of the waiver/stay applications filed by the petitioner as early as possible, preferably, on or before 1.2.2013. The respondents are directed not to take coercive steps till the waiver/stay...  |
| Employee & Employer's contribution to PF /ESI fund allowable if Paid before Due Date of ROI We are dealing with cases where though the amount was not deposited by the due date under the Welfare Acts, it was definitely deposited before furnishing the returns. We see no reason to make any distinction between the employees' contribution or the employers' contribution. Once the...  |
| To file petition U/s. 397/398 petitioner must be shareholder on the date of petition The issues regarding genuineness of the sale deed, undervaluation, etc. are beyond the purview of instant CP, since a consideration of oppression and mismanagement arises only if the petitioners are found to be shareholders of the company. That issue being held against them the other issues pleaded...  |
| Complaint u/s. 138 without signature is maintainable if complaint is verified by Magistrate In the case on hand, the complaint was presented in person on 3rd June, 1998 and on the direction by the Magistrate, the complaint was verified on 30th July, 1998 and duly signed by the authorised officer of the company – the complainant. As rightly pointed out by the Division Bench, no...  |
| Payment of Service Tax under Reverse Charge mechanism As you would be aware that normally the service provider is the person liable to pay Service tax, except in certain notified cases where the service receiver is made liable to pay Service tax. This was popularly termed as Reverse Charge.  |
| President, VP or any other Member of Cestat, On Ceasing to Hold Office for any Reason, Not Entitled to Appear, Act or Plead before Cestat I am directed to refer to your letter dated 25-10-2012 on the above subject and to inform you that as per section 129(6) of the Customs Act, 1962, on ceasing to hold office, the President, Vice-President or other Member shall not be entitled to appear, act or plead before the Appellate Tribunal....  |
| Liquidity Enhancement Schemes for Illiquid Securities in Equity Cash market CIRCULAR No. MRD/DP/05/2013, DATED 8-2-2013 1. SEBI vide its circular DNPD/5/2011, dated June 02, 2011, permitted liquidity enhancement schemes (LES) in Equity Derivatives Segment and specified broad guidelines for the same. 2. Pursuant to the introduction of LES scheme in derivatives segment...  |
| Increase in FII debt limit for Government and Corporate Debt category CIRCULAR no. IMD/FIIC/3/2013, dated 8-2-2013 1. The Reserve Bank of India vide circular RBI/2012-13/391, dated January 24, 2013, had enhanced the limit for investment by FIIs in the Government Debt Long Term category by US$ 5 billion to US$ 15 billion and the Corporate non-infrastructure debt...  |
| Regarding Export of Stone Aggregate to Maldive Export of Stone Aggregates to the Republic of Maldives permitted vide notification dated 07.06.2011 is stopped till further notice.  |
| FTP – Duty credit scrips issued under Post Export EPCG Scheme will be issued only in respect of basic customs duty It is clarified that duty credit scrips issued under Post Export EPCG Scheme will be issued only in respect of basic customs duty and will have the same features as Chapter 3 scrips.  |
| Amendment in Provisions of Para 5.23 of HBP v1 (EPCG Scheme) Public Notice No.48 /2009-2014 (RE-2012), Dated the 8th February, 2013 Subject: Amendment in Provisions of Para 5.23 of HBP v1 (EPCG Scheme). In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following...  |
| Description of export product has been expanded to include Linen dyed fabric PUBLIC NOTICE NO.47(RE:2012)/2009-2014, NEW DELHI : DATED : 08.02.2013 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following...  |