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Form of participation in another enterprise to be satisfied to deem two entities as AEs

25 January 2017

The assessee is engaged in the business of manufacture and sale of polished diamonds. The assessee entered into an international transaction with a Belgian Entity by name Blue Gems BVBA. The Assessing Officer (AO) was of the view that the said entity would qualify to be Associated Enterprises (AEs) on the ground that the assessee and Blue ...

Setoff of unabsorbed depreciation – ‘year’ mentioned in s.72A not means previous year

25 January 2017
The assessee (amalgamated Company) amalgamated with a Company by name SKUPL (amalgamating Company) as per the order of the Calcutta High Court in 2004.  The Assessee Company (Unique International (P) Ltd.) had set off the brought forward loss of the amalgamating company in the year under consideration. The Assessing off...

Central Excise & Customs Tariffs amended from 1-1-2017

17 January, 2017

Both Central Excise Tariff Act, 1985 and Customs Tariff Act, 1975 have been amended with effect from 1-1-2017.

These changes, made by the Finance Act, 2016, were part of the Budget 2016 proposals and have been made consequent to the amendments made in the classification of many items in the Harmonised System of Nomenclature...

No liability on bank to pay purchase tax for accepting EXIM Scrips

15 December 2016

The Supreme Court of India has held that State Bank of India is not liable to pay purchase tax for accepting Exim Scrips (Export Import License) or Replenishment licenses on payment of premium. The Reserve Bank of India in order to mop up unutilized Exim Scrips in the hands of the holders who were willing to dispose of the same through sp...

New All Industry Rates of Drawback notified

4 November 2016
Indian Ministry of Finance has revised the All Industry Rates (AIR) of Drawback, payable to the exporters by the Revenue department to neutralize various duties suffered by the former in respect of goods exported. The revised rates given in the new schedule, which also makes certain changes in tariff items description, will come into...

AEOs allowed to pay Customs duties on fortnightly basis

4 November 2016
Customs duties payable on import of goods in India can now be paid on fortnightly basis by specified Authorised Economic Operators - importers. New Rules namely, Deferred Payment of Import Duty Rules, 2016 have been issued by the Central Board of Excise and Customs (CBEC) on 2nd of November, 2016.
The ...

Testing whether a transaction is sale or service

29 September 2016

The High Court of Bombay in [Mahyco Monsanto Biotech (India) P Ltd v. UOI, 2016 (44) S.T.R 161 (Bom.)] examined whether the transaction undertaken by the petitioners would be exigible to service tax or to VAT where the petitioners were involved in different transactions though both urged that their transaction was a ser...

Provisional assessment – India relaxes Customs regime

24th August, 2016

Central Board of Excise and Customs (CBEC) under the Indian Ministry of Finance has simplified the procedure for provisional assessment in case of import of goods, as provided in Section 18 of the Customs Act, 1962.
Differential duty deposit dispensed with
In a major relief to t...

Special Advance Authorisation Scheme for export of apparels, introduced

19 August 2016

Special Advance Authorisation Scheme for promotion of export of apparel articles and clothing accessories of Chapter 61 or 62 of ITC (HS) has been introduced. Notification No. 21/2015-20, dated 11-8-2016 issued by Directorate General of Foreign Trade (DGFT) in the Indian Ministry of Commerce, inserts Para 4.04A in the Foreign Trade Policy 2...

Revised Excise Returns – Provisions in force from 17-8-2016

19 August 2016

Central Board of Excise and Customs (CBEC) has notified the effective date for operation of provisions regarding filing of specified revised returns under Central Excise Rules, 2002.
As per new sub-rules 12(8) and 17(7) inserted for this purpose, revised monthly return of production and removal of goods can be submitted...

Setoff under VAT when sales also made to exempted units

19 August 2016

Allahabad High Court has held that Section 4-BB of the Uttar Pradesh Trade Tax Act, 1948 (UPTT Act), which provides for set-off of tax, did not make any distinction between sales made to exempted units and taxable sales, i.e. set-off is not restricted to only those sales upon which tax was levied or collected.
The Court in this appea...

Exemptions – Obligations after recession of notification

29 July 2016
Recently two different High Courts in India have, in separate decisions, considered the question of continuation of obligations, under the exemption notifications, after the said notification has been rescinded.
Obligations when not continuous

Madras High Court has held that ...

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