Fwd: TaxGuru : “Excise Duty on Articles of Jewellery- History, Contradictions, Confusions & Clarifications” plus 13 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Mon, Jun 6, 2011 at 9:47 AM
Subject: TaxGuru : "Excise Duty on Articles of Jewellery- History, Contradictions, Confusions & Clarifications" plus 13 more
To: palashbiswaskl@gmail.com

TaxGuru : "Excise Duty on Articles of Jewellery- History, Contradictions, Confusions & Clarifications" plus 13 more

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• Excise Duty on Articles of Jewellery- History, Contradictions, Confusions & Clarifications
• When the mandatory provision not followed leading to evasion of tax by way of excess relief granted to the assessee, the remedy open to the officer is to revise the assessment by invoking powers under Section 147
• Assessee would not get benefit of exemption if duty had not been paid on inputs
• Jurisdiction of HC over a case whose cause of action arose from an order delivered by an appellate authority which is situated in the territorial jurisdiction of the Court
• Allowability of Foreign Tour expenses of wife of Managing Director
• Health Services no more taxable
• Gutkha pouch manufacturer given bail in excise evasion case
• India emerges as fourth fastest wealth creator country in the world
• Sebi wants stock exchanges to go through 'stress test'
• Investment bankers to reveal client names to manage PSU disinvestment
• Income Tax department probing fund transfer through ATMs along Indo-Nepal border
• SC – Builder entitled to escalation cost for delay caused by Government
• Contract revenues/costs in foreign currency
• Companies (Cost Accounting Records) Rules, 2011

Excise Duty on Articles of Jewellery- History, Contradictions, Confusions & Clarifications Posted: 05 Jun 2011 05:43 AM PDT What were the conditions for levy of duty on articles of jewellery? In order to attract this levy the following conditions were required to be fulfilled: a. The articles of jewellery must be of the type covered under heading 7113 of Central Excise... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When the mandatory provision not followed leading to evasion of tax by way of excess relief granted to the assessee, the remedy open to the officer is to revise the assessment by invoking powers under Section 147 Posted: 05 Jun 2011 05:14 AM PDT M/s IVL India Pvt. Ltd. Vs. Commissioner of Income Tax (High Court of Kerala at Ernakulam) - - Assessee while working out the eligible deduction did not exclude 90% of the income received by way of consultancy charges which is to be specifically... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee would not get benefit of exemption if duty had not been paid on inputs Posted: 05 Jun 2011 05:00 AM PDT M/s Jai Ganesh Processors Vs. CCE, C, Chandigarh (High Court of Punjab and Haryana at Chandigarh) - Even though the Hon'ble Supreme Court held that the assessee would not get benefit of exemption if duty had not been paid on inputs, the assessee... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Jurisdiction of HC over a case whose cause of action arose from an order delivered by an appellate authority which is situated in the territorial jurisdiction of the Court Posted: 05 Jun 2011 04:46 AM PDT M/s. Sterling Agro Industries Ltd. Vs. Union of India & Ors. (Delhi High Court - Full Bench) The three-judge Bench of the Delhi High Court in this case was considering the issue of whether it would have jurisdiction over a case whose cause of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability of Foreign Tour expenses of wife of Managing Director Posted: 05 Jun 2011 04:23 AM PDT J.K. Industries Ltd. Vs. Commissioner of Income Tax (Calcutta High Court)- When the Board of Directors of the assessee had thought it fit to spend on the foreign tour of the accompanying wife of the Managing Director for commercial expediency, the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Health Services no more taxable Posted: 05 Jun 2011 01:49 AM PDT In just recent past i.e. 01.07.2010 Service tax on Health Services (Section 65(105)(zzzo) of Finance Act, 1994) was introduced and without any doubt it was caught by all uncertainty and mystery. Taxable health services meant – any service provided... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gutkha pouch manufacturer given bail in excise evasion case Posted: 05 Jun 2011 01:29 AM PDT A gutkha pouch manufacturer, arrested for evading excise duty, has been granted bail by a Delhi court on the condition that he would deposit Rs 30 lakh as penalty with the Central Excise and Customs Department. In the facts and circumstances, I find... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India emerges as fourth fastest wealth creator country in the world Posted: 04 Jun 2011 10:30 PM PDT India has emerged among the four fastest wealth creator countries in the world and its growth momentum is expected to gather further steam going forward, a global study has said.In its annual Global Wealth Report, management consulting firm Boston... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi wants stock exchanges to go through 'stress test' Posted: 04 Jun 2011 10:05 PM PDT Sebi may soon frame a policy for the stock exchanges to go through a stress test to prepare them for handling 'flash crash'-like situations, where a sharp plunge in some stocks leads to across-the-board panic sale. The market regulator is currently... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investment bankers to reveal client names to manage PSU disinvestment Posted: 04 Jun 2011 10:03 PM PDT The government is likely to make it mandatory for the investment bankers to reveal name of their existing clients while bidding for managing share sale offer of a state-run firm.The Finance Ministry is expected to come out with a notification this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax department probing fund transfer through ATMs along Indo-Nepal border Posted: 04 Jun 2011 10:03 PM PDT The Income Tax department is probing a 'treacherous' and secretive channel of money transfer through ATMs along the 'open'' Indo-Nepal border which is suspected to have 'national security' implications. The department, which stumbled across the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC – Builder entitled to escalation cost for delay caused by Government Posted: 04 Jun 2011 09:35 PM PDT J.G. Engineers Pvt. Ltd. Vs. Union of India & ANR. - The Supreme Court has set aside the judgment of the Gauhati high court and upheld the award of the arbitrator in the dispute over delay in the construction of the extension of the Guwahati... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Contract revenues/costs in foreign currency Posted: 04 Jun 2011 08:10 PM PDT According to AS 7 Construction Contracts, contract revenues are measured at the consideration received or receivable. The standard recognizes that the measurement of contract revenue is affected by a variety of uncertainties that depend on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies (Cost Accounting Records) Rules, 2011 Posted: 03 Jun 2011 10:26 PM PDT Companies (Cost Accounting Records) Rules, 2011 These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, manufacturing, or mining activities and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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