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Thursday , September 3, 2015 | Updated : Sep 3, 19:42 IST
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NEWS FLASH
 
Compliance Window - CBDT clarifies no immunity to Directors under SEBI Act if Public Ltd Company makes declaration (See 'Breaking News') CBEC notifies Customs Exchange Rates effective from Sept 4 (See NT 84 in 'What's New') Black Money - Compliance Window - CBDT comes out with yet another detailed FAQ answering queries raised by TIOL TUBE (See Circular No 15 in 'What's New') Cus - Valuation - Set Top Boxes imported by appellants are not leviable to CVD on RSP/MRP basis in terms of Sec 4A of the CEA, 1944 except for Set Top Boxes actually sold: CESTAT (See 'Breaking News') FM takes off for Ankara to attend G-20 FMs Meet; IMF positive about growth prospects in India MAT on FIIs - CBDT communicates Govt decision to field formations; to amend I-T Act to give benefits to FIIs having no PE in India (See Instruction No 9) Govt Servants - Assets vs Liabilities - PM needs to take his call (See 'The Cob (Web)' Column) CX - Circular 77/99 based on which demand has been made alleging that CENVAT credit lying in account would lapse upon conversion from DTA to EOU does not elaborate under what provision unutilized credit will stand lapsed : CESTAT (See 'Breaking News') A Company standing guarantee for a Subsidiary Company Lender Bank can initiate winding up proceedings against guarantor company: High Court (See 'DDT') ST - In absence of any addl evidence of there being larger subscriber base, differential ST liability for period Jan 2006 to Sept 2009 has to be held as being worked out on presumptions and assumptions: CESTAT (See 'Breaking News') ITAT President transfers 12 Members including Nine with immediate effect (See 'ITAT' in TIOL Library) I-T - Whether if 3 separate contracts are entered into but all were integral parts of composite contract, invoices raised separately can be subjected to TDS u/s 194C - NO: HC (See 'Breaking News') FTP - Applicability of Para 5.10 (d) of HoP relating to third party exports under EPCG Scheme (See 'DDT') Sales Tax - Whether in order to prove that a sale is export sale, important link to be proved is that local sale or purchase is inextricably linked with that of export of goods - YES: HC (See '2015-TIOL-2018') Arvind Subramaniam says economic growth moving in right direction SEBI to regulate Commodity Derivatives Market from Sept 28 (See 'Mixed Buzz') CBDT issues transfer order of 13 CITs (See 'Transfer' in 'Pitara') CBDT Extends Due Date For E-Filing Returns Upto Sept 7, 2015 (See 'Mixed Buzz') CX - Allegation of Revenue is that as activity of appellant does not amount to manufacture, therefore, appellant not liable to pay duty - as appellant has paid to Govt what amount is collected from customers as duty, therefore, provisions of sec 11D are not applicable: CESTAT (See 'Breaking News') Cabinet okays Marginal Fields Policy for development of hydrocarbon discoveries (See 'Mixed Buzz') Cabinet approves reimbursement of losses incurred by NAFED, STC & MMTC for import of pulses (See 'Mixed Buzz') MCA extends due date for filing of cost audit to Sept-end (See Circular in 'TIOL Library') Nine CITs (who are on deputation) get proforma promotion + 29 PCITs of 1987 batch promoted on ad hoc basis now promoted on regular basis WTO Panel set up over dispute between Indonesia and EU over biodiesel Compliance Window - CBDT clarifies no immunity to Directors under SEBI Act if Public Ltd Company makes declaration (See 'Breaking News') CBEC notifies Customs Exchange Rates effective from Sept 4 (See NT 84 in 'What's New') Black Money - Compliance Window - CBDT comes out with yet another detailed FAQ answering queries raised by TIOL TUBE (See Circular No 15 in 'What's New') Cus - Valuation - Set Top Boxes imported by appellants are not leviable to CVD on RSP/MRP basis in terms of Sec 4A of the CEA, 1944 except for Set Top Boxes actually sold: CESTAT (See 'Breaking News') FM takes off for Ankara to attend G-20 FMs Meet; IMF positive about growth prospects in India MAT on FIIs - CBDT communicates Govt decision to field formations; to amend I-T Act to give benefits to FIIs having no PE in India (See Instruction No 9) Govt Servants - Assets vs Liabilities - PM needs to take his call (See 'The Cob (Web)' Column) CX - Circular 77/99 based on which demand has been made alleging that CENVAT credit lying in account would lapse upon conversion from DTA to EOU does not elaborate under what provision unutilized credit will stand lapsed : CESTAT (See 'Breaking News') A Company standing guarantee for a Subsidiary Company Lender Bank can initiate winding up proceedings against guarantor company: High Court (See 'DDT') ST - In absence of any addl evidence of there being larger subscriber base, differential ST liability for period Jan 2006 to Sept 2009 has to be held as being worked out on presumptions and assumptions: CESTAT (See 'Breaking News') ITAT President transfers 12 Members including Nine with immediate effect (See 'ITAT' in TIOL Library) I-T - Whether if 3 separate contracts are entered into but all were integral parts of composite contract, invoices raised separately can be subjected to TDS u/s 194C - NO: HC (See 'Breaking News') FTP - Applicability of Para 5.10 (d) of HoP relating to third party exports under EPCG Scheme (See 'DDT') Sales Tax - Whether in order to prove that a sale is export sale, important link to be proved is that local sale or purchase is inextricably linked with that of export of goods - YES: HC (See '2015-TIOL-2018') Arvind Subramaniam says economic growth moving in right direction SEBI to regulate Commodity Derivatives Market from Sept 28 (See 'Mixed Buzz') CBDT issues transfer order of 13 CITs (See 'Transfer' in 'Pitara') CBDT Extends Due Date For E-Filing Returns Upto Sept 7, 2015 (See 'Mixed Buzz') CX - Allegation of Revenue is that as activity of appellant does not amount to manufacture, therefore, appellant not liable to pay duty - as appellant has paid to Govt what amount is collected from customers as duty, therefore, provisions of sec 11D are not applicable: CESTAT (See 'Breaking News') Cabinet okays Marginal Fields Policy for development of hydrocarbon discoveries (See 'Mixed Buzz') Cabinet approves reimbursement of losses incurred by NAFED, STC & MMTC for import of pulses (See 'Mixed Buzz') MCA extends due date for filing of cost audit to Sept-end (See Circular in 'TIOL Library') Nine CITs (who are on deputation) get proforma promotion + 29 PCITs of 1987 batch promoted on ad hoc basis now promoted on regular basis WTO Panel set up over dispute between Indonesia and EU over biodiesel
 
   
DDT (Daily Dose of Taxation)

A Company standing guarantee for Subsidiary Company - Lender Bank can initiate winding up proceedings against guarantor company - HC

With VIJAY KUMAR

A Company standing guarantee for Subsidiary Company - Lender Bank can initiate winding up proceedings against guarantor company - HC
Published: September 03, 2015

View previous DDTs »

WHAT'S NEW
CUS
:
Not 45 NT 84 Cir 21
ADD
:
Not 45 SG: 01  
EX
:
Not 40 NT 18 Cir 1005
S.TAX
:
Not 17 Cir 185 Inst 
I-T
:
Not 73 Cir 15  
DGFT
:
Not 18 PN 30,31 Cir03
RBI
:
Cir 10 Notif  
BREAKING NEWS

New Delhi, September 03
Compliance Window - CBDT clarifies no immunity to Directors under SEBI Act if Public Ltd Company makes declaration

Mumbai, September 03
Cus - Valuation - Set Top Boxes imported by appellants are not leviable to CVD on RSP/MRP basis in terms of Sec 4A of the CEA, 1944 except for Set Top Boxes actually sold: CESTAT

Mumbai, September 03
ST - In absence of any additional evidence of there being larger subscriber base, differential ST liability for period Jan 2006 to Sept 2009 has to be held as being worked out on presumptions and assumptions: CESTAT

Mumbai, September 03
CX - Board Cir 77/99 based on which demand has been made alleging that CENVAT credit lying in account would lapse upon conversion from DTA to EOU does not elaborate under what provision unutilized credit will stand lapsed: CESTAT

Bangalore, September 03
I-T - Whether if three separate contracts are entered into but all were integral parts of composite contract, invoices raised separately mentioning value of materials supplied can be subjected to TDS u/s 194C - NO: HC

MIXED BUZZ
XCuSE Updates
TIOL TUBE SNIPPETS
Replies to these questions can be found by clicking on the text of these questions.
THE COB (WEB)
Govt Servants - Assets vs Liabilities - PM needs to take his callby SHAILENDRA KUMAR

Govt Servants - Assets vs Liabilities - PM needs to take his call
Published: September 03, 2015

View previous 'The COB(Web)s'»
TIOL EDITORIAL
Unveil Comprehensive Strategy to tackle Black Money by TIOL EDIT TEAM

Unveil Comprehensive Strategy to tackle Black Money
Published: August 29, 2015

View previous Editorials»

ICE CUBES
by NARESH MINOCHA Flawed narrative on land acquisitions obfuscate growth & jobs agenda

Modi scales up billion dreams to Grand Illusion
Published: August 23, 2015

View previous ICE CUBEs »

GUEST COLUMN

by SANJAY KUMAR

Interpreting section 3 of CEA - Who wins and who loses
Published: September 01, 2015

by R NESHINI BHARATHI DOSS

Criminal prosecution in taxation statutes
Published: September 01, 2015

View previous Guest Column(s);

ST se GST tak

Section 67A vis--vis Point of Taxation - change in the rate of service taxby LAKSHMI RATNA K

Section 67A vis--vis Point of Taxation - change in the rate of service tax
Published: August 31, 2015

View previous ST se GST tak(s)»

View 'ST - New Law +VE or -VE' Articles»

 
 
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    Legal Wrangle - Episode 26 (International Tax)