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ITC available for tax paid on insurance policies taken under statutory mandate

Goods And Services Tax - 03-Apr-2019

Tessy Engineers & Enterprises Vs Commissioner of GST & Central Excise (CESTAT Chennai)  The issue is as to whether the appellants are eligible for the credit availed on insurance services. The definition of input service with effect from 01.04.2011 excludes life and health insurance services availed for personal use or for personal consumption of employees. The appellants have explained that these insurance policies were availed for covering the risk of employees, who undertake...

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Delhi HC uphold constitutional validity of 2nd provision to Section 5(1) of PMLA

Fema/RBI - 03-Apr-2019

J Sekar Vs. Union Of India & Ors (Delhi High Court) Delhi High Court has held as under- (i) The second proviso to Section 5(1) PMLA is not violative of Article 14 of the Constitution of India; the challenge in that regard in these petitions is hereby negatived. (ii) The expression ‘reasons to believe‘ has to meet the safeguards inbuilt in the second proviso to Section 5(1) PMLA read with Section 5(1) PMLA. (iii) The expression ‘reasons to believe‘ in...

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Statutory dues for taxes operational Debt:NCLAT

Company Law - 03-Apr-2019

ORDER OF NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI These appeals though heard separately but the question being common are being disposed of by this common judgment. In Company Appeal (AT) (Insolvency) No. 205 of 2017 2. This appeal has been preferred by ‘Pr. Director General of Income Tax (Admn. & TPS)’ against the order dated 2ndAugust, 2017 passed by the Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad under Section 31 of...

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Central Excise Officer of DGCEI have all india jurisdiction: HC

Excise Duty - 03-Apr-2019

Delhi High Court held as under: (i) Central Excise Officers of DGCEI have all India jurisdiction and can issue notices and enquire into the matters relating to service-tax against any assessee/ person even if the said person or assessee is registered with one or multiple Commissionerates. (ii) Notice under Section 14 of the CE Act i.e. Central Excise Act can be issued even if proceedings under Section 73 of the Fin Act i.e. Finance Act, 1994 are not pending. However the notice should...

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Provision for warranty based on Turnover is allowable

Income Tax - 03-Apr-2019

The appellate authority, after considering the submissions made by the Assessee as well as the detailed note submitted by the Assessee, held that the provision has been made by the Assessee on a scientific basis and it is an ascertained liability.  Examining the nature of business done by the Assessee, the CIT(A) pointed out that the Assessee is engaged in the business of manufacturing, assembling and marketing of pumps and components and they have explained the basis for working the said...

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