E India CA

Professional Updates for Chartered Accountants

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Corporation Bank business registers growth of 5.35% in Q3

MANGALURU: Corporation Bank managing director and CEO Jai Kumar Garg announced here on Friday the performance highlights for the quarter/ 9 months ended December 31, 2016. In Q3 that ended on December 31, 2016, the deposits of the Bank has increased to Rs 2,23,384.02 crore from Rs 1,97,738.33 crore as on December 31, 2015,...

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Delhi HC rules against Income Tax Department

Court dismisses charges against Sony, after it is revealed Ricky Martin was coerced in giving false statement against Sony Music (India) Ltd by IT Department officials Officials of the Income Tax department have been left red-faced because of a letter written by Latin singer Ricky Martin, in which he claimed that the department “e...

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Cash discounts deductible while determining Transaction value of excisable goods

We are sharing with you an important judgement of the Hon’ble Supreme Court in the case of Purolator India Ltd. Vs. Commissioner of Central Excise, Delhi – III [2015 (8) TMI 1014 - SUPREME COURT] on the following issue: Issue: Whether the Cash discounts offered by manufacturer of excisable goods are allowed as deduction whil...

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Exemptions under Service tax are optional unlike Section 5A of the CEA

We are sharing with you an important judgement of the Hon’ble High Court of Karnataka in the case of Commissioner of Central Excise Vs. Federal Mogul TPR India Ltd. [(2015) 59 taxmann.com 196 (Karnataka)] on the following issue: Issue: Whether it is justified on the part of job worker to pay Service tax on its activit...

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Recovery proceedings under Section 87 of the Finance Act before adjudication of SCN is not permissible

We are sharing with you an important judgement of the Hon’ble Karnataka High Court in the case of Mrs. Prashanthi (Legal Heir and W/o. Late Sri P S Harsha, Proprietor of M/s Rapid Marine Suppliers) Vs. Union of India and Others [2015-TIOL-1596-HC-KAR-ST] on the following issue: Issue: Whether recovery proceedings under Section ...

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Export benefits cannot be denied even when export proceeds are not realized

We are sharing with you an important judgement of the Hon’ble CESTAT, New Delhi in the case of Commissioner of Central Excise, Delhi-III Vs. Shyam Telecom Ltd. [(2015) 58 taxmann.com 117 (New Delhi - CESTAT)] on the following issue: Issue: Whether the benefit of export can be denied on account of non-realisation of export pro...