Search Results for Tag : Classification
Notifications & Circulars
Disclosure in "Notes to Accounts" to the Financial Statements- Divergence in the asset classification and provisioning(18.04.2017)
1. Please refer to paragraph 22 of the Fourth Bi-monthly Monetary Policy Statement, 2015-16 announced on September 29, 2015 on the captioned subject. .....
Tags : Statements, Disclosure, Asset classification
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Reclassification of MSMEs will help manufacturing: Textiles Minister(13.02.2018)
Minister of Textiles Smriti Zubin Irani said that reclassification of MSMEs and 5 percent reduction in tax on annual turnover of companies up to Rs. 2.....
Tags : Reclassification, MSMEs, Manufacturing
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Judgments
Once it is held that power bank is also a kind of mobile charger, benefit of Notification will be available(14.01.2019)
In facts of the present case, the Respondent assessee was engaged in the manufacture of power bank/portable mobile charger out of imported components......
Tags : Classification, Exemption, Entitlement
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A thing is a part of the other, if other cannot function without it(26.03.2019)
In facts of present case, the Respondent is engaged in the business of trading of spare parts of mining machinery, steel wire ropes, standard wires, w.....
Tags : Goods, Classification, Rate of tax, Levy
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Items or goods which cannot be fitted into broad entries into schedule of taxing statute are only required to be taken to residuary entry(08.03.2019)
The Appellants had approached the writ Court by filing Writ Petition. In the said writ application, the taxability of a widely known drink "Frooti" ma.....
Tags : Product, Classification, Levy thereof
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As the subject-goods comes under a particular chapter-heading, there is no necessity to import “common parlance” test(01.05.2020)
Present two appeals against the decision of the Customs Excise & Service Tax Appellate Tribunal (CESTAT) rendered on 16th July, 2008 require adjudicat.....
Tags : Duty, Levy, Goods, Classification
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Asset classification and income recognition following the expiry of Covid-19 regulatory package(07.04.2021)
The Hon'ble Supreme Court of India has pronounced its judgement in the matter of Small Scale Industrial Manufacturers Association vs UOI & Ors. and ot.....
Tags : Asset classification, Income recognition
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State shall not discriminate against any citizen on grounds of religion, race, caste, sex and place of birth or any of them(28.05.2021)
The Union Government for safeguarding the Minorities had set up a National Commission for Minorities under the National Commission for Minorities Act,.....
Tags : State Minority Commission, Sub-classification of minorities
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Revision in Chapter-XIV of Operational Circular for issue and listing of Non-convertible Securities, Securitised Debt Instruments, Security Receipts, Municipal Debt Securities and Commercial Paper(22.03.2022)
1. Chapter-XIV of the Operational Circular no. SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, issued by SEBI, stipulates provisions mandating stoc.....
Tags : Standardisation, Industry classification, Revision
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When customs authorities wanted to classify the goods differently, the burden of proof to showcase the same is on them(17.01.2023)
The Appellants imported certain units of the Concerned Goods and classified them under 'Tariff Item 8471 50 00' as per the prevalent self-assessment p.....
Tags : Import, Goods, Classification
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There cannot be a static parameter for correct classification, due importance be given to the functional utility, design, shape and predominant usage(16.08.2023)
The Petitioner has instituted present writ petition under Article 226 of the Constitution of India through its Partner praying for quashing and settin.....
Tags : Products, Classification, Duty drawback
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Exemption being the creation of the statute itself, has to be construed strictly(09.10.2023)
The point that arises for consideration is whether "tinted glass sheets" manufactured by the Appellants is liable to be taxed as "goods or wares made .....
Tags : Product, Classification, Exemption
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International Cases
Reliance on headings and explanatory notes, when classifying goods must be understood as providing explanations and guidance; they were not intended to override or contradict legislation(09.10.2023)
The appeal revolved around the classification of imported bicycle parts destined for assembly and the related customs duty payable on such imports. Th.....
Tags : Import, Product, Classification
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Any classification should be based on the description and function of an item as it is imported and not on its end-use(30.11.2023)
The Respondent Larsen and Toubro Ltd. imported G-24 PL 001 GSM Chipset Wavecom (modem) vide Bill of Entry No.2120004 dated 02.09.2009, classifying the.....
Tags : Explanatory Notes, Product, Classification
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Classification of goods that undertake lifting and handling functions and have mobility as a function(22.09.2022)
1. Various references have been received in the Board regarding the classification of the goods referred as Truck Cranes or All Terrain Cranes. These .....
Tags : Classification, Goods, Mobility
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Opportunity to decide NPA classification on account-basis slips by(11.04.2016)
A borrower having repaid all of the principal sum but with more than 20 per cent of interest remaining cannot escape the provisions of the SARFAESI Ac.....
Tags : non-performing asset, classification, multiple accounts, borrower
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Disclosure of divergence in the asset classification and provisioning by banks(31.10.2019)
1. Under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI LODR Regulations') a listed entity shall dis.....
Tags : Disclosure, Divergence, Asset classification
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Hotel Classification Guidelines Streamlined to Make Them Simple, Transparent and Time Bound(17.01.2018)
The application for classification and payments of fees have been made through digital platform only and the prevalent options of application by post .....
Tags : Hotel, Classification Guidelines, Transparency
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Classification of Selfie Sticks with or without Bluetooth-reg(06.03.2017)
The Conference of Chief Commissioners of Customs and Director Generals (03 January, 2017, New Delhi) on Customs Tariff and Allied Matters had delibera.....
Tags : Selfie stick, Classification
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News
Delhi HC: RBI's Intention is to Maintain Status Quo on Account Classification as on March 1(15.04.2020)
Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank in light of the morato.....
Tags : Delhi High Court, Reserve Bank of India, Status Quo on Account Classification
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Delhi HC Directs Banks to Keep Status Quo on Asset Classification(09.04.2020)
Delhi High Court has said banks should maintain status quo on asset classification between 1st March, 2020 and 31st May, 2020, the period for which th.....
Tags : Delhi High Court, Status Quo on Asset Classification
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Delhi HC: Classification Based on Mode of Recruitment, Qualification & Merit Not Unreasonable(13.07.2022)
Delhi High Court has held that there is no absolute application of the principle “Equal Pay for Equal Work” by default, and organizations/government h.....
Tags : Delhi High Court, Classification, Equal Pay for Equal Work
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SC: Separate Classification in Favour of Religious Properties for Rent Laws not Violative of Art 14(05.12.2019)
Supreme Court while upholding the constitutional validity of Punjab Religious Premises and Land (Eviction and Rent Recovery) Act, 1997 observed that .....
Tags : SC, Seperate Classification
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Supreme Court Clarifies Classification Should Never be Arbitrary, Artificial or Evasive(20.09.2019)
Supreme Court has clarified that while the law may recognize ‘degrees of harm’ however the classification should never be arbitrary, artificial or eva.....
Tags : Supreme Court, Classification
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System-based asset classification - UCBs(12.08.2020)
1. Please refer to the Master Circular DCBR.BPD. (PCB) MC No.12/09.14.000/2015-16 dated July 1, 2015 containing consolidated instructions on income re.....
Tags : Asset classification, UCBs, Income Recognition
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Insurers permitted to classify investments in Preference Shares and Equity Shares as part of "Approved Investment" on specified conditions(27.09.2021)
In continuation to circular no.: IRDAI/F&I/CIR/INV/065/03/2021 Dt. 31st March, 2021 on the subject, the Authority in exercise of its powers conferred .....
Tags : Classification, Permission, Preference Shares
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Credit flow to Micro, Small and Medium Enterprises Sector(02.07.2020)
1. Please refer to circular RPCD.PLNFS.BC.No.63/06.02.31/2006-07 dated April 4, 2007 containing definition of Micro, Small and Medium Enterprises as p.....
Tags : Credit flow, Msme, Classification
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Disclosure in the "Notes to Accounts" to the Financial Statements - Divergence in the asset classification and provisioning(01.04.2019)
Please refer to our circular DBR.BP.BC.No.63/21.04.018/2016-17 dated April 18, 2017, on the captioned subject, requiring disclosures by banks where di.....
Tags : Disclosure, Financial Statements, Asset classification
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SC: Different Pay for Similar Post Allowed if There is Reasonable Classification(23.02.2023)
Supreme Court has held that if classification of posts and determination of pay scale have reasonable nexus with the objective or purpose sought to be.....
Tags : Supreme Court, Reasonable Classification, Pay Scale
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DGFT Issues Notice on Non-Compliance and Misclassification of Imported Goods(20.01.2020)
Directorate General of Foreign Trade (DGFT) has issued the notice stating that Non-Compliance and Misclassification of Imported Goods under ‘Others’ C.....
Tags : Directorate General of Foreign Trade, Non-Compliance and Misclassification of Imported Goods
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DGFT Notifies Indian Trade Classification (Harmonised System) 2022 as per Finance Act, 2021(11.02.2022)
Director-General of Foreign Trade (DGFT) has notified the Indian Trade Classification (Harmonised System) 2022 (ITC (HS) 2022) to sync with the Fina.....
Tags : Director-General of Foreign Trade, Indian Trade Classification (Harmonised System) 2022
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