Quick Reference to "Basics related with Dividend" :-
Legal Provision:-
Companies ( Declaration and Payment of Dividend) Rules, 2014.
Section 2(35), 123, 124,125,126 127, 51, of Companies Act, 2013.
Various IEPF rules, 2016.
Points:-
1. Dividend is the return on Shares paid to the members of the Company.
2. Preference shareholders have preference over equity shareholders in payment of Dividend.
3. Section 8 Companies are not allowed to pay Dividend.
4. Dividend once declared becomes a debt for the Company.
5. Types:-
# Final Dividend
#Interim Dividend.
# Final Dividend
#Interim Dividend.
6. Final Dividend is recommended by Board of Directors and Declared by Shareholders in AGM.
7. Interim Dividend is declared by Board of Directors during any Financial Year.
8. Dividend Amount should not exceed which is recommended by BOD.
9. A Company cannot pass a resolution of Declaration of Dividend without passing for Adoption of Annual Accounts.
10. Securities Premium Amount cannot be used for Dividend Distribution.
11. Dividend can be paid by Cash, Cheque, ECS, Warrant.
12. Interim Dividend can be paid out of Current Years Profit.
13. Amount must be deposited in a separate bank account within 5 days of Declaration.
14. If Dividend is not paid or Claimed then it should be transferred to the "Unpaid Dividend Account" within 30 days from Declaration.
15. If money remains Unpaid or unclaimed for 7 years then it should be transferred to Investor Education and Protection Fund.
16. Dividend should be rounded off to nearest rupees.
17. If there are Joint Shareholders then, it should be paid to the person whose name is first Registered.
18. Company can pay Dividend out of capital profit but that profit should actually realized and AOA should authorized.
19. Dividend cannot be paid by revaluation of Assets.
20. Dividend is a Appropriation of Profit.
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No Penalty when Assessee made a Claim under Bona fide belief based on Judicial Precedence: ITAT [Read Order]
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No Penalty when Assessee made a Claim under Bona fide belief based on Judicial Precedence: ITAT [Read Order]
Read more at: http://www.taxscan.in/no-penalty-assessee-made-claim-bona-fide-belief-based-judicial-precedence-itat/11864/
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Quick Reference to " Few Common & Basic things related to a Company law/Answer to the Common question ( Mixed)"
1. In Case of Company having Share capital, each subscriber is required to take atleast 1 share.
2. The Clerical errors in the AOA can be corrected through Special resolution and not by direct rectification.
3. The E-Voting Period shall be for minimum of 3 days and end necessarily by 1 day before the shareholders meeting at 5 p.m.
4. In case of Company having Share capital, any member present in person or proxy holding 1/10th of Total Voting power or Holding ₹ 5 lakh or more paid up share capital can demand for poll under section 109 (1) of Companies Act, 2013.
5. Issue of Global Depository Receipts require Special resolution at general meeting.
6. Issue of Bonus shares does not lead into New/ Fresh funds in the hands of Company.
7. Minimum Application money should be 5% of Nominal value of Security. ( 25 % for listed Companies under SEBI guidelines).
8. Indian subsidiary of listed company also require to file financial statements in AOC-4 XBRL.
9. If Company is required to Appoint Independent Director then they should meet atleast once in a Calendar Year.
10. Notice as a Candidature for appointment as Director can be given to the Registered office of Company at least before 14 days. ( Except Retiring Director).
11. Section 185 i.e. Loan to Directors is applicable to Private as Well as Public Company.
12. Credit sale not to considered as a Loan.
13. The Provision wrt Directors retire by rotation is not Applicable to Government Company if entire paid up Capital is held by Central govt. Or State govt. Or Central govt & One or more state govt.
14. Nidhi Company should be a Public Company and having minimum of 5 lakh rupees paid up equity share capital.
15. Two resubmissions are allowed in SPICe mode of Incorporation.
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#Economy:After growing by four times when compared to FY14 levels, FDI to Gujarat continues to grow. While Japan has led the FDI growth in Gujarat in recent years, Asian countries like Taiwan, China, and South Korea are also lining up investments in the state. Around five or six Taiwanese companies have evinced an interest in investing close to $3 billion in Mundra in refinery and petrochemical projects. This would be the first phase of investments planned. In the second phase, around 25 Taiwanese companies have sought land for setting up a Taiwanese Industrial Park here.
#Finance:Minister of State for Finance hinted that the peak GST rate of 28% will gradually be reduced. The Council has already taken proactive measures in rationalising the GST rates in the recent past, and the trend would continue in future wherever the taxation is deemed to be slightly on the higher side. The 28% GST slab would fall according to the genuine and legitimate aspirations of the people in general and industry. He assured industry that the Council will remove all glitches and loopholes in the GST system within nine months.
#Determined to show the material impact of demonetisation, the Centre is nudging the I-Tax dept to achieve the target of establishing the source of Rs 3 lakh crore unaccounted cash deposits with banks made during the note ban. This comes as a double whammy to the tax department, which is already reeling under pressure, fearing shortfall in the direct tax collection target for FY18.
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Tax Lawyers Challenges GST before Orissa HC
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Tax Lawyers Challenges GST before Orissa HC
Read more at: http://www.taxscan.in/tax-lawyers-challenges-gst-orissa-hc/11848/
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LEGAL PROVISION *
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LEGAL PROVISION *
_Legal Provision of the Day *Punishment for Improper use of "Limited" or "Private Limited"* ._
_*Legality*_: _Section 453 of Companies Act, 2013 corresponds to Section 631 of Companies Act_.
_*Effective*_: _12th of September, 2013_
_*Provision*_: _If any person or persons trade or carry on business under any name or title, of which the word "Limited" or words "Private Limited" or any other contraction or limitation thereof is or are last word or words, that person or each of those persons shall, unless duly incorporated with limited liability or unless duly incorporated as private company with limited liability, as the case may be, punishable with fine which shall not be less than five hundred rupees but which may be extend to two thousand rupees for every day for which that name or title has been used_.
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Quick Reference to " Query related to Statutory Auditor " :-
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Quick Reference to " Query related to Statutory Auditor " :-
Query:-
Abc ltd decide to appoint Mr, X as a Statutory Auditor of Company. ABC ltd is a listed Company. Mr X is already engaged as a Statutory Auditor in following Companies:-
8 Listed Companies
6 Public Companies.
6 Pvt Companies which has paid up capital of 500 Cr.
6 Public Companies.
6 Pvt Companies which has paid up capital of 500 Cr.
So, Whether Mr X can be appointed as Statutory Auditor of Abc ltd as per Companies Act, 2013??
Answer :-
1.No. He cannot be appointed as Statutory Auditor of Abc ltd as per Section 141 (3) (G) of Companies Act, 2013.
2. As per Section 141(3) (G) the limit is of 20 Companies in which a person can be appointed as Statutory Auditor of Company excluding OPC,
Dormant Company, Small Companies, Pvt Co having paid up share capital of less than ₹ 100 Cr.
Dormant Company, Small Companies, Pvt Co having paid up share capital of less than ₹ 100 Cr.
3. Hence, as per the Query/ Question, Mr X is within the purview of Applicability of those Companies and that's why he cannot be further appointed as Statutory Auditor of Company excluding above Companies.
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DECISION TAKEN IN 22ND GST COUNCIL MEETING on 6th Oct 2017.
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DECISION TAKEN IN 22ND GST COUNCIL MEETING on 6th Oct 2017.
⛳ Composition Scheme
The threshold turnover limit increased to Rs. 1 crore (Special category states limit will be Rs. 75 lakhs).
Available to both migrated and new taxpayers up to 31.03.2018.
if Opt in Composition in Oct-2017 then it will be effective from 1st Nov-2017. For Oct-2017, GSTR-1,2 & 3 to be filed and For Nov-17 to Dec-2017, GSTR-4 to be filed.
The person providing exempt service shall be eligible for composition scheme.
A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.
The threshold turnover limit increased to Rs. 1 crore (Special category states limit will be Rs. 75 lakhs).
Available to both migrated and new taxpayers up to 31.03.2018.
if Opt in Composition in Oct-2017 then it will be effective from 1st Nov-2017. For Oct-2017, GSTR-1,2 & 3 to be filed and For Nov-17 to Dec-2017, GSTR-4 to be filed.
The person providing exempt service shall be eligible for composition scheme.
A Group of Ministers (GoM) shall be constituted to examine measures to make the composition scheme more attractive.
⛳ Relief for Service Providers
Exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.
Exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.
⛳ Ease of Payment and Return filing for SME
For SME, with annual aggregate turnover up to Rs. 1.5 crores, required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, w.e.f. Oct-2017 quarter.
The due dates for filing the quarterly returns shall be announced in due course.
Required to file FORM GSTR-3B on a monthly basis till Dec, 2017.
The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis.
Bill-wise details will continue to be required.
Tax payers with turnover above Rs. 1.5 crores will have to manually upload inwards from quarterly filers, as that information will not be auto-populated.
For SME, with annual aggregate turnover up to Rs. 1.5 crores, required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, w.e.f. Oct-2017 quarter.
The due dates for filing the quarterly returns shall be announced in due course.
Required to file FORM GSTR-3B on a monthly basis till Dec, 2017.
The registered buyers from such small taxpayers would be eligible to avail ITC on a monthly basis.
Bill-wise details will continue to be required.
Tax payers with turnover above Rs. 1.5 crores will have to manually upload inwards from quarterly filers, as that information will not be auto-populated.
⛳ Reverse Charge Mechanism
The RCM u/s 9(4) from URD, shall be suspended till 31.03.2018.
However, RCM u/s 9(3) shall continue.
The RCM u/s 9(4) from URD, shall be suspended till 31.03.2018.
However, RCM u/s 9(3) shall continue.
⛳ Tax on Advance received
Tax payers having turnover upto Rs. 1.5 crores not required to pay tax on advance received for supply for goods (not for services).
Tax payers having turnover upto Rs. 1.5 crores not required to pay tax on advance received for supply for goods (not for services).
⛳ GTA’s Service
The services provided by a GTA to an unregistered person shall be exempted from GST.
The services provided by a GTA to an unregistered person shall be exempted from GST.
⛳ Relief to Exporters
Refund to exporters to be started from 10th Oct-2017 for July month & 18th Oct-2017 for August month manually.
Sep-2017 return filing onwards, refund will be granted immediately.
E-wallet facility to Exporters from April-2018.
Refund to exporters to be started from 10th Oct-2017 for July month & 18th Oct-2017 for August month manually.
Sep-2017 return filing onwards, refund will be granted immediately.
E-wallet facility to Exporters from April-2018.
⛳ Other Facilitation Measures
Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.
The e-way bill system shall be rolled out nationwide with effect from 01.04.2018.
The last date for filing the return in FORM GSTR-4 by a taxpayer under composition scheme for the quarter July-September, 2017 shall be extended to 15.11.2017.
The last date for filing the return in FORM GSTR-6 by an input service distributor for the months of July, August and September, 2017 shall be extended to 15.11.2017.
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Rs 8,500 crore GST relief for Telangana irrigation projects
Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.
The e-way bill system shall be rolled out nationwide with effect from 01.04.2018.
The last date for filing the return in FORM GSTR-4 by a taxpayer under composition scheme for the quarter July-September, 2017 shall be extended to 15.11.2017.
The last date for filing the return in FORM GSTR-6 by an input service distributor for the months of July, August and September, 2017 shall be extended to 15.11.2017.
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Rs 8,500 crore GST relief for Telangana irrigation projects
https://gstindiaguide.com/rs-8500-crore-gst-relief-telangana-irrigation-projects/
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Synthetic textile industry divided over GST rate revision
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Synthetic textile industry divided over GST rate revision
https://gstindiaguide.com/synthetic-textile-industry-divided-gst-rate-revision/
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GST to facilitate ease of doing business: EU
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GST to facilitate ease of doing business: EU
https://gstindiaguide.com/gst-facilitate-ease-business-eu/
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After GST, Goa Tax Collection Drops 22%, Says Official
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After GST, Goa Tax Collection Drops 22%, Says Official
https://gstindiaguide.com/gst-goa-tax-collection-drops-22-says-official/
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Over 40% business entities make zero GST payment
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Over 40% business entities make zero GST payment
https://gstindiaguide.com/over-40-business-entities-make-zero-gst-payment/
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Here's the full list of revised rates on 27 goods and 12 services.
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Here's the full list of revised rates on 27 goods and 12 services.
1) Mango sliced dried
Old rate: 12%
New rate: 5%
2) Khakra and plain chapati
Old rate: 12%
New rate: 5%
3) Food preparations put up in unit containers and intended for free distribution to economically weaker sections of the society under a programme duly approved by the Central Government or any State Government, subject to specified conditions
Old rate: 18%
New rate: 5%
4) Namkeens other than those put up in unit container and, -
> bearing a registered brand name; or
> bearing a brand name on which an actionable claim or enforceable right in a court of law is available [other than those where any actionable claim or enforceable right in respect of such brand name has been foregone voluntarily
Old rate: 12%
New rate: 5%
5) Imposing GST only on the net quantity of superior kerosene oil [SKO] retained for the manufacture of Linear Alkyl Benzene [LAB]
Old rate: 18%
New rate: 18% (Clarification to be issued)
6) Ayurvedic, Unani, Siddha, Homeopathy medicines, other than those bearing a brand name
Old rate: 12%
New rate: 5%
7) Poster Colour
Old rate: 28%
New rate: 18%
8) Modelling paste for children amusement
Old rate: 28%
New rate: 18%
9) Plastic waste, parings or scrap
Old rate: 18%
New rate: 5%
10) Rubber waste, parings or scrap
Old rate: 18%
New rate: 5%
11) Hard Rubber waste or scrap
Old rate: 28%
New rate: 5%
12) Paper waste or scrap
Old rate: 12%
New rate: 5%
13) Duty credit scrips
Old rate: 5%
New rate: Nil
14) Sewing thread of manmade filaments, whether or not put up for retail sale
Old rate: 18%
New rate: 12%
15) All synthetic filament yarn, such as nylon, polyester, acrylic, etc.
Old rate: 18%
New rate: 12%
16) All artificial filament yarn, such as viscose rayon, Cuprammonium,
Old rate: 18%
New rate: 12%
17) Sewing thread of manmade staple fibres
Old rate: 18%
New rate: 12%
18) Yarn of manmade staple fibres
Old rate: 18%
New rate: 12%
19) Real Zari
Old rate: 12%
New rate: 5%
20) All goods falling under heading 6802 [other than those of marble and granite or those which attract 12 percent GST]
Old rate: 28%
New rate: 18%
21) Cullet or other waste or scrap of Glass
Old rate: 18%
New rate: 5%
22) Fittings for loose-leaf binders or files, letter clips, letter corners, paper clips, indexing tags and similar office articles, of base metal; staples in strips (for example, for offices, upholstery, packaging), of base metal
Old rate: 28%
New rate: 18%
23) Plain Shaft Bearing 8483
Old rate: 28%
New rate: 18%
24) Parts suitable for use solely or principally with fixed Speed Diesel Engines of power not exceeding 15HP
Old rate: 28%
New rate: 18%
25) Parts suitable for use solely or principally with power driven pumps primarily designed for handling water, namely, centrifugal pumps (horizontal and vertical), deep tube-well turbine pumps, submersible pumps, axial flow and mixed flow vertical pumps
Old rate: 28%
New rate: 18%
26) E-Waste
Old rate: 28/18 %
New rate: 5%
27) Biomass briquettes
Old rate: 18 %
New rate: 5%
The Council also rationalised GST rates on 12 job work services:
# Job work services in relation to all products falling in Chapter 71 (including imitation jewellery) - 5%
# Job work services in relation to food and food products falling under Chapters 1 to 22 of the HS Code (except packing of processed milk into packets) - 5%
# Job work services in relation to products falling under Chapters 23 of the HS Code except dog and cat food put up for retail sale - 5%
# Job work in relation to manufacture of umbrella - 12%
# Job work in relation to manufacture of clay bricks falling under CTH 69010010 - 5%
# Services by way of printing on job work basis or on goods belonging to others in relation to printing of all goods falling under Chapter 48 or 49, which attract GST @ 5% or Nil - 5%
# Services by way of printing on job work basis or on goods belonging to others in relation to printing of all goods falling under Chapter 48 or 49, which attract GST @ 12% - 12%
# Services by way of printing on job work basis or on goods belonging to others in relation to printing of goods falling under Chapter 48 or 49, other than those covered by (6) and (7) above - 18%
# Services by way of printing in relation to printing of all goods falling under Chapter 48 or 49, which attract GST @ 5% or Nil, where only content is supplied by the publisher and the physical inputs including paper used for printing belong to the printer - 12%
# Services by way of printing of all goods falling under Chapter 48 or 49 which attract GST @12%, where only content is supplied by the publisher and the physical inputs including paper used for printing belong to the printer -12%
# Services by way of printing of all goods falling under Chapter 48 or 49 which attract GST @18% or above, where only content is supplied by the publisher and the physical inputs including paper used for printing belong to the printer - 18%
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Highlights of GST council 22nd Meeting:
1. Turnover for composition scheme raised from 75 Lakhs to 1 crores. This Threshold of turnover for special category States, except Jammu & Kashmir and Uttarakhand, shall be increased to Rs. 75 lacs from Rs. 50 lacs. The turnover threshold for Jammu & Kashmir and Uttarakhand shall be Rs. 1 crore.
2. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018.Persons who are otherwise eligible for composition scheme who are otherwise eligible for availing the composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
3. It has now been decided to exempt those service providers whose annual aggregate turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.
4. Persons having Annual aggregate turnover up to Rs. 1.5 crores. shall be required to file quarterly returns in FORM GSTR-1,2 & 3 and pay taxes only on a quarterly basis, starting from the October-December, 2017. Meanwhile, all taxpayers will be required to file FORM GSTR-3B on a monthly basis till December, 2017.
5. The reverse charge mechanism under sub-section (4) of section 9 of the CGST Act, 2017 and under sub-section (4) of section 5 of the IGST Act, 2017 shall be suspended till 31.03.2018. Specific reverse charge u/s 9(3) shall continue.
6. Taxpayers having annual aggregate turnover up to Rs. 1.5 crores shall not be required to pay GST at the time of receipt of advances on account of supply of goods. The GST on such supplies shall be payable only when the supply of goods is made.
7. The services provided by a GTA to an unregistered person shall be exempted from GST.
8. Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.
9. The e-way bill system shall be introduced w.e.f.01.01.2018 and shall be rolled out nationwide with effect from 01.04.2018.
10. The last date for filing the return in FORM GSTR-4 & FORM GSTR-6 for the months of July, August and September, 2017 shall be extended to 15.11.2017.
11. Invoice Rules are being modified.
12. Rate of GST is reduced on 27 items significantly. (Check in press release): pib.nic.in/mobile/mbErel.aspx?relid=171466
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*Updates*
➡1. Sections 234B and 234C interest isn’t leviable when taxes are payable under MAT provisions: HC
Deputy Commissioner of Income-tax v. Sabarmati Paper Udyog Ltd.
Deputy Commissioner of Income-tax v. Sabarmati Paper Udyog Ltd.
➡2. HC condoned delay of more than 8 yrs as assessee didn’t file appeal relying on wrong advice of his professional
Vijay Vishin Meghani v. Deputy Commissioner of Income-tax
Vijay Vishin Meghani v. Deputy Commissioner of Income-tax
➡3. Son was legal representative of deceased father, though he had severed his relationship long ago: HC
Arvind Kayan v. Union of India*
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Income from Capital Gain on a Transaction through JDA which never materialised considered as Hypothetical Income: SC [Read Judgment]
Arvind Kayan v. Union of India*
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Income from Capital Gain on a Transaction through JDA which never materialised considered as Hypothetical Income: SC [Read Judgment]
Read more at: http://www.taxscan.in/income-capital-gain-transaction-jda-never-materialised-considered-hypothetical-income-sc/11821/
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*Key Proposals by GST Council in its 22nd Meeting held on 06 OCT 2017:*
(Source: Press Releases, dt.06-10-2017).
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*Key Proposals by GST Council in its 22nd Meeting held on 06 OCT 2017:*
(Source: Press Releases, dt.06-10-2017).
1. GST Rates reduced significantly on 27 Goods & 12 Services.
2. Turnover for composition scheme raised from ₹75 Lac to ₹ 1 Crores except the special category States but the turnover threshold for the states of J & K and Uttarakhand shall be ₹ 1 crore.
3. The facility of availing composition under the increased threshold shall be available to both migrated and new taxpayers up to 31.03.2018. The Persons who are otherwise eligible for composition scheme and are providing any exempt service, shall be eligible for the composition scheme.
4. Service providers whose annual aggregate turnover is less than ₹ 20 Lac (₹ 10 Lac in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services.
5. Quarterly Returns* in Form GSTR-1, 2 & 3 for Persons having Annual aggregate turnover up to ₹ 1.5 crores with quarterly payment of taxes* starting from the quarter Oct-Dec, 2017. *All taxpayers will be required to file monthly GSTR-3B till DEC 2017*.
6. The reverse charge mechanism U/s 9 (4) of the CGST Act, 2017 & U/s 5 (4) of the IGST Act, 2017 suspended till 31.03.2018. *Specific reverse charge u/s 9(3) shall continue.*
7. Taxpayers having annual aggregate turnover up to ₹ 1.5 crores *shall be required to pay GST only when the supply of goods is made and not at the time of receipt of advances on account of supply of goods.*
8. The services provided by a GTA to an unregistered person exempted from GST.
9. Registration and operationalization of TDS/TCS provisions shall be postponed till 31.03.2018.
10. The e-way bill system shall be introduced w.e.f. 01.01.2018 and shall be rolled out nationwide w.e.f.01.04.2018.
11. The last date for filing the return in GSTR-4 & GSTR-6 for JUL, AUG & SEP, 2017 shall be extended to 15 NOV 2017.
12. Invoice Rules are being modified.
*Press Releases:*
pib.nic.in/mobile/mbErel.aspx?relid=171466.
pib.nic.in/mobile/mbErel.aspx?relid=171466.
http://pib.nic.in/mobile/mbErel.aspx?relid=171467.
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*Service Tax:*
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*Service Tax:*
1. *CENVAT Credit* - When cost of any input service forms part of cost of final product, then credit of Service Tax paid on such input services would be allowable.
*2017-TIOL-2072-HC-MUM-ST*
*2017-TIOL-2072-HC-MUM-ST*
*Central Excise:*
2. *Denial of Credit-* As lessee had not transferred business to appellant, provision of Rule 10 of CCR, 2004 not complied with and the credit rightly denied. The appellant is not entitled to avail cenvat credit on work in process, on capital goods and inputs.
*2017-TIOL-3580-CESTAT-DEL*
*2017-TIOL-3580-CESTAT-DEL*
3. *For its own fault, Department cannot take advantage*- Initially the appellant was enjoying area-based exemption where they have not done the compliances. The Department never raised an objection towards such non-compliances. Now, the Dept. cannot demand duty on account of its failure.
*2017-TIOL-3572-CESTAT-DEL*
*2017-TIOL-3572-CESTAT-DEL*