Income tax – DTAA – Assessee is incorporated in Netherlands – engaged in airlines business of carrying passengers as well as cargo – gets licence from Airport Authority of India for cargo space – enters into a contract with a company to take care of cargo-booking and handling service on commission basis – While making payments to the outsourced company the assessee adjusts the rent payable to AAI – AO treats the rent deducted from the payments made to the outsourced company as income taxable to tax in India – Tribunal finds it inextricably linked to the cargo handling business for which licence was issued and such rent adjustment cannot be treated as ‘income from other sources – Tribunal has correctly understood the law – Revenue’s appeal dismissed.
PNB Finance Ltd. v. CIT – Where the Banking Undertaking, inter alia, included intangible assets like goodwill, tenancy rights, manpower and value of banking licence, it was not possible to compute capital gains and, therefore, the amount of compensation received by the Banking Undertaking on its transfer was not taxable under section 45 of the Income-tax Act.
Whether the revenue can be precluded from filing an appeal even though in respect of some other years involving identical dispute no appeal is filed. merely because in some cases revenue has not preferred an appeal that does not operate as a bar for the revenue to prefer an appeal in another case where there is just cause for doing so or it is in public interest to do so or for a pronouncement by the higher court when divergent views are expressed by the different High Courts. In this case, it is accepted by the learned counsel for the appellant-revenue that the fact situation in all the assessment years is same. According to him, if the fact situation changes then the revenue can certainly prefer an appeal notwithstanding the fact that for some years no appeal was preferred.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009 and Paragraph 1.1 of the Handbook of Procedures (Vol. I), the Director General of Foreign Trade hereby makes the following amendments in the Schedule of DEPB Rates notified vide Public Notice No. 102 dated 5.11.2008.
– In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely:
In this context, the FIPB’s approval is only for the purpose of permitting foreign investment and any such approval does not automatically confer a right on the applicant to open a duty free shop at any port. The observance of any conditions stipulated under the Customs Act, 1962 and rules and regulations made thereunder is mandatory. CBEC has laid down instructions, conditions and guidelines for setting up private bonded warehouse from time-to-time, notably under circulars Nos. 68/95 dated 15.6.95, 99/95 dated 20.9.95, 28/96-Cus dated 14.5.96 and 18/2007-Cus dated 24.04.2007. At present, duty free shops can only be set up in the Customs areas.
Consequently, exports of Cement in all types and forms, and Primary Steel Products as listed in Public Notice No. 130(RE 2007) /2004-09 dated 27.3.2008, as amended from time to time, made with effect from the date of issuance of this Notification shall be eligible for export incentives under Focus Market Scheme.
This petition under article 226 of the Constitution of India registers a challenge to the order dated August 23, 2007, passed by the learned Income-tax Appellate Tribunal, Guwahati Bench, Guwahati (hereinafter referred to as the Tribunal), dismissing four appeals being
CIT vs Oil and Natural Gas Corpn. Ltd.- Business loss: Business expenditure – Notional Liability: Loss due to fluctuations in foreign exchange rates The assessee had borrowed funds in foreign exchange for the purpose of capital outlay.
Inter Container Depot, Tughlakabad, New Delhi, to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs, Chennai, for the purpose of adjudicating the matters relating to show cause notice pertaining to Mr. S.M. Asif, Publisher/Owner/Controller of M/s Indinon, Jadeed Indinon, Jadeed Fasla, Indinon Awam, Tasveer-e-Hind
