The Finance Ministry on Thursday defended the concept of gross assets tax proposed under the new direct taxes code, stating that it met both “efficiency” and “equity” considerations. The proposal to go in for a minimum alternative tax (MAT) based on gross assets may be “unconventional” for India, but certainly not from the point of […]
Empanelment status of C A Firms for conducting PSU Audit for the year 2009-10 can be viewed by visiting http://cagofindia.delhi.nic.in/caempanel/empstat-08.asp To check the empanelment status, please put name of applicant firm (at least three Characters ) or Online Acknowledgement Number or CAG’s Empanelment Number or Firm’s Station then click the submit button.
The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean […]
Cross appeals filed by the assessee, a State Govt. undertaking, and the department were dismissed by the Tribunal on the ground that the parties had not obtained the approval of the Committee on Disputes (“COD”). The assessee as well as the department challenged the decision of the Tribunal. HELD, reversing the decision of the Tribunal:
A ‘derivative’ is a security representing the value of the underlying stocks and shares and must be given the same treatment as that given to the stocks and shares. Also, s. 43 (5) uses the term “commodity” in a wide sense and covers ‘derivatives’.
As per section 195, tax is required to be deducted at source from payment to non-residents, if the same is chargeable to income-tax under the Income-Tax Act, 1961 (the Act). In this connection, it may be stated that as per the Instruction issued by the Reserve Bank of India (RBI), except in the case of certain personal remittances which have been specifically exempted, no remittance could be made to a non-resident, unless a No Objection Certificate (NOC) has been obtained from the Income-Tax Department.
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Import), Jawaharlal Nehru Custom House, Nhava Sheva, Raigad, Maharashtra to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on.
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s. Sambhav Textiles Limited, Village Khawajke, Rahon Road, Ludhiana and others, issued vide, DRI F.No. 856(12)/LDH/2006/Pt-I dated 28th July, 2008, by the Additional Director General, Directorate of Revenue Intelligence, Delhi Zonal Unit, New Delhi.
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, Custom House, Near Balaji Temple, Kandla – 370210 to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs (Import), Air Cargo Complex, Sahar, Andheri (E), Mumbai – 400009 for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Gujrat Narmada Valley Fertilizer Company Limited, P.O. Narmada Nagar, Bharuch issued vide, F.No. DRI/AZU/INV-31/2008, dated the 19th January, 2009, by the Additional Director General, Directorate of Revenue Intelligence, Zonal Unit, Ahmedabad.
for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s. Kailash Overseas, 3, Shatabadi House, Shopping Complex, Rohit Kunj, Pitampura, Delhi – 34 and another, issued vide, F.No. DRI/23/54/2006/DZU, dated 27th August, 2008, by the Additional Director, Directorate of Revenue Intelligence, Delhi Zonal Unit, Delhi.
