There are no two opinions that but for the addition of sub-section [4] in section 115JA of the Act and which was conspicuously absent in section 115J of the Act, the ruling of this court and the reasoning and ratio mentioned in KWALITY BISCUITS* case (supraj would conclusively govern the question as the Judgment of this court had come to be affirmed by the Supreme Court in an appeal preferred by the revenue, though by simply dismissing the appeal without any reasons but granting leave and converting the special leave petition into an appeal.
A golden rule of interpretation is the contextual interpretation. A word has always to be interpreted only with the context with which, one is seized. Here we are concerned with the provisions of Sec.40(b) hence, the interpretation has to be done accordingly. Interpretation of the provisions otherwise or the way the Id. AO has done, if accepted, has the effect of rendering the very Explanation 3 totally nugatory or purposeless. Needless to say, that every word used by the legislature, is significant and cannot be lost sight of.
On consideration of the reports of local disturbances caused due to Swine Flu and riots in the Pune, Satara, Kolhapur and Sangli Districts of Maharashtra, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961,
The representations have been examined and with the approval of competent authority, it is informed that it has been decided to grant another 25% of the quota to the erstwhile licencees under the aforementioned Circulars.
In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in Schedule-I (Imports) to the ITC (HS) Classifications of Export and Import Items.
supply of capital goods either in assembled or unassembled or disassembled condition including plant, machinery, accessories, tools, dies and such other goods used for installation purposes till the stage of commercial production and spares to the extent of ten per cent. of the Free on Rail value of such capital goods for fertilizer plants where such supplies are made after following the procedure of International Competitive Bidding without including the duties of customs.
Circular No. 25 /2009-Cus. F.NO.605/49/2009-DBK Government of India Ministry of Finance Department of Revenue New Delhi, the 29th September 2009. To, All Chief Commissioners of Customs/ Customs & Central Excise All Commissioners of Customs/Customs (Prev.)/Customs &Central Excise / Central Excise. DG, CEIB, New Delhi. DG, Central Excise Intelligence/ DGRI/ DG (Export Promotion) /DGI/ DG, NACEN/ […]
Further, should the present anti dumping duties be revoked, injury to the domestic industry is likely to continue and intensify, and therefore, had recommended continued imposition of definitive anti-dumping duty on imports of the subject goods, originating in, or exported from, the subject countries and imported into India, in order to remove injury to the domestic industry
A HIGH-POWERED panel of the Institute of Chartered Accountants of India (ICAI) — the nodal body in India for auditors — has prima facie found two former auditors of Satyam Computer and members of the software company’s internal audit cell guilty of professional misconduct and failure in carrying out their duties.
In a bid to avoid accounting frauds of the type that hit Satyam Computers, now called Mahindra Satyam, in January this year, the Ministry of Corporate Affairs (MCA) has decided to scrutinise the account books of all registered companies — listed as well as unlisted — in the country.
