CIT Vs. Jaswand Sons (2010) 328 ITR 442 (P&H) – On this issue, the High Court held that income derived from sale of export incentive cannot be said to be income ‘derived from’ the industrial undertaking and therefore, such income is not eligible for deduction under section 80-IB.
The Bombay High Court has asked Maharashtra government’s Principal Secretary (Finance) to file an affidavit by October 8 in reply to a PIL alleging scam in refund of Sales Tax to the tune of crores of rupees in Palghar division in nearby Thane distri
The Reserve Bank of India (RBI) has decided to permit banks to engage companies excluding non-banking financial companies to act as business correspondents (BCs) for the purpose of financial inclusion. These companies will be in addition to the indiv
Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of
entities that do not file the requisite information by the stipulated date shall not be able to take fresh positions in the cash as well as the derivatives market w.e.f. October 01, 2010. From this date, non compliant entities could either, retain their current positions or sell off/ unwind.
n exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Corporate Affairs, number S.O. 1800(E), the 21st July,2009 published in the Gazette of Inida, Extraordinary, of same date, namely
M/s Azad Coach Builders Pvt. Ltd. (hereinafter referred to as the Assessee) has received an order to build bus bodies, by an Indian exporter (Tata Engineering Locomotive Co. Ltd.) in accordance with an export order placed on the Indian exporter by and specifications provided by the foreign buyer (Lanka Ashok Layland Ltd., Colombo).
NC Notification No. 71/2010-Income Tax In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the national Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said National Committee, mentioned in column (2) of the Table below
Notification No. 32/2010-CE dated -28-09-2010- In the said notification, in the Table, against S.No.17, for the existing entry in column (2), the following entry shall be substituted namely:- “8471 70 or 8473 30 or 8523”
Notification No.85/2010 – Customs (N.T.)- In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.77/2010-CUSTOMS (N.T.), dated the 27th August, 2010 vide number S. O. 2097 (E), dated the 27th August, 2010, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st October, 2010 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
