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“Further, supply of goods required for the expansion of existing mega power project as specified in Sl. no 400A of DoR Notification 21/2002- Customs dated 1.3.2002, as amended shall also be eligible for deemed export benefits as mentioned in paragraph 8.3 ( a), (b) and (c) of FTP, whichever is applicable.” Full Article

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends Schedule – I (Imports) of the ITC (HS) Classifications of Export and Import Items as under: Full Article

Please refer to paragraph 7.5 of our Master Circular dated July 1, 2009 on Lending to Priority Sector, in terms of which loans granted to Housing Finance Companies (HFCs), approved by National Housing Bank for the purpose of refinance, for on-lending to individuals for purchase/construction of dwelling units, provided the housing loans granted by HFCs do not exceed Rs.20 lakh per dwelling unit per family, are eligible to be classified under priority sector. However, the.. Full Article

The word waiver does not fall into either of the three terms subsidy, grant and reimbursement used in Explanation 10 to section 43(1) of the Income-tax Act, 1961 or proviso thereof; where plant and machinery were already existing prior to taking the loan, it could not be inferred that it was given to meet the cost of plant and machinery; once, the amount of loan waived by the lender, could not be related to purchase of plant and machinery, it could not be reduced from th.. Full Article

We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. Under section 194H of the Act any person not being an individual or a Hindu undivided family who is responsible for paying on or after the first day of June 2001 to a resident any income by way of commission or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment .. Full Article

Where in the reasons recorded seeking reopening of the assessment, the Assessing Officer had failed to disclose as to how he had come to the finding and on the basis of which materials that income chargeable to tax had escaped assessment; the reasons recorded were therefore, ex facie without any foundation and were in fact wholly baseless conclusion; accordingly, the notices issued against the assessee under sections 147/148 were to be quashed. Full Article

All these appeals have been preferred under Section 260A (2) of the Income Tax Act, 1961 (hereinafter referred to as the ''Act 1961') by the Revenue as well as by the Assessee. It provides for filing of an appeal in the form of a memorandum of appeal within 120 days from the date on which the order appealed against is received by the Assessee or the Chief Commissioner or the Commissioner. It is an admitted position that all these appeals have been preferred beyond the pe.. Full Article

SUMMARY OF CASE LAW A teacher can teach any subject in which he has proficiency and need not be employed as a teacher in a school or a college to get into the definition of `teacher’; if somebody uses his expertise and knowledge on a specific subject to train a large number of people, he [...] Full Article