satisfaction

Notification No. 152/2009-Customs- Government hereby exempts goods of the description as specified in column (3) of the Table appended hereto and falling under the Chapter, Heading, Sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) as specified in the corresponding entry in column (2) of the said Table, when imported into India from the Republic of Korea, from so much of the duty of customs leviable thereon as is in excess of .. Full Article

Notification No. 151/2009-Customs- Provided that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of Republic of Korea, in accordance with the provisions of the Customs Tariff (Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of the Republic of I.. Full Article

When the AO has reopened the same very issue which is under revision and has examined all the details and after verifying and being satisfied, has taken a plausible view, how can his order be treated as erroneous simply because in his order, he has not made elaborate discussion with reference to his satisfaction. Full Article

As per the Listing Agreement with the Stock Exchanges, the issuer company deposits 1% of the issue amount of the securities offered to the public and/or to the holders of the existing securities of the company, as the case may be, with the designated stock exchange. This amount was being released to issuer companies after obtaining a No Objection Certificate (NOC) from SEBI in accordance with the SEBI (Disclosure and Investor Protection) Guidelines, 2000. Since these Gui.. Full Article

Once the AO, at the very inception is not satisfied with the correctness of the claim of the assessee in respect of the expenditure incurred in relation to income not forming part of the total income under the Income-tax Act, there is no amount of expenditure to be determined and so, the "method prescribed" by rule 8D of the Income-tax Rules does not call for invocation. Full Article

In the case of: Madhushree Gupta vs. UOI, Decided by: Delhi High Court In Ram Commercial Enterprises 246 ITR 568 (Del) {affirmed in Rampur Engineering 309 ITR 143 (Del) (FB)}, the Delhi High Court held that if the AO did not record his satisfaction that the assessee had concealed particulars of his income before completion [...] Full Article

SUMMARY OF CASE LAW When the assessee has filed all particulars of income, the correct assessment and calculation of total income has to be done by the Assessing Officer; if on such process the AO finds different total income to be assessed than the income offered by the assessee, in such case it is not [...] Full Article

SUMMARY OF CASE LAW Mere non-acceptance of explanation offered by the assessee cannot form a basis for the satisfaction of ITO to the effect that the assessee has concealed particulars of his income; he must have some definite evidence to refuse the assessee’s claim or evidence or explanation.  CASE LAW DETAILS Decided by: ITAT, MUMBAI [...] Full Article