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	<title>TaxGuru &#187; uttaranchal</title>
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		<title>Reimbursement of custom duty by a non resident entity is not taxable u/s 44BB</title>
		<link>http://taxguru.in/income-tax-case-laws/reimbursement-of-custom-duty-by-a-non-resident-entity-is-not-taxable-us-44bb.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/reimbursement-of-custom-duty-by-a-non-resident-entity-is-not-taxable-us-44bb.html#comments</comments>
		<pubDate>Sat, 05 Dec 2009 14:17:07 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[customs duty]]></category>
		<category><![CDATA[decisions]]></category>
		<category><![CDATA[hong kong laws]]></category>
		<category><![CDATA[mobilization]]></category>
		<category><![CDATA[revenue authorities]]></category>
		<category><![CDATA[section 44BB]]></category>
		<category><![CDATA[uttaranchal]]></category>

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		<description><![CDATA[The taxpayer was a company incorporated under Hong Kong laws. It filed its return of income declaring total income of INR196 million. AO noticed that the taxpayer had not offered for tax the amount received toward reimbursement of expenses, which included custom duty and accordingly the income was assessed at INR197.2 million. Aggrieved by the same, the taxpayer filed an appeal before the CIT(A).]]></description>
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		<title>Notification on Income-tax (Dispute Resolution Panel) Rules, 2009</title>
		<link>http://taxguru.in/income-tax/notification-on-income-tax-dispute-resolution-panel-rules-2009.html</link>
		<comments>http://taxguru.in/income-tax/notification-on-income-tax-dispute-resolution-panel-rules-2009.html#comments</comments>
		<pubDate>Mon, 23 Nov 2009 16:40:29 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax]]></category>
		<category><![CDATA[andaman and nicobar]]></category>
		<category><![CDATA[chattisgarh]]></category>
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		<category><![CDATA[daman diu]]></category>
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		<category><![CDATA[east states]]></category>
		<category><![CDATA[haryana]]></category>
		<category><![CDATA[himachal pradesh]]></category>
		<category><![CDATA[income tax act]]></category>
		<category><![CDATA[income tax act 1961]]></category>
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		<category><![CDATA[tax dispute resolution]]></category>
		<category><![CDATA[uttaranchal]]></category>
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		<description><![CDATA[13. Rectification of mistake or error.- After the issue of directions under rule 10, if nay mistake or error is apparent in such direction, the panel may, suo motu, or on an application from the eligible assessee or the assessing officer, rectify such mistake or error, and also direct the assessing officer to modify the assessment order accordingly.14. Appeal against Assessment Order, - Any appeal against the Assessment Order passed in pursuance of the directions of the panel shall be filed before the Appellate Tribunal in Form No. 36B.]]></description>
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		<title>Notional Liability On Account Of Change In Exchange Rates Could Not Be Allowed On Notional Basis</title>
		<link>http://taxguru.in/income-tax-case-laws/notional-liability-on-account-of-change-in-exchange-rates-could-not-be-allowed-on-notional-basis.html</link>
		<comments>http://taxguru.in/income-tax-case-laws/notional-liability-on-account-of-change-in-exchange-rates-could-not-be-allowed-on-notional-basis.html#comments</comments>
		<pubDate>Thu, 13 Nov 2008 17:07:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[Income Tax Case Laws]]></category>
		<category><![CDATA[appellate tribunal]]></category>
		<category><![CDATA[business loss]]></category>
		<category><![CDATA[capital outlay]]></category>
		<category><![CDATA[Exchange Rate Diffrence]]></category>
		<category><![CDATA[foreign exchange rates]]></category>
		<category><![CDATA[judgments]]></category>
		<category><![CDATA[natural gas]]></category>
		<category><![CDATA[Revaluation]]></category>
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		<description><![CDATA[CIT vs Oil and Natural Gas Corpn. Ltd.-  Business loss: Business expenditure - Notional Liability: Loss due to fluctuations in foreign exchange rates The assessee had borrowed funds in foreign exchange for the purpose of capital outlay. No liability for repayment of loan was quantified nor any payment was made. The notional liability on account of change in exchange rates could not be allowed on notional basis, nor this could be taken into account for determining actual cost.]]></description>
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